Fremont, CA: Over the last few years, the world has seen the digital-banking landscape expand and evolve significantly. But it was not until the COVID-19 pandemic broke out in early 2020 that the demand — and, indeed, the necessity — for digital banking solutions went into overdrive.
BankProv, a future-ready commercial bank that offers adaptive and technology-first banking solutions to emerging industries, has joined Alloy Labs Alliance, a consortium of community and mid-sized banks, to more efficiently and effectively adopt technology. The purpose of the consortium is to accelerate the pace of innovation, helping to level the playing field and enable institutions like BankProv to compete against large players.
Alloy Labs Alliance was introduced in 2018 by twelve founding banks from across the country as well as has grown to 50 institutional members.
"BankProv has always been committed to delivering the products and services our customers want and need," remarked Dave Mansfield, CEO of BankProv. "Being part of the Alloy Labs allows us to meet those needs and bring new innovations to market quickly and efficiently." Mansfield continues, "the Alliance gives us a direct line to some of our most forward-thinking peers across the country and creates opportunities for us to share best practices and develop even better practices through collaboration."
Alloy Labs members collaborate to drive innovation, form partnerships and make strategic investments. Members' transformation agendas are accelerated by seven Centers of Excellence, proprietary insights and benchmarks, and Workgroups addressing the challenges of modernizing bank architecture. Members also take part in the newly launched Concept Lab, a reverse accelerator program that fosters collaboration between banks and startups that offer services other than traditional banking.
"No bank can afford not to innovate in this day and age, but it's not very efficient or even very effective for them to try to do it all themselves internally," commented co-founder, JP Nicols. "We built the Alloy Labs Alliance as a shared innovation lab to help member banks share the costs and the risks of testing and trying new things in a structured and managed process. Maybe even more importantly," Nichols says, "they can share the learnings with their peers so they can get to market more quickly."
