Alkami Technology, Inc. , a leading cloud-based digital banking solutions provider for US financial institutions (FIs), announced it has entered a definitive agreement to acquire Segmint Inc., a leader in making account and transaction data usable and meaningful for FIs to deepen customer relationships and grow revenues.
The acquisition will benefit FIs in two ways. First, combining the data sets of Alkami and Segmint will provide a more complete view of the account holder while both training Segmint’s current data models for greater precision and expanding them to additional use cases. Second, FIs will be able to use this data to target, engage, and grow customer relationships through their most pervasive and efficient channel—the digital banking experience.
The acquisition is expected to expand Alkami’s total addressable market by approximately $1 billion and enable new cross-selling opportunities across a larger installed base.
“Our customers want to deepen their customer relationships and grow revenue. To do so, they must transform raw account and transaction data into insights that lead to highly personalized communications. Segmint applies machine learning to transaction data to help FIs better understand their account holders and automates messaging with incredible precision and personalization across multiple channels,” said Alex Shootman, CEO, Alkami. “We are thrilled to welcome the talented team at Segmint and their clients as we work together to empower financial institutions to grow organically through deeper account holder relationships.”
Powered by data scientists and artificial intelligence, Segmint is a leader in making account and transaction data usable and meaningful for financial institutions of all sizes and sophistication, serving 147 financial institutions with approximately 15 million account holders. Segmint’s algorithms are derived from analysis of billions of transactions, providing FIs with customer segmentation based on Key Lifestyle Indicators® (KLIs®) that blend demographic, psychographic, and behavioral data points. Segmint generates more than 36,000 unique KLI® data points daily, continuously powering and training its models for increased speed and accuracy.
“The Segmint team is extremely excited to join forces with Alkami,” said Segmint President Adam Craig. “I look forward to expanding our mission to enable financial institutions to translate their data into actionable insights in pursuit of growth.”