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Total Economic Impact
Cost Savings And Business Benefits Enabled By The Digital Banking Solution
A FORRESTER TOTAL ECONOMIC IMPACT STUDY COMMISSIONED BY Alkami, November 2025
Total Economic Impact
A FORRESTER TOTAL ECONOMIC IMPACT STUDY COMMISSIONED BY Alkami, November 2025
Credit unions today face challenges such as increasing competition from digital banks and lenders, rising regulatory compliance costs, and needing to modernize technology while maintaining a member-focused service model. To attract new members and deepen relationships with existing members, credit unions must offer digital account opening and self-service options that provide fast and easy ways for them to manage banking.
Alkami’s Digital Banking Solution enables financial institutions to provide digital banking functionality, unifying sales and service on a platform that grows retail and business relationships. With Alkami, financial institutions can choose features to provide members and employees, including onboarding and account opening services as well as data and marketing functionality. Its unified platform provides an integrated solution to help institutions onboard, engage, and grow relationships with members. And through partnerships with vendors offering complementary solutions, Alkami allows clients to take advantage of a wide array of banking technology.
Alkami commissioned Forrester Consulting to conduct a Total Economic Impact™ (TEI) study and examine the potential return on investment (ROI) enterprises may realize by deploying the Digital Banking Solution.1 The purpose of this study is to provide readers with a framework to evaluate the potential financial impact of the Digital Banking Solution on their organizations.
To better understand the benefits, costs, and risks associated with this investment, Forrester interviewed 11 decision-makers from five credit unions with experience using the Digital Banking Solution. For the purposes of this study, Forrester aggregated the experiences of the interviewees and combined the results into a single composite organization, which is a regional credit union with just more than 100,000 members and total assets of $1.79 billion.
Interviewees said that prior to using the Digital Banking Solution, their organizations lacked strong digital functionality, which impacted member experience and limited their organizations’ ability to leverage data for member support and targeting. However, prior attempts to implement digital solutions yielded limited success, leaving them without the modern capabilities needed to attract and retain new members. These limitations led to difficulty customizing digital applications, operational inefficiencies, and an inability to integrate and scale.
After the investment in the Digital Banking Solution, the interviewees could better support members through digital channels, more smoothly offer products, and improve internal operations for member support, marketing campaigns, and fraud management. Key results from the investment include increased income from loans and other products, improved internal efficiency, and decreased loss due to fraud — benefits driven by improved digital banking adoption and user engagement and growth in deposits and loans. Some interviewees also reported eliminating costs associated with prior digital solutions or replacing/reallocating the costs and associated development resources from maintaining homegrown solutions.
Quantified benefits. Three-year, risk-adjusted present value (PV) quantified benefits for the composite organization include:
Loan interest income increase from a 3% growth in overall loans. Due to Alkami functionality and improved targeting, the composite organization increases total loans by more than $37 million in Year 1 of the analysis, growing year over year in tandem with member growth. The income associated with this loan growth is nearly $6 million over the three years of the analysis.
Marketing team efficiency gains equivalent to the output of more than two FTEs. By leveraging Alkami’s functionality, including the Data and Marketing Solution, the composite organization runs and manages campaigns more efficiently and effectively, due in part to the included automation capabilities.
Credit card income increase of $9 per card. After implementing Alkami, the composite organization drives increased usage of its credit cards, leading to additional income of nearly $600,000.
Electronic document savings of an average of $2 per member. The ability to move members to electronic documents instead of paper statements saves the composite organization between $140,000 and $170,000 per year.
Development cost reduction of $50,000 per application. By leveraging Alkami’s software development kit (SDK) for internal development use, the composite organization saves on internal developer time via less effort and avoids the need for external development support.
Fraud loss reduction of up to $150,000 per year. Using the Alkami platform in conjunction with a partner, the composite organization successfully identifies fraudulent activity and stop losses before they occur.
Unquantified benefits. Benefits that provide value for the composite organization but are not quantified for this study include:
Membership increases and account holder growth. Supported by Alkami’s functionality and scale, the composite organization facilitates membership growth. Although Forrester quantified benefits associated with increased loan income and credit cards, the composite gains additional value from asset growth as well as other types of products (e.g., deposit accounts).
Member service center improvements. The composite organization improves call center operations with improved visibility into member accounts and activity. As the use of Alkami’s Digital Banking Solution grows throughout the organization, efficient and effective call center operations become increasingly important. Member support and self-service are critical as the composite organization grows total membership and offers more complex offerings that require additional support.
App ratings improvements. App ratings had previously been a pain point for the composite, as members had concerns with the mobile app. After deploying Alkami, the composite sees a significant uptick in App Store ratings.
Average products per member increases. Due to the improvements in member management and targeting, the composite organization steadily increases the average products per member. Some product types (e.g., credit cards) have associated revenue streams (as reflected in the quantified benefits), while others (e.g., opting into multi-factor authentication) do not. Although not all of these products generate revenue for the organization, using them indicates greater member engagement and protection.
Costs. Three-year, risk-adjusted PV costs for the composite organization include:
Alkami costs of $3 million over three years. Alkami costs include an upfront cost and a monthly cost per active digital banking user.
Internal implementation costs of $1.2 million. The composite organization has an internal team to support the rollout of Alkami’s Digital Banking Solution, which includes a core team and subject matter experts from across the organization.
Ongoing Alkami administration costs of $38,500 per year. Approximately one-third of one FTE’s time is included in the analysis, representing several staff members at the composite.
Marketing campaign administration costs of $110,000 per year. To best leverage the Data and Marketing Solution, the composite organization has two marketing analysts who devote a portion of their time to creating and managing campaigns.
The financial analysis that is based on the interviews found that a composite organization experiences benefits of $7.9 million over three years versus costs of $4.6 million, adding up to a net present value (NPV) of $3.3 million and an ROI of 71%.
Increase in loan volume over three years due to Alkami functionality and improved targeting
Return on investment (ROI)
Benefits PV
Net present value (NPV)
| Role | Industry | Region | Membership |
|---|---|---|---|
|
•Chief digital officer •Vice president, member support •Member contact center support manager •Member contact center assistant manager •Vice president of digital and payment experience •Fraud and loss prevention analyst |
Regional credit union | Pacific Northwest | 250,000+ |
| Digital channel officer | Regional credit union | Northeast | 100,000+ |
| President and CEO | Regional credit union | Midwest | 25,000+ |
|
•Senior vice president, marketing •Director of digital experience |
National credit union | National | 450,000+ |
| Assistant vice president of digital experience | Regional credit union | Midwest | 125,000+ |
Prior to implementing Alkami’s Digital Banking Solution, interviewees noted feeling constrained by their previous platforms. Most described them as dated, with technology limitations related to integration, scale, and development. Their organizations could not adequately help members with online or mobile banking due to a lack of visibility, and members were dissatisfied with the digital applications and experiences.
Interviewees noted how their organizations struggled with common challenges, including:
Legacy systems that did not provide adequate visibility and flexibility. Interviewees’ organizations struggled with their previous solutions due to inflexible platforms with limited or no customization ability. Their organizations also lacked visibility into member profiles, which impacted employees’ ability to adequately help members with online or mobile banking.
Legacy platforms that did not support growth. Interviewees’ organizations needed additional functionality to retain existing members and attract new members, as well as better leverage member data to offer targeted products and services.
Outdated systems and a lack of features. Due to the inflexibility of their legacy platforms, interviewees’ internal development was extremely limited and led to operational inefficiencies. It was difficult to provide member support through call centers effectively, which created negative experiences.
The interviewees searched for a solution that could:
Offer reliability, modern features, and growth potential. Interviewees cited needing a platform that supported scaling up to support membership growth and integration needs.
Improve the member and employee experience. Interviewees recognized that to support growth, member experience needed to improve; at the same time, it was difficult for employees to use antiquated legacy systems.
Provide strategic partnership and support. Interviewees sought a partner that had in-depth experience with financial institutions, as well as partnerships and integrations with third-party fintechs and core providers.
Based on the interviews, Forrester constructed a TEI framework, a composite company, and an ROI analysis that illustrates the areas financially affected. The composite organization is representative of the interviewees’ organizations, and it is used to present the aggregate financial analysis in the next section. The composite organization has the following characteristics:
Description of composite. The regional credit union provides retail banking services to its surrounding community. It offers member-focused support, lower fees, competitive interest rates, and greater flexibility as compared with traditional banks. The organization has a strong local brand, a member base of approximately 101,500, and total assets of $1.79 billion. Approximately 70% of its members are active digital users. The credit union has approximately 300 employees to support members and operations.
Deployment characteristics. The composite organization begins using the solution in Year 1 following a six-month implementation period. An internal core team facilitates the implementation, supported by additional staff across the organization.
Its Alkami contract includes the following products and services: Digital Banking Retail Platform, Account Aggregation, Advanced Notification Delivery - Push Notifications, Advanced Notification Delivery - SMS & Voice Notifications, API, SDK, Bill Pay, Card Management & Digital Cards, Credit Score, Alkami’s Data & Marketing Solution, Instant Account Verification, Quick Apply, Transaction Data Enrichment, User Sentiment, and BioCatch Account Takeover Protection.
101,500 members
300 employees
70,000 active digital banking users
$1.79 billion total assets
| Ref. | Benefit | Year 1 | Year 2 | Year 3 | Total | Present Value |
|---|---|---|---|---|---|---|
| Atr | Increased loan interest income | $2,350,310 | $2,467,825 | $2,591,216 | $7,409,351 | $6,122,989 |
| Btr | Marketing efficiency gain | $166,013 | $166,013 | $166,013 | $498,038 | $412,849 |
| Ctr | Increased credit card income | $216,956 | $227,806 | $239,195 | $683,957 | $565,213 |
| Dtr | Electronic document savings | $133,000 | $139,650 | $146,633 | $419,283 | $346,489 |
| Etr | Development cost reduction with the Alkami SDK | $47,500 | $47,500 | $47,500 | $142,500 | $118,125 |
| Ftr | Fraud reduction/deterred loss with BioCatch | $123,480 | $128,520 | $136,080 | $388,080 | $320,708 |
| Total benefits (risk-adjusted) | $3,037,258 | $3,177,314 | $3,326,636 | $9,541,208 | $7,886,373 |
Evidence and data. All interviewees cited growth in total loans after implementing the Alkami platform, driven by the Digital Banking Solution among other factors. The interviewees’ organizations leveraged its marketing capabilities to build internal applications and utilize captured data. Interviewees then created targeted marketing campaigns, resulting in increased loan volume. To quantify this benefit, the financial model captures the increased income from loans.
The president and CEO at one credit union said that loans were up 5.7% (all direct) and that finance charges from loans were the biggest driver of the organization’s 11.6% increase in gross revenue.
The senior vice president of marketing at another credit union reported that 36% of loan applications came from digital banking, and approximately 40% of loan funding (excluding mortgages) also came from digital banking, demonstrating the importance of using Alkami as a digital sales channel.
One of the interviewees said, “We were able to get an offer to our members at the right time — it was difficult to do without [Alkami].”
The assistant vice president of digital experience described using transaction data to identify account holders who had competitive credit cards, loans, or investments held elsewhere; with the Alkami functionality, the organization then targeted those account holders to recapture relationships.
The senior vice president of marketing at one of the credit unions discussed how Alkami impacted their situation: “With 465,000 members, my ad budget is relatively small. With that many members, some of them might not have many more products. A lot of our marketing is to target and retarget those members. … We don’t have a lot for paid ads for members. The way to target them is through Alkami’s digital platform. That’s where it’s really critical for me.”
Modeling and assumptions. Based on the interviews, Forrester assumes the following about the composite organization:
Total loans are projected as 70% of total assets based on the average proportion of loans to assets reported by interviewees. As membership and total assets grow 5% year over year, loans grow as well.
The number of new loans is calculated as 3% of the total loans to capture the growth due to Alkami. The composite organization achieves this growth through targeted campaigns leveraging Alkami’s Data and Marketing Solution.
The monthly interest income rate is 0.55% based on the ranges provided by interviewees.
Risks. The following risks apply to this benefit category:
The proportion of loans to assets can vary widely based on the characteristics of a specific credit union and the members it serves. Additionally, the proportion of business banking and indirect loans served by a particular credit union would have an impact.
Changes to organizations’ core banking platforms, strategic programs, and other business processes may impact this benefit.
The monthly interest rate varies across products and loan types as well as by credit union, which impacts the overall magnitude of the benefit.
Results. To account for these risks, Forrester adjusted this benefit downward by 5%, yielding a three-year, risk-adjusted total PV (discounted at 10%) of $6.1 million.
Growth in overall loan volume due to use of Alkami
| Ref. | Metric | Source | Year 1 | Year 2 | Year 3 | |
|---|---|---|---|---|---|---|
| A1 | Total loans | Composite | $1,249,500,000 | $1,311,975,000 | $1,377,573,750 | |
| A2 | Percentage of new loans closed due to Alkami functionality and improved targeting | Interviews | 3% | 3% | 3% | |
| A3 | Total increase in loans as a result of Alkami targeting | A1*A2 | $37,485,000 | $39,359,250 | $41,327,213 | |
| A4 | Monthly interest income rate | Interviews | 0.55% | 0.55% | 0.55% | |
| At | Increased loan interest income | A3*A4*12 | $2,474,010 | $2,597,711 | $2,727,596 | |
| Risk adjustment | ↓5% | |||||
| Atr | Increased loan interest income (risk-adjusted) | $2,350,310 | $2,467,825 | $2,591,216 | ||
| Three-year total: $7,409,351 | Three-year present value: $6,122,989 | |||||
Evidence and data. By using Alkami’s Digital Banking Solution, interviewees said they gained the ability to develop and run more specific and targeted campaigns without adding marketing capacity. Some interviewees leveraged Alkami’s Data and Marketing Solution, while others developed internal applications. In both cases, Alkami’s platform provided the necessary foundation to reach members at key opportunities for expansion and engagement. Interviewees said that the Data and Marketing Solution transformed their data sources into behavioral data insights, allowing them to use these insights to understand account holders’ financial behaviors, apply AI models, and automate always-on marketing campaigns.
One interviewee described an internally developed next best product application they used to feed ads to members. They said, “Without Alkami, we would have had to develop our own targeting [functionality], either through building it ourselves or partnering with an external provider; we would have needed additional team members to do so.”
An assistant vice president of digital experience reported, “If we didn’t have [Alkami’s Data and Marketing Solution], we would have been trying to blast out the message to all of the membership using email.”
One of the interviewees stated, “We have one team member currently deploying ads; we would have needed two to three resources without Alkami.”
Modeling and assumptions. For the financial analysis as applied to the composite organization, Forrester assumes:
The composite organization uses Alkami’s Data and Marketing Solution for data and marketing activities.
The composite’s marketing staff includes five FTEs.
Without Alkami’s Data and Marketing Solution, the composite would require an additional 30% of marketing analyst capacity (i.e., 1.5 FTEs).
Additionally, the organization avoids the need for data science support, which is captured as an additional 15% of an FTE.
Risks. The magnitude of this benefit can vary based on:
The previous state and marketing capabilities of the organization, which impacts the improvement possible.
The current number of marketing and development employees.
The amount of investment available for marketing campaigns.
Results. To account for these risks, Forrester adjusted this benefit downward by 5%, yielding a three-year, risk-adjusted total PV (discounted at 10%) of $413,000.
Additional productivity of marketing staff
| Ref. | Metric | Source | Year 1 | Year 2 | Year 3 | |
|---|---|---|---|---|---|---|
| B1 | Total marketing staff | Composite | 5 | 5 | 5 | |
| B2 | Additional marketing capacity required to manage campaigns without Alkami | Interviews | 30% | 30% | 30% | |
| B3 | Additional marketing FTEs required without Alkami | B1*B2 | 1.5 | 1.5 | 1.5 | |
| B4 | Fully burdened annual salary for a marketing FTE | Composite | $105,000 | $105,000 | $105,000 | |
| B5 | Additional data science FTEs needed with Alkami | B3*10% | 0.15 | 0.15 | 0.15 | |
| B6 | Fully burdened annual salary for a data science FTE | Composite | $115,000 | $115,000 | $115,000 | |
| Bt | Marketing efficiency gain | (B3*B4)+(B5*B6) | $174,750 | $174,750 | $174,750 | |
| Risk adjustment | ↓5% | |||||
| Btr | Marketing efficiency gain (risk-adjusted) | $166,013 | $166,013 | $166,013 | ||
| Three-year total: $498,038 | Three-year present value: $412,849 | |||||
Evidence and data. Several interviewees cited significant growth in products per member and product use after deploying Alkami that were related to higher engagement through digital channels and improvements in member service. Specifically, this benefit captures the value associated with growth in credit card use and the associated income for the credit union.
The chief digital officer at a regional credit union reported, “We are in the process of enhancing the card portfolio, which we couldn’t have done without Alkami, especially digital issuance of cards.”
The same interviewee also cited Alkami’s flexible integration with card partners as a driver of increased use of this product.
The president and CEO at another regional credit union shared: “Credit card growth is huge — we tie that directly back to clicking through ads pushed through digital banking. We are opening 50% more cards than we were before, and we are seeing a steady increase in balances.”
Modeling and assumptions. To capture this benefit for the financial analysis of the composite organization, Forrester assumes the following:
One-quarter of members hold credit cards issued by the credit union; this total grows by 5% annually in line with membership growth.
The increase in annual revenue per card is $9.
Risks. The following risk factors impact the magnitude of this benefit to the composite organization:
The number of credit cards issued by the credit union depends on member needs.
The average income per credit card is tied to the average balance, which is highly variable.
Results. To account for these risks, Forrester adjusted this benefit downward by 5%, yielding a three-year, risk-adjusted total PV (discounted at 10%) of $565,000.
Annual income increase per card
| Ref. | Metric | Source | Year 1 | Year 2 | Year 3 | |
|---|---|---|---|---|---|---|
| C1 | Total members | Composite | 101,500 | 106,575 | 111,904 | |
| C2 | Percentage of members with credit cards | Interviews | 25% | 25% | 25% | |
| C3 | Total credit cards | C1*C2 | 25,375 | 26,644 | 27,976 | |
| C4 | Annual income increase per card as a result of Alkami | Interviews | $9.00 | $9.00 | $9.00 | |
| Ct | Increased credit card income | C3*C4 | $228,375 | $239,796 | $251,784 | |
| Risk adjustment | ↓5% | |||||
| Ctr | Increased credit card income (risk-adjusted) | $216,956 | $227,806 | $239,195 | ||
| Three-year total: $683,957 | Three-year present value: $565,213 | |||||
Evidence and data. Through a combination of improved marketing and digital functionality, interviewees said they reduced costs by eliminating paper statements. They expect this benefit to scale up in the future as more members opt for digital statements.
One interviewees’ organization launched a successful campaign encouraging members to switch to e-statements, yielding more than 800 conversions and $42,700 in savings from eliminating paper statements.
One credit union included this benefit in its business case for Alkami, as it is easily quantifiable and can continue to grow.
Modeling and assumptions. Based on the interviews, Forrester assumes the following about the composite organization:
The composite organization saves an average of $2 per member annually by using electronic statements.
This average reflects the blend of members who opt into electronic statements and those who continue with paper statements.
Risks. The following risks can impact the savings associated with moving to electronic statements:
The proportion of members who are interested in switching to electronic statements will depend on the characteristics of the membership population; some members may prefer paper statements.
The savings associated with reducing paper statements can change based on current printing and mailing costs.
Results. To account for these risks, Forrester adjusted this benefit downward by 5%, yielding a three-year, risk-adjusted total PV (discounted at 10%) of $346,000.
Average annual savings per member from eliminating paper statements
| Ref. | Metric | Source | Year 1 | Year 2 | Year 3 | |
|---|---|---|---|---|---|---|
| D1 | Total active users | Composite | 70,000 | 73,500 | 77,175 | |
| D2 | Average savings per user | Interviews | $2 | $2 | $2 | |
| Dt | Electronic document savings | D1*D2 | $140,000 | $147,000 | $154,350 | |
| Risk adjustment | ↓5% | |||||
| Dtr | Electronic document savings (risk-adjusted) | $133,000 | $139,650 | $146,633 | ||
| Three-year total: $419,283 | Three-year present value: $346,489 | |||||
Evidence and data. Alkami’s SDK provided value for interviewees at credit unions large enough to have development teams, as their developers could leverage it for internal projects and applications.
A chief digital officer at a regional credit union reported that: “The flexibility and the SDK were important. We have in-house developers, and we wanted to leverage that capability with Alkami.”
Another interviewee shared that, “Without Alkami’s SDK, we would not have tried to develop our own applications, or it would have taken a lot longer.”
An interviewee described two applications their teams built using Alkami’s SDK: one that allowed their credit union to collect survey data and reduce email interactions, and another to facilitate self-service with private student lending.
Modeling and assumptions. Based on the interviews, Forrester assumes the following about the composite organization:
The composite organization develops one internal application per year.
Without the Alkami SDK, the composite organization would need to augment its development team with outside resources at an estimated cost of $50,000 per application.
Risks. The following risks impact the magnitude of this benefit to the composite organization:
Whether an organization uses internal versus external development resources, which would result in a different quantification of the savings to the company. (Note this financial analysis captures the savings associated with not leveraging external development services.)
How many developers and the level of effort an organization requires to develop internal applications, which could be higher or lower than estimated.
Results. To account for these risks, Forrester adjusted this benefit downward by 5%, yielding a three-year, risk-adjusted total PV (discounted at 10%) of $118,000.
Value of development services per internal application
| Ref. | Metric | Source | Year 1 | Year 2 | Year 3 | |
|---|---|---|---|---|---|---|
| E1 | Reduction in cost per software application with Alkami | Interviews | $50,000 | $50,000 | $50,000 | |
| E2 | Average software applications required annually | Interviews | 1 | 1 | 1 | |
| Et | Development cost reduction with the Alkami SDK | E1*E2 | $50,000 | $50,000 | $50,000 | |
| Risk adjustment | ↓5% | |||||
| Etr | Development cost reduction with the Alkami SDK (risk-adjusted) | $47,500 | $47,500 | $47,500 | ||
| Three-year total: $142,500 | Three-year present value: $118,125 | |||||
Evidence and data. Two interviewees’ credit unions used Alkami’s integrated third-party partner, BioCatch, for fraud prevention and both saw improvemed fraud response. BioCatch creates a risk rating for post-login transactions on Alkami’s platform. The organization sets rules for alerts based on transaction type and risk score, with a focus on trends and riskier transactions.
One interviewee estimated identifying roughly “up to a million dollars’ worth of potential fraud due to the use of BioCatch.”
A fraud and loss prevention analyst at a regional credit union shared that their organization had identified 65 fraud cases from 6,000 alerts after screening 13 million transactions, leading to nearly $200,000 in risk mitigation as of September 2025.
On average, interviewees’ risk per attack ranged between $1,500 and $4,000.
Modeling and assumptions. Based on the interviews, Forrester assumes the following about the composite organization:
The composite identifies approximately 50 cases of fraud per year.
The average dollar value at risk in each fraudulent transaction is $2,800.
Transactions that trigger alerts include wire transfers, account detail changes, or payee additions.
Risks. The following risks impact the magnitude of this benefit:
The loss per fraudulent event is highly variable and can impact the overall total.
The rate of fraudulent events depends on the specific situation and membership of the credit union.
Results. To account for these risks, Forrester adjusted this benefit downward by 10%, yielding a three-year, risk-adjusted total PV (discounted at 10%) of $321,000.
Average loss mitigated per fraudulent event
| Ref. | Metric | Source | Year 1 | Year 2 | Year 3 | |
|---|---|---|---|---|---|---|
| F1 | Total fraudulent activities mitigated | Interviews | 49 | 51 | 54 | |
| F2 | Average loss mitigated per event | Interviews | $2,800 | $2,800 | $2,800 | |
| Ft | Fraud reduction/deterred loss with BioCatch | F1*F2 | $137,200 | $142,800 | $151,200 | |
| Risk adjustment | ↓10% | |||||
| Ftr | Fraud reduction/deterred loss with BioCatch (risk-adjusted) | $123,480 | $128,520 | $136,080 | ||
| Three-year total: $388,080 | Three-year present value: $320,708 | |||||
Interviewees mentioned the following additional benefits that their organizations experienced but were unable to quantify:
Increased membership and account holder growth. All interviewees cited member retention and growth as driving factors in deploying Alkami’s Digital Banking Solution. Alkami provided a modern solution they could customize to their needs and use to improve member experience. Specifically, interviewees said using MANTL Onboarding & Account Opening Solution helped their credit unions attract new members via an increase in completed digital applications for new accounts. One interviewee reported that membership increased 4%, with 40% growth in active digital users. Another attributed 15% to 20% of their membership growth specifically to Alkami.
Member service center improvements. Several interviewees discussed how Alkami’s solution helped their credit unions improve member servicing in their call centers. A chief digital officer reported that before using Alkami’s platform, their credit union had an 80% callback rate; after deploying Alkami, they had an 80% first call resolution rate. One interviewee shared that they could keep the number of call center staff steady throughout a period of membership growth, as the additional capabilities to service members using the Alkami platform made operations more efficient. Another said: “We had the ability to view member profiles, which was significant on both employee and user experience. The employee can see what the member is seeing and guide them. That functionality was great in the call center and added a ton of value right off the bat.”
App ratings improvements. Most interviewees discussed the improvement in their app ratings as a significant way to confirm improved member satisfaction and engagement with the digital channel. A digital channel officer reported that their credit union’s ratings increased from less than three to nearly five, even though they were experiencing a period of rapid growth. Another described that over two years, their rating went from “roughly 2.5 to 4.8.” One interviewee shared that in addition to improvements in app ratings, “we have lots of good Google reviews, which is good for organic search engine optimization. We’re seeing improved results in new member surveys. Consistently, our little credit union has grown up.”
Average products per member increase. After deploying Alkami’s Digital Banking Solution, the interviewees’ credit unions saw increases in the number of products that members used, on average. This was due to several factors: ease and speed of development, better availability to members, and improved campaigns to raise awareness of the products. Although some were revenue generating, several interviewees included other product types (e.g., electronic statements) in this category. Although not all improvements led directly to quantifiable benefits, interviewees universally expressed that increasing products per member was a valuable metric for measuring member engagement and satisfaction.
The value of flexibility is unique to each customer. There are multiple scenarios in which a customer might implement the Digital Banking Solution and later realize additional uses and business opportunities, including:
Partnerships through the Alkami platform. Alkami’s platform is extensible, and its partner ecosystem allows customers to choose from a wide range of technologies applicable to the financial services industry. In addition to connecting easily to these partner solutions, Alkami helps credit unions select them with confidence. Rather than having to integrate and manage many different vendors, financial institutions can have Alkami perform due diligence, vendor management, pricing negotiation, and integration.
Business growth. Some of the interviewees’ organizations cited growth opportunities in business banking as key factors in their strategic plans for the future and that using Alkami’s Digital Banking Solution provided support for this growth.
Membership changes. Several interviewees cited an aging member population as concerning for their credit unions and viewed the investment in Alkami as part of a path to attract and retain younger members. As described in recent Forrester research, “Younger audiences, in particular, have become accustomed to rapid innovation in their increasingly digitized lives.”2
Flexibility would also be quantified when evaluated as part of a specific project (described in more detail in Total Economic Impact Approach).
| Ref. | Cost | Initial | Year 1 | Year 2 | Year 3 | Total | Present Value |
|---|---|---|---|---|---|---|---|
| Gtr | Alkami costs | $184,800 | $1,124,550 | $1,176,147 | $1,178,727 | $3,664,224 | $3,064,735 |
| Htr | Internal implementation costs | $1,157,625 | $0 | $0 | $0 | $1,157,625 | $1,157,625 |
| Itr | Ongoing internal Alkami administration cost | $0 | $38,588 | $38,588 | $38,588 | $115,764 | $95,961 |
| Jtr | Marketing campaign administration | $0 | $110,250 | $110,250 | $110,250 | $330,750 | $274,175 |
| Total costs (risk-adjusted) | $1,342,425 | $1,273,388 | $1,324,985 | $1,327,565 | $5,268,361 | $4,592,496 |
Evidence and data. Alkami costs include an upfront fee and an ongoing subscription cost based on the number of active digital banking users. The subscription cost includes the costs of specific features and costs associated with Alkami partners integrated with the platform.
The upfront cost encompasses professional services, licensing costs, and third-party and consultant fees.
The ongoing subscription cost depends on the specific products included in the Alkami contract and the total number of active digital users.
Modeling and assumptions. For the composite organization, Forrester makes the following assumptions with regard to Alkami pricing:
The following products and services are included in the composite organization’s Alkami contract: Digital Banking Retail Platform, Account Aggregation, Advanced Notification Delivery - Push Notifications, Advanced Notification Delivery - SMS & Voice Notifications, API, SDK, Bill Pay, Card Management & Digital Cards, Credit Score, Alkami’s Data & Marketing Solution, Instant Account Verification, Quick Apply, Transaction Data Enrichment, User Sentiment, BioCatch Account Takeover Protection.
The number of active digital users grows by 5% per year, in proportion to the growth in total membership.
Risks. Forrester has included risks associated with the pricing as follows:
The number of active digital users can vary from month to month.
The proportion of active digital users to total membership may not stay the same as membership grows.
Results. To account for these risks, Forrester adjusted this cost upward by 5%, yielding a three-year, risk-adjusted total PV (discounted at 10%) of $3.1 million.
| Ref. | Metric | Source | Initial | Year 1 | Year 2 | Year 3 |
|---|---|---|---|---|---|---|
| G1 | Initial costs | Alkami | $176,000 | |||
| G2 | Monthly rate per active user (initial) | Alkami | $1.28 | $1.28 | $1.28 | |
| G3 | Active users (initial) | Alkami | 70,000 | 70,000 | 70,000 | |
| G4 | Monthly rate per active user (incremental) | Alkami | $1.17 | $1.17 | ||
| G5 | Active users (incremental) | Alkami | 3500 | 3675 | ||
| G6 | Annual subscription cost | ((G2*G3)+(G4*G5))*12 | $1,071,000 | $1,120,140 | $1,122,597 | |
| Gt | Alkami costs | G1+G6 | $176,000 | $1,071,000 | $1,120,140 | $1,122,597 |
| Risk adjustment | ↑5% | |||||
| Gtr | Alkami costs (risk-adjusted) | $184,800 | $1,124,550 | $1,176,147 | $1,178,727 | |
| Three-year total: $3,664,224 | Three-year present value: $3,064,735 | |||||
Evidence and data. For most interviewees, implementing Alkami involved stakeholders from across their businesses. Some implemented Alkami in conjunction with upgrades to other systems, including core banking platforms, which made implementation more complex.
One interviewee estimated the internal total effort required, saying, “The core project team was about 20 [FTEs] for 50% to 60% of their time; an additional 20 to 30 [FTEs] spent 20% to 25% of their time.”
One interviewee described the need for data cleanup to implement Alkami successfully: “Our old system didn’t have any purge policies, so we had mountains of old, garbage data that had to be cleaned up: addresses, email addresses, that kind of thing.” This interviewee estimated that the data cleanup alone took three to four FTEs nearly four months.
A digital channel officer at a regional credit union shared that “the testing process was six months in, and it was very whole and integrated, and we used a lot of team members.”
Implementation time across interviewees’ organizations ranged from six to 18 months depending on the complexity of their projects and the number of partner integrations.
Modeling and assumptions. For the composite organization, Forrester makes the following assumptions:
The implementation effort includes a core team of 20 FTEs and participation from additional stakeholders with various responsibilities.
Forrester assumes that the composite organization implements Alkami’s Digital Banking Solution without making other significant technology changes at the same time.
The length of the implementation period is nine months.
Risks. The following risks are included in Forrester’s analysis of this cost:
The implementation time could be longer depending on the organization’s previous state.
The number of FTEs required, either for the core team or additional support, could be higher than estimated.
Results. To account for these risks, Forrester adjusted this cost upward by 5%, yielding a three-year, risk-adjusted total PV (discounted at 10%) of $1.2 million.
| Ref. | Metric | Source | Initial | Year 1 | Year 2 | Year 3 |
|---|---|---|---|---|---|---|
| H1 | Core team members | Interviews | 20 | |||
| H2 | Percentage of core team member time needed for implementation | Interviews | 50% | |||
| H3 | Additional team members | Interviews | 20 | |||
| H4 | Percentage of additional team member time needed for implementation | Interviews | 20% | |||
| H5 | Fully burdened annual salary for an FTE | Forrester research | $105,000 | |||
| H6 | Length of implementation | Interviews | 0.75 | |||
| Ht | Internal implementation costs | (((H1*H2)+(H3*H4))*H5)*H6 | $1,102,500 | $0 | $0 | $0 |
| Risk adjustment | ↑5% | |||||
| Htr | Internal implementation costs (risk-adjusted) | $1,157,625 | $0 | $0 | $0 | |
| Three-year total: $1,157,625 | Three-year present value: $1,157,625 | |||||
Evidence and data. All interviewees confirmed that ongoing management and administration of the Alkami Digital Banking Solution was minimal.
An interviewee at a regional credit union said, “The lift on our internal IT [to manage Alkami] is not substantial: 6% to 7% of our two IT people’s time.”
Some interviewees also estimated the time spent on specific areas (e.g., configuring rules for fraud alerts) as an additional fraction of an FTE’s time.
Modeling and assumptions. Based on the interviews, Forrester assumes the following about the composite organization:
Although Alkami administration and maintenance involves several different staff members, each only spends a fraction of their time on it.
Collectively, Forrester estimates the total need at 35% of a single FTE.
Risks. The following risks are included as part of the financial analysis:
The time needed to maintain the Alkami Digital Banking Solution will vary based on the size of the implementation and the organization.
Specific situations or products may drive the need for additional resources for Alkami maintenance and administration.
Results. To account for these risks, Forrester adjusted this cost upward by 5%, yielding a three-year, risk-adjusted total PV (discounted at 10%) of $96,000.
Percentage of FTE time required for Alkami administration
| Ref. | Metric | Source | Initial | Year 1 | Year 2 | Year 3 |
|---|---|---|---|---|---|---|
| I1 | FTEs required for Alkami maintenance | Interviews | 1 | 1 | 1 | |
| I2 | Percentage of FTE time required | Interviews | 35% | 35% | 35% | |
| I3 | Fully burdened annual salary for an FTE | Forrester research | $105,000 | $105,000 | $105,000 | |
| It | Ongoing internal Alkami administration cost | I1*I2*I3 | $36,750 | $36,750 | $36,750 | |
| Risk adjustment | ↑5% | |||||
| Itr | Ongoing internal Alkami administration cost (risk-adjusted) | $0 | $38,588 | $38,588 | $38,588 | |
| Three-year total: $115,763 | Three-year present value: $95,961 | |||||
Evidence and data. Most interviewees reported that the new capabilities provided by Alkami’s Data and Marketing Solution for using data in marketing campaigns required staff dedicated to creating and running those campaigns.
With the additional data and marketing capabilities available, interviewees’ credit unions could create and run more complex, targeted campaigns.
To support these incremental efforts, the organizations required more time and effort to craft and manage the campaigns.
Interviewees estimated the marketing resources needed at anywhere from a half to two FTEs.
Modeling and assumptions. Based on the interviews, Forrester assumes the following about the composite organization:
Two marketing staff each spend 50% of their time leveraging Alkami’s functionality for campaign creation and management.
The average fully burdened annual salary for a marketing analyst is $105,000.
Risks. The potential risks that can impact this benefit include:
The number of staff will depend on the number and scope of the campaigns.
Some organizations may not need additional capacity to run campaigns.
Results. To account for these risks, Forrester adjusted this cost upward by 5%, yielding a three-year, risk-adjusted total PV (discounted at 10%) of $274,000.
| Ref. | Metric | Source | Initial | Year 1 | Year 2 | Year 3 |
|---|---|---|---|---|---|---|
| J1 | Marketing staff required | Interviews | 2 | 2 | 2 | |
| J2 | Percentage of marketing staff time needed | Interviews | 50% | 50% | 50% | |
| J3 | Fully burdened annual salary for a marketing analyst | Forrester research | $105,000 | $105,000 | $105,000 | |
| Jt | Marketing campaign administration | K1*K2*K3 | $0 | $105,000 | $105,000 | $105,000 |
| Risk adjustment | ↑5% | |||||
| Jtr | Marketing campaign administration (risk-adjusted) | $0 | $110,250 | $110,250 | $110,250 | |
| Three-year total: $330,750 | Three-year present value: $274,175 | |||||
| Initial | Year 1 | Year 2 | Year 3 | Total | Present Value | |
|---|---|---|---|---|---|---|
| Total costs | ($1,342,425) | ($1,277,798) | ($1,329,395) | ($1,331,974) | ($5,281,591) | ($4,603,463) |
| Total benefits | $0 | $3,037,258 | $3,177,314 | $3,326,636 | $9,541,208 | $7,886,373 |
| Net benefits | ($1,342,425) | $1,759,461 | $1,847,919 | $1,994,662 | $4,259,617 | $3,282,910 |
| ROI | 71% |
The financial results calculated in the Benefits and Costs sections can be used to determine the ROI and NPV for the composite organization’s investment. Forrester assumes a yearly discount rate of 10% for this analysis.
These risk-adjusted ROI and NPV values are determined by applying risk-adjustment factors to the unadjusted results in each Benefit and Cost section.
The initial investment column contains costs incurred at “time 0” or at the beginning of Year 1 that are not discounted. All other cash flows are discounted using the discount rate at the end of the year. PV calculations are calculated for each total cost and benefit estimate. NPV calculations in the summary tables are the sum of the initial investment and the discounted cash flows in each year. Sums and present value calculations of the Total Benefits, Total Costs, and Cash Flow tables may not exactly add up, as some rounding may occur.
From the information provided in the interviews, Forrester constructed a Total Economic Impact™ framework for those organizations considering an investment in Digital Banking Solution.
The objective of the framework is to identify the cost, benefit, flexibility, and risk factors that affect the investment decision. Forrester took a multistep approach to evaluate the impact that Digital Banking Solution can have on an organization.
Interviewed Alkami stakeholders and Forrester analysts to gather data relative to the Digital Banking Solution.
Interviewed eleven decision-makers at five organizations using the Digital Banking Solution to obtain data about costs, benefits, and risks.
Designed a composite organization based on characteristics of the interviewees’ organizations.
Constructed a financial model representative of the interviews using the TEI methodology and risk-adjusted the financial model based on issues and concerns of the interviewees.
Employed four fundamental elements of TEI in modeling the investment impact: benefits, costs, flexibility, and risks. Given the increasing sophistication of ROI analyses related to IT investments, Forrester’s TEI methodology provides a complete picture of the total economic impact of purchase decisions. Please see Appendix A for additional information on the TEI methodology.
Benefits represent the value the solution delivers to the business. The TEI methodology places equal weight on the measure of benefits and costs, allowing for a full examination of the solution’s effect on the entire organization.
Costs comprise all expenses necessary to deliver the proposed value, or benefits, of the solution. The methodology captures implementation and ongoing costs associated with the solution.
Flexibility represents the strategic value that can be obtained for some future additional investment building on top of the initial investment already made. The ability to capture that benefit has a PV that can be estimated.
Risks measure the uncertainty of benefit and cost estimates given: 1) the likelihood that estimates will meet original projections and 2) the likelihood that estimates will be tracked over time. TEI risk factors are based on “triangular distribution.”
The present or current value of (discounted) cost and benefit estimates given at an interest rate (the discount rate). The PV of costs and benefits feed into the total NPV of cash flows.
The present or current value of (discounted) future net cash flows given an interest rate (the discount rate). A positive project NPV normally indicates that the investment should be made unless other projects have higher NPVs.
A project’s expected return in percentage terms. ROI is calculated by dividing net benefits (benefits less costs) by costs.
The interest rate used in cash flow analysis to take into account the time value of money. Organizations typically use discount rates between 8% and 16%.
Total Economic Impact is a methodology developed by Forrester Research that enhances a company’s technology decision-making processes and assists solution providers in communicating their value proposition to clients. The TEI methodology helps companies demonstrate, justify, and realize the tangible value of business and technology initiatives to both senior management and other key stakeholders.
Related Forrester Research
The Digital Banking Engagement Platforms Landscape, Q1 2023, Forrester Research, Inc., January 13, 2023.
The Future Of Banking Is Built On Trust, Forrester Research, Inc., September 25, 2024.
Predictions 2025: Banking, Forrester Research, Inc., October 23, 2024.
1 Total Economic Impact is a methodology developed by Forrester Research that enhances a company’s technology decision-making processes and assists solution providers in communicating their value proposition to clients. The TEI methodology helps companies demonstrate, justify, and realize the tangible value of business and technology initiatives to both senior management and other key stakeholders.
2 Source: Case Study: How Kraft Heinz Is Augmenting Creative Design With Generative AI, Forrester Research, Inc., May 2, 2025.
Readers should be aware of the following:
This study is commissioned by Alkami and delivered by Forrester Consulting. It is not meant to be used as a competitive analysis.
Forrester makes no assumptions as to the potential ROI that other organizations will receive. Forrester strongly advises that readers use their own estimates within the framework provided in the study to determine the appropriateness of an investment in Digital Banking Solution. For any interactive functionality, the intent is for the questions to solicit inputs specific to a prospect’s business. Forrester believes that this analysis is representative of what companies may achieve with Digital Banking Solution based on the inputs provided and any assumptions made. Forrester does not endorse Alkami or its offerings. Although great care has been taken to ensure the accuracy and completeness of this model, Alkami and Forrester Research are unable to accept any legal responsibility for any actions taken on the basis of the information contained herein. The interactive tool is provided ‘AS IS,’ and Forrester and Alkami make no warranties of any kind.
Alkami reviewed and provided feedback to Forrester, but Forrester maintains editorial control over the study and its findings and does not accept changes to the study that contradict Forrester’s findings or obscure the meaning of the study.
Alkami provided the customer names for the interviews but did not participate in the interviews.
Shaheen Z Parks
November 2025
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© Forrester Research, Inc. All rights reserved. Unauthorized reproduction is strictly prohibited. Information is based on best available resources. Opinions reflect judgment at the time and are subject to change. Forrester®, Technographics®, Forrester Wave, and Total Economic Impact are trademarks of Forrester Research, Inc. All other trademarks are the property of their respective companies.
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