Reading, MA – Reading Cooperative Bank (RCB) is a founding member of a consortium of community and regional banks looking to quicken the pace of innovation across the industry to level the playing field with the financial giants who have spent millions of dollars building internal innovation labs and hiring full-time innovation teams to work on new technology
RCB is one of just 20 Charter Member institutions of the Alloy Labs Alliance, which was launched in private beta last year by 12 founding banks from across the country. The American Bankers Association recently announced that it has entered into a strategic partnership with the group to help foster innovation and technology adoption throughout its membership.
“RCB has long been committed to delivering the products and services our customers want and need,” said Julieann Thurlow, President & CEO of RCB. “Being part of the Alloy Labs Alliance allows us to bring new innovations to market quickly and efficiently,” Thurlow continued. “New digital products and tools are increasingly a part of the equation in this rapidly changing world. We now have access to all of the newest technology and a chance to access some of the latest thinking in the industry; plus, we have an opportunity to learn and share best practices with our peers from all over the country.”
Alloy Labs is a cooperative model of shared innovation and costs, as members join peer Workgroups to create innovative products and services in the areas such as peer-to-peer payments, small business lending, and digital customer onboarding. All of the aforementioned subjects are hot topics in the banking industry today.
“We are excited that RCB has joined the Alloy Labs Alliance,” said Jason Henrichs, Co-founder of FinTech Forge, which manages the consortium on behalf of its members. “They bring a strong commitment to serving their customers, and also a strong commitment to continuous improvement. We are looking forward to their contributions to the group’s efforts.”
“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,” added FinTech Forge’s 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, but maybe even more importantly, they can share the learnings with their peers so they can get to market more quickly.”
For Reading Cooperative Bank
For the Alloy Labs Alliance
About Reading Cooperative Bank:
Reading Cooperative Bank is a depositor owned co-operative founded in 1886. This community-centric North Shore financial service provider has branches in Reading, Wilmington, North Reading, Andover, and Burlington. They also operate teaching branches at Northeast Metro Tech in Wakefield (open to the public) and at Reading Memorial High School (students and staff only), as well as an online branch at www.readingcoop.com.
Member FDIC | Member SIF | Equal Housing Lender
About Alloy Labs Alliance:
The Alloy Labs Alliance, founded by FinTech Forge along with leading regional and community banks, is a member-driven shared innovation lab that helps banks innovate effectively and efficiently to reduce risks, lower costs, and shorten the time between ideas and results. FinTech Forge is the industry leader in helping financial institutions build and leverage their innovative capacity internally and through strategic fintech partnerships and investments. Their trademark FIRE™ process (Fast, Iterative, Responsive Experiments) leverages the best practices of modern agile business methods to create value quickly with minimum wasted efforts. More information is available at www.ftforge.com/alloy.