Photo courtesy of Liberty Bank
Middletown-based Liberty Bank has joined the Alloy Labs Alliance, a consortium of community and mid-sized banks with a goal of accelerating the pace of technology innovation to help them compete against larger institutions.
“Liberty Bank has always been committed to delivering the products and services our customers want and need,” David Mitchell, Liberty Bank’s executive vice president, general manager and chief digital officer, said in a statement. “Being part of the Alloy Labs allows us to meet those needs and bring new innovations to market quickly and efficiently.”
Alloy Labs Alliance launched in 2018 with 12 banks from across the country and now has 50 members. The organization also has a strategic partnership with the American Bankers Association.
“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,” Mitchell said.
Members of the Alloy Labs work together to drive innovation, build partnerships and make strategic investments, Liberty Bank said in the statement. Members have access to proprietary insights and benchmarks and can take part in peer workgroups to tackle challenges involved with modernizing bank architecture.
Alloy Labs Alliance also recently launched a Concept Lab, a reverse accelerator program that builds partnerships between banks and startups offering services outside of traditional banking.
“We are excited that Liberty Bank has joined the Alloy Labs Alliance,” Jason Henrichs, CEO of the Alloy Labs Alliance, said in the statement. “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.”
While several New England banks have joined Alloy Labs Alliance, Liberty Bank is the first Connecticut bank to participate, according to Alloy Labs Alliance’s website.
“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,” JP Nicols, Alloy Labs Alliance co-founder, said in the statement. “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, they can share the learnings with their peers so they can get to market more quickly.”
