Thomaston Savings Bank announced today it has joined a consortium of community and mid-sized banks to more effectively and efficiently adopt technology. The goal of the consortium is to quicken the pace of innovation, helping to level the playing field and enable institutions like Thomaston Savings Bank to compete against large, national players.
Alloy Labs Alliance was launched in 2018 by twelve founding banks from across the country, and has grown to more than 70 institutional members.
“Thomaston Savings Bank has always been committed to delivering the products and services our customers want and need,” said Stephen Lewis, President & CEO of Thomaston Savings Bank. “Being part of the Alloy Labs allows us to meet those needs and bring new innovations to market quickly and efficiently.” Lewis 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.”
Members of the Alloy Labs work together to drive innovation, build partnerships, and make strategic investments. Members accelerate their transformation agendas through seven Centers of Excellence, proprietary insights and benchmarks, and Workgroups tackling the challenges of modernizing bank architecture. Members also participate in the newly launched Concept Lab, a reverse accelerator program that builds partnerships between banks and startups that provide services outside of traditional banking.
“We are excited that Thomaston Savings Bank has joined the Alloy Labs Alliance,” said Jason Henrichs, CEO of the Alloy Labs Alliance. “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 cofounder, 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.”