Five Star Bank Helping to Create the Future of Banking

Five Star joins national innovation consortium

WARSAW, N.Y., Nov. 23, 2020 (GLOBE NEWSWIRE) -- Five Star Bank (the “Bank”), subsidiary of Financial Institutions, Inc. (NASDAQ:FISI), announced today that 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 Five Star Bank to compete against large, national players.

The Alloy Labs Alliance was launched in 2018 by twelve founding banks from across the country and has grown to over 40 institutional members.

“Five Star Bank recognizes that its consumers and businesses are increasingly seeking to engage through digital channels to meet their daily banking and lending needs,” said Martin K. Birmingham, President and CEO of Five Star Bank. “The Alloy Labs Alliance is another step in our rapid evolution in delivering a personalized digital experience that spans the full breadth of our customers’ banking needs.”

Earlier this year, in response to changing customer behaviors and preference for digital channels, Five Star Bank significantly enhanced its digital banking capabilities to deliver “anytime, anywhere” banking with a wide range of new features and financial tools for businesses and individuals.

“Five Star Bank is committed to a thoughtful partnership strategy to quickly deliver compelling digital products and services that meet customer expectations,” said Sean Willett, Chief Administration Officer of Five Star Bank. “Being part of the Alloy Labs Alliance gives us access to forward-thinking peers, the ability to share best practices and resources, and will further accelerate our digital capabilities.”

Members of the Alloy Labs Alliance take part in exclusive research, surveys and benchmarking, and have the opportunity to join peer Workgroups to address the needs of specific customer groups or technologies. Members also participate in the newly launched Concept Lab, a reverse accelerator program that allows banks and emerging technologies to work together to build new products that create opportunities for the banks to differentiate their services.

“We are excited that Five Star Bank has joined the Alloy Labs Alliance,” said Jason Henrichs, cofounder 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,” Henrichs continues. “We are looking forward to their contributions to the group’s efforts.”