Q&A Series, Part 2: How NXT Delivers Business Banking Value and Powers Innovation for Financial Institutions
In part one of our Q&A series, we uncovered how NXT is reshaping digital banking with a blend of personalization and enhanced user experience—but that was just the beginning. Now, it’s time to look forward.
In this second installment of our Q&A series with Monica Moore, Alogent’s Chief Technology Officer, we dig into the future of NXT, Alogent’s business and consumer digital banking platform. Monica reveals innovative updates and features designed to help financial institutions not just keep up but lead in an ever-evolving industry.
If you missed it, click here to read part 1 of our Digital Q&A series
1. Many financial institutions are looking to invest in solutions which support their small business account holders, how does NXT provide that value to SMBs?
NXT offers significant value to both consumer account holders and small businesses users by providing tailored solutions that meet the evolving needs of SMBs. While both targets require many of the same general features, NXT identifies small businesses as distinct from individual consumers and allows institutions to seamlessly introduce business-specific features as their clients grow.
For example, as small businesses expand, NXT facilitates the replacement of consumer-centric features like Bill Pay with more business-focused solutions, such as ACH Origination. The adaptability provided ensures that SMBs can scale their banking services alongside their business growth, offering a seamless transition as their financial needs become more complex.
2. How does NXT support integrations to deliver complementary capabilities?
NXT supports seamless integrations through its API and SSO-enabled platform, allowing financial institutions to offer advanced services like mobile deposit with ease. With over 50 pre-built integrations available—and more added regularly— NXT enables institutions to deliver key capabilities such as mobile deposit, fraud prevention, document management and reporting.
A benefit to partnering with Alogent is our full solution suite that delivers seamless access to robust capabilities often only available through numerous third-parties. With Alogent, institutions benefit from a single point of contact and seamless access to ’s native remote deposit capture, and other deposit and payment solutions. Additionally, integrations with our ECM suite allow institutions to expand their value proposition by offering advanced content and loan management functionality, including secure self-service features to exchange collateral, deliver eStatements, and more. This flexibility allows banks and credit unions to enhance their digital banking ecosystem without complex infrastructure changes, ensuring a smooth user experience across multiple touchpoints, while remaining agile and scalable for future innovations.
3. As financial institutions increasingly rely on open API banking platforms for seamless integration and data sharing, how does NXT ensure these interactions remain secure against emerging cyber threats?
As financial institutions increasingly turn to open API banking platforms for seamless integration and data sharing, security becomes a paramount concern. NXT ensures that these interactions remain secure through a robust architecture designed with modern cybersecurity practices. All data transfers between NXT and third-party solutions are protected by advanced authentication protocols, including multi-factor authentication (MFA) and diverse password recovery methods, to safeguard users' identities at every step. Additionally, NXT offers customizable activity alerts that allow users to monitor their accounts in real-time and detect suspicious behaviors early on while helping institutions proactively monitor behaviors and detect anomalies. NXT facilitates smooth, secure integrations and empowers financial institutions to maintain control over their digital ecosystems as cyber threats evolve.
4. What roles do partnerships and third-party integrations play in NXT's strategy to build a comprehensive digital banking ecosystem, and how do these partnerships benefit financial institutions and their account holders?
Partnerships and third-party integrations are central to NXT's strategy for creating a flexible and comprehensive digital banking ecosystem. The platform is core-integrated with numerous standardized integration ports, allowing institutions to extend their digital offerings through Single Sign-On (SSO) or API relationships with their third-party vendor of choice. NXT’s agility doesn’t require financial institutions to lock-in to a single provider. As new opportunities arise, institutions can swap out third-party services during implementation and beyond without disrupting their overall system, keeping their digital offerings current and competitive.
5. Looking forward, what can expect from NXT in coming releases?
Looking ahead, NXT is set to introduce several exciting features in the upcoming year that will empower financial institutions with better insights and more robust offerings. Alogent recognizes the importance of improving visibility into both consumer and commercial account holders to better serve their current account holders while identifying trends that can drive future growth. In addition to personalization capabilities, enhanced customer insights equip financial institutions with the data needed to drive more meaningful and valuable interactions. The latest version of NXT will upgrade on a quarterly basis and give institutions autonomy to schedule when new capabilities are delivered to their account holders.
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