BankProv Joins Alloy Labs Alliance to Help Create the Future of Banking

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Mar 29, 2022, 09:30 ET

BankProv joins national innovation consortium

AMESBURY, Mass., March 29, 2022 /PRNewswire/ -- BankProv, a future-ready commercial bank that offers adaptive and technology-first banking solutions to emerging industries, announced today it has joined Alloy Labs Alliance, 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 BankProv 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 50 institutional members.

"BankProv has always been committed to delivering the products and services our customers want and need," said Dave Mansfield, CEO of BankProv. "Being part of the Alloy Labs allows us to meet those needs and bring new innovations to market quickly and efficiently." Mansfield 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 BankProv 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."

About Alloy Labs Alliance

Alloy Labs is a consortium of community and mid-size banks that work together to drive innovation, build partnerships and make strategic investments. The financial service industry is being transformed and these banks are at the forefront to ensure their communities, however that is defined, thrive.

Media Contact: JP Nicols, [email protected], 425-522-3579

About BankProv

BankProv, legally operating as The Provident Bank, is a subsidiary of Provident Bancorp, Inc. (NASDAQ: PVBC). BankProv is a future-ready commercial bank for corporate clients, specializing in offering adaptive and technology-first banking solutions to niche markets, including cryptocurrency, renewable energy, fin-tech and enterprise value lending with a focus on search fund loans. We are committed to offering state-of-the-art APIs (application programming interfaces) for all business clients and BaaS (Bank as a Service) partners. Through our offerings, BankProv insures 100% of deposits through a combination of insurance provided by the Federal Deposit Insurance Corporation (FDIC) and the Depositors Insurance Fund (DIF). For more information, visit bankprov.com.

Press Contact: Rachelle Petersen
Phone: 603-334-1255
Email: [email protected]

SOURCE BankProv