{"id":387136,"date":"2020-11-23T16:08:13","date_gmt":"2020-11-23T21:08:13","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=387136"},"modified":"2020-11-23T16:08:13","modified_gmt":"2020-11-23T21:08:13","slug":"five-star-bank-helping-to-create-the-future-of-banking","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/five-star-bank-helping-to-create-the-future-of-banking\/","title":{"rendered":"Five Star Bank Helping to Create the Future of Banking"},"content":{"rendered":"<h2>\nFive Star joins national innovation consortium<br \/>\n<\/h2>\n<div class=\"mw_release\">\n<p align=\"justify\">WARSAW, N.Y., Nov.  23, 2020  (GLOBE NEWSWIRE) &#8212; Five Star Bank (the \u201cBank\u201d), 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.<\/p>\n<p align=\"justify\">The Alloy Labs Alliance was launched in 2018 by twelve founding banks from across the country and has grown to over 40 institutional members.<\/p>\n<p align=\"justify\">\u201cFive Star Bank recognizes that its consumers and businesses are increasingly seeking to engage through digital channels to meet their daily banking and lending needs,\u201d said Martin K. Birmingham, President and CEO of Five Star Bank. \u201cThe Alloy Labs Alliance is another step in our rapid evolution in delivering a personalized digital experience that spans the full breadth of our customers\u2019 banking needs.\u201d<\/p>\n<p align=\"justify\">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 \u201canytime, anywhere\u201d banking with a wide range of new features and financial tools for businesses and individuals.<\/p>\n<p align=\"justify\">\u201cFive Star Bank is committed to a thoughtful partnership strategy to quickly deliver compelling digital products and services that meet customer expectations,\u201d said Sean Willett, Chief Administration Officer of Five Star Bank. \u201cBeing 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.\u201d<\/p>\n<p align=\"justify\">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.<\/p>\n<p align=\"justify\">\u201cWe are excited that Five Star Bank has joined the Alloy Labs Alliance,\u201d said Jason Henrichs, cofounder of FinTech Forge, which manages the consortium on behalf of its members. \u201cThey bring a strong commitment to serving their customers, and also a strong commitment to continuous improvement,\u201d Henrichs continues. \u201cWe are looking forward to their contributions to the group\u2019s efforts.\u201d<\/p>\n<p align=\"justify\">\u201cNo bank can afford not to innovate in this day and age, but it\u2019s not very efficient or even very effective for them to try to do it all themselves internally,\u201d added FinTech Forge\u2019s cofounder, JP Nicols. \u201cWe 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,\u201d Nichols says. \u201cMaybe even more importantly, they can share the learnings with their peers, so they can get to market more quickly.\u201d<\/p>\n<p align=\"justify\">\n        <strong>About Five Star Bank and Financial Institutions, Inc.<\/strong>\n      <\/p>\n<p align=\"justify\">Five Star Bank provides a wide range of consumer and commercial banking and lending services to individuals, municipalities, and businesses through a network of more than 45 offices throughout Western and Central New York State. Additional Five Star Bank information is available at <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=eAJlhve1B1w7ijrbCZ9Sc42QZuSu7b93NhjeClTq05vpX5csVh17osL1EORg89UZ8PKIM4gxFEdNHpjoz4EUUeMcxIeW0jFqAK4Hevhr5d8=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">www.five-starbank.com<\/a> and on Twitter, Instagram and Facebook.<\/p>\n<p align=\"justify\">Five Star Bank, SDN Insurance Agency, LLC (\u201cSDN\u201d), Courier Capital, LLC (\u201cCourier Capital\u201d) and HNP Capital, LLC (\u201cHNP Capital\u201d) are subsidiaries of Financial Institutions, Inc.\u00a0SDN provides a broad range of insurance services to personal and business clients. Courier Capital and HNP Capital provide customized investment management, investment consulting and retirement plan services to individuals, businesses, institutions, foundations and retirement plans. Financial Institutions, Inc. and its subsidiaries employ approximately 630 individuals.\u00a0Financial Institutions, Inc. stock is listed on the NASDAQ Global Select Market under the symbol FISI.\u00a0Additional information is available at <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=eAJlhve1B1w7ijrbCZ9Sc_p5ocT8aSWJXsB_AQb3Drh9McicQdNrenMHUM1LcEnzNMI1UjVzvkCnMFRHa-d6jQ==\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">www.fiiwarsaw.com<\/a>.<\/p>\n<p align=\"justify\">\n        <strong>About Alloy Labs Alliance <\/strong>\n      <\/p>\n<p align=\"justify\">The Alloy Labs Alliance, founded by FinTech Forge along with leading regional and community banks, is a member-driven shared innovation lab that helps banks innovate effectively and efficiently to reduce risks, lower costs, and shorten the time between ideas and results.<\/p>\n<p align=\"justify\">FinTech Forge is the industry leader in helping financial institutions build and leverage their innovative capacity internally and through strategic fintech partnerships and investments. Their trademark FIRE\u2122 process (Fast, Iterative, Responsive Experiments) leverages the best practices of modern agile business methods to create value quickly with minimum wasted efforts. More information at <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=uc3LtqU85uu7ofdUmcxOH4gSbaHUyaiXEOjrH5gvLNvnVh_dcDzv1hzfDGt5zPdmpwhxbPxCVAqkMf9Qmr13d3faCUnEFCIVKEDEXwpnQhw=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\"><em><u>https:\/\/ftforge.com\/alloy<\/u><\/em><\/a><em><u>.<\/u><\/em><\/p>\n<p align=\"justify\">\n        <strong>Media Contacts<\/strong>\n      <\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"max-width:50%;width:50%;min-width:50%;vertical-align: top\">\n            <strong><br \/>\n              <em>Five Star Bank<\/em><br \/>\n            <\/strong>\n          <\/td>\n<td style=\"max-width:50%;width:50%;min-width:50%;vertical-align: top\">\n            <strong><br \/>\n              <em>Alloy Labs Alliance<\/em><br \/>\n            <\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Shelly Doran<\/td>\n<td style=\"vertical-align: top\">JP Nicols<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\n            <a href=\"mailto:sjdoran@five-starbank.com\" rel=\"nofollow noopener noreferrer\" target=\"_blank\"><br \/>\n              <u>sjdoran@five-starbank.com<\/u><br \/>\n            <\/a>\n          <\/td>\n<td style=\"vertical-align: top\">\n            <a href=\"mailto:jp@FTForge.com\" rel=\"nofollow noopener noreferrer\" target=\"_blank\"><br \/>\n              <u>jp@FTForge.com<\/u><br \/>\n            <\/a>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">585-627-1362<\/td>\n<td style=\"vertical-align: top\">425-522-3579<\/td>\n<\/tr>\n<\/table>\n<p>\u00a0<\/p>\n<p>      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODA5MDk4MyMzODQwNTIzIzIwMTg5NTA=\" width=\"1\" height=\"1\" \/><br \/>\n      <br \/>\n      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/ml.globenewswire.com\/release\/track\/5182ae6c-644f-44a8-ac8f-456ba4a6e03b\" width=\"1\" height=\"1\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Five Star joins national innovation consortium WARSAW, N.Y., Nov. 23, 2020 (GLOBE NEWSWIRE) &#8212; Five Star Bank (the \u201cBank\u201d), 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. \u201cFive Star Bank recognizes that its consumers and businesses are increasingly seeking to engage through digital channels to meet their &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/five-star-bank-helping-to-create-the-future-of-banking\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Five Star Bank Helping to Create the Future of Banking&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-387136","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Five Star Bank Helping to Create the Future of Banking - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/five-star-bank-helping-to-create-the-future-of-banking\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Five Star Bank Helping to Create the Future of Banking - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Five Star joins national innovation consortium WARSAW, N.Y., Nov. 23, 2020 (GLOBE NEWSWIRE) &#8212; Five Star Bank (the \u201cBank\u201d), 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. \u201cFive Star Bank recognizes that its consumers and businesses are increasingly seeking to engage through digital channels to meet their &hellip; Continue reading &quot;Five Star Bank Helping to Create the Future of Banking&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/five-star-bank-helping-to-create-the-future-of-banking\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2020-11-23T21:08:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODA5MDk4MyMzODQwNTIzIzIwMTg5NTA=\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/five-star-bank-helping-to-create-the-future-of-banking\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/five-star-bank-helping-to-create-the-future-of-banking\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Five Star Bank Helping to Create the Future of Banking\",\"datePublished\":\"2020-11-23T21:08:13+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/five-star-bank-helping-to-create-the-future-of-banking\\\/\"},\"wordCount\":771,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/five-star-bank-helping-to-create-the-future-of-banking\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.globenewswire.com\\\/newsroom\\\/ti?nf=ODA5MDk4MyMzODQwNTIzIzIwMTg5NTA=\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/five-star-bank-helping-to-create-the-future-of-banking\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/five-star-bank-helping-to-create-the-future-of-banking\\\/\",\"name\":\"Five Star Bank Helping to Create the Future of Banking - 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