Alloy and Socure have enabled Radius Bank to reduce fraud by 50%, manual reviews by 95% and increase new account conversion by 30%.
Alloy and Socure officially announced a partnership that enables financial institutions to make real-time digital identity verification decisions with unprecedented speed and accuracy for onboarding new customers. Using the combination of Socure’s AI-based identity risk scoring and Alloy’s workflow management has helped Radius Bank, an innovative digital bank, cut fraud in half, virtually eliminate manual reviews, and achieve a major boost in its new account conversions.
Alloy enables financial services providers to make better identity and risk decisions about their customers, using a single API and software platform to manage identity verification from signup through the lifecycle of the customer. Alloy makes it easy for financial services companies to instantly and safely onboard more good customers while fighting fraud and reducing manual reviews.
To enable real-time decision and onboarding for new account openings, the joint solution combines Socure’s predictive analytics platform and Alloy’s decision engine with multiple online, offline and other data sources, predictive fraud tools, and a powerful, flexible rules engine. The Alloy-Socure offering significantly reduces fraud and manual reviews, while providing audit trails required for bank examinations and compliance.
The offering digitally solves identity and compliance problems
Tommy Nicholas, Co-Founder & CEO, Alloy, stated, “Balancing fraud risk and customer friction are the two leading challenges facing financial institutions when it comes to digital account opening. The data and intelligence provided by Socure combined with Alloy’s decision engine and reporting tools make digital onboarding infinitely scalable for the first time.”
The Socure ID+ platform combines artificial intelligence, unsupervised machine learning, and clustering algorithms to learn customer identity from their digital footprints. By calculating risk and correlation scores, Socure ID+ empowers businesses to dramatically increase online application acceptance rates, as well as reduce manual reviews and fraud.
Alloy solves identity and compliance problems for financial institutions and fintech companies by offering an API that aggregates multiple data sources and a rules engine for centralized management and analysis of customer onboarding and risk data. The Alloy platform improves customer conversion while meeting compliance requirements, reduces risk & fraud, and automates manual back-office processes.