NEW YORK, Nov. 30, 2023 — Narmi, a leading provider of digital banking solutions, today announced an integration with NeuroID, the leader in fraud detection through behavioral analytics. Facilitated by joint partner Alloy, the identity risk management company, the NeuroID solution marks a pivotal step in Narmi’s fight against fraud.
The partnership will empower mutual clients leveraging the Alloy platform to use real-time behavioral insights that will revolutionize their approach to fraud prevention. NeuroID's technology tracks and analyzes an applicant's unique behavior during the account opening process, providing a valuable additional layer of data for fraud detection in Alloy and streamlining the user experience for legitimate customers.
Jack Alton, CEO of NeuroID, said, “NeuroID is thrilled to integrate with Narmi via the Alloy platform. This partnership will give community and regional financial institutions access to an untapped suite of top-of-funnel digital insights that are critical to evolving fraud prevention efforts. Tracking digital behavior allows financial institutions to decipher between bad actors, bots, and fraud rings, and fast-track legitimate opportunities with precision and speed.”
With almost five years of partnership, Narmi and Alloy continue to work to deliver impressive results for community and regional financial institutions. Financial institutions currently utilizing NeuroID via Alloy have seen reductions in fraudulent applications as high as 35%, showcasing the strength of the technology. The integration occurs seamlessly on the back end, demonstrating Narmi’s commitment to delivering an account opening experience that prevents fraud without sacrificing user experience.
“Fraud is constantly evolving. As a custodian of Account Opening solutions to financial institutions, it's our responsibility to continue to advance our fraud and risk offerings so banks and credit unions can remain safe and protected,” said Edwin Akrong, VP of Product at Narmi. “Narmi is dedicated to ensuring that our customers always have the most effective fraud prevention tools.”
Brian Bender, Vice President of Strategic Alliances at Alloy added, “Fraud is an increasingly growing and complex challenge so we are thrilled to bring NeuroID to Narmi’s current and future customers.”
About Narmi
New York City-based Narmi's digital platform empowers financial institutions to unlock the very latest capabilities in digital banking and account opening, enabling them to move faster, tap new growth opportunities, and achieve true digital transformation. The Narmi platform was built with the customer experience in mind, empowering financial institutions with an experience that is always effortless, current, and dependable. As a result, Narmi's customers are seeing as much as 3x account growth in less than 30 days and 4x deposit growth in as little as 90 days. Additionally, Narmi's financial institution clients are winning awards like Bankrate's 2020 Best Online Bank and Nerdwallet's Best Bank of 2021 for Online Experience. For more information, please visit www.narmi.com.
About NeuroID
NeuroID, the global leader in behavioral analytics, offers a friction-free, privacy-centered, and tailored solution to digital identity screening. After more than a decade of researching human-online interactions, our solutions provide a front line of defense by differentiating between genuine users and potential threats in real time. NeuroID solutions assess a user's intent—be it a genuine prospect, fraudster, or bot—by analyzing their interactions with a digital device. Our unique crowd-level insights, paired with expert guidance support modern risk management so global leaders can see fraud faster, reduce losses, and increase savings. Learn more at https://www.neuro-id.com/.
About Alloy
Alloy solves the identity risk problem for companies that offer financial products. Over 500 banks and fintechs turn to Alloy’s end-to-end identity risk management platform to take control of fraud, credit, and compliance risks, and grow with confidence. Founded in 2015, Alloy is powering the delivery of great financial products to more customers around the world. Learn more at alloy.com.