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What sets Alloy apart

What sets alloy apart2

We’ve all probably had a less-than-desirable digital banking experience at some point in our lives.

Whether it was having to go into a branch to verify some of your information in person, having a credit card application take days to be approved, spending valuable time on hold with a call center, or, worst of all — being a victim of fraud. Some of us may have even abandoned the financial institution responsible for these frictional experiences altogether.

If you look at all of those examples, they have a couple of things in common. They all tie back to an organization’s risk management program. And they are all scenarios that Alloy is committed to improving for banks, fintechs, credit unions, and their customers.

Alloy is not the only company that’s seen these issues and tried to provide solutions for them. The risk management space has become increasingly crowded since Alloy launched nearly a decade ago. So, what makes Alloy different from other players in the space?

At a high level, Alloy is an Identity Risk Solution that enables our bank, fintech, and credit union clients to optimize their account opening, credit decisioning, and ongoing fraud and compliance processes.

Alloy is the only company that puts identity at the center and leverages a broad network of partners to provide a complete solution that makes risk management something clients can install rather than build.

Ultimately, as we help our clients stop fraud and stay compliant, we help them provide their customers with a friction-right experience across physical and digital channels.

Let’s dive into some other qualities that make Alloy the industry-leading risk management solution.

Alloy provides a reliable and secure path to production with pre-built integrations to the broadest network of data products

When it comes to fraud, there’s no silver bullet. There’s no one solution to solve all your fraud challenges. That’s why a tool like Alloy that brings together the best-in-class solutions into a single integration is so powerful.

Today, Alloy has partnerships with over 60 data vendors and pre-built integrations with over 200 unique data sources. Every data partner offered by Alloy is covered with bilateral agreements, not just the loose co-marketing agreements some companies advertise in their marketplace.

We provide access to more than 15 categories of fraud and compliance data sources, including (but not limited to):

  • KYC

  • KYB

  • Identity fraud

  • Device authentication

  • Behavioral biometrics

Alloy’s pre-integrated partners include not only data sources, but also other products that are instrumental in acting on identity risk decisions. For example, the Alloy SDK enables customers to choose from about a dozen passive and active step-up methods and automatically switch vendors based on the fraud scenario.

The ecosystem is constantly changing, and so is Alloy. We proactively discover new partners and offer unbiased guidance to clients to ensure they continue to be on the cutting edge.

To connect and amplify the power of the various data sources we offer, we leverage our data orchestration capabilities to synthesize all of the data points and automate decision-making for clients.

Alloy data partners

Alloy’s Testing Suite makes it easy for clients to test new data vendors or policy changes — before pushing anything live

Fraudsters never really go away, they just move. Alloy helps banks, fintechs, and credit unions move faster. Fraud professionals know this, but are sometimes scared to try new solutions so they don’t break their current processes. Fraudsters are counting on that. But with Alloy’s Testing Suite and the Alloy SDK, it’s never been easier to test and add new data vendors to your existing policies or add step-up verification processes as needed — creating a friction-right experience where good customers are safe, and fraudsters are blocked.

We offer four powerful different types of testing — end-to-end application testing, backtesting, A/B testing, and shadow testing — to help clients gain meaningful insights that will help them make informed decisions and optimize their policies.

"The intuitive navigation of the Alloy Testing Suite allows me to safely make changes on an ongoing basis without worrying about ‘breaking’ anything and empowers me to make changes autonomously." - Brandon White, Senior Data Analyst, Ent Credit Union

Alloy powers omnichannel identity risk management for every step of the customer lifecycle

With the Alloy platform, clients can centrally manage identity risk across the entire customer lifecycle — including fraud, compliance, and credit risks — making it the most comprehensive risk management platform in the market.

Alloy supports the end-to-end journey of a decision and action, whether for onboarding a new client or a new business, underwriting a new customer for a credit product, or continuously determining the risk level of customers. Other vendors only get half of the job done. For example, they may power account opening, but can they manage ongoing fraud risk or credit underwriting? Or, they may detect suspicious activity of a customer, but can hardly help a financial institution protect that customer without human intervention.

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Alloy offers battle-tested solutions based on the collective experience of nearly 600 banks, fintechs, and credit unions

When Alloy was founded in 2015, we set out to solve a complex, but critical problem. We’ve made some mistakes along the way, but we learned from the mistakes to make our solution better today. Since 2015, we’ve worked in tandem with our diverse client base to identify their challenges and build products, features, and data integrations that are fine-tuned to fit their specific needs.

We leverage our nearly decade of experience to provide clients with expert guidance on which data vendors would be a good fit for them, how to structure their workflows to accomplish their goals, and best practices for fraud prevention and regulatory compliance.

Under a fraud attack? Alloy’s dedicated team has your back.

One client, Coast, briefly considered building their own solution before ultimately deciding that Alloy’s experience was invaluable.

“Alloy was a no-brainer. Knowing the number of integrations we needed, there was no way we were going to build an end-to-end underwriting solution in-house so we wanted to turn to a known player in the market.” - Phil Brosgol, Director of Product Management at Coast

Meanwhile other organizations, such as Live Oak Bank, view Alloy as a trusted partner more than just a vendor.

"Whenever we're looking to update our KYC, KYB, or fraud checks, the first thing that we do is reach out to Alloy. Alloy has made the process of navigating new vendors quick and painless." - Will Haynes, SVP of Embedded Banking Product Leader @ Live Oak Bank

Check out more of our client case studies here.

So, what sets Alloy apart?

There are a lot of choices in the identity risk management space, and more will keep popping up forever. Alloy makes each of the combining elements stronger. We help our clients leverage the best solutions out there to stop more fraud while providing a better, friction-right, customer experience. Put simply, Alloy is the only company that holistically solves the identity risk problem for the financial services industry.

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