Coast revolutionizes credit underwriting for the fleet industry

Alloy helps Coast achieve its goal of onboarding and underwriting customers in 5 minutes or less

At a glance

Company Size
New York

Coast is on a mission to make payments and spend management easier for the fleet industry. Their fleet card and smart platform allow both small businesses and large trucking enterprises to better manage expenses, save time and boost profits.

When launching the company in 2020, Coast had a goal of processing applications in 5 minutes or less from the moment a customer presses submit until a decision is made. To achieve this, they needed a single solution that could support both their compliance and fraud prevention needs - KYC, KYB, fraud checks, compliance reporting and credit underwriting for their fleet card. After evaluating several options, they chose Alloy’s identity decisioning platform.

By automating multiple stages of the onboarding and underwriting process, Coast is able to take on new use cases that better serve the fleet industry, while remaining compliant, reducing fraud losses and decreasing overall processing times.

Applications decisioned in 5 minutes or less
Reduced applications for manual review to 30%
Automated 90% of customer onboarding process

Coast needed an end-to-end solution to quickly launch their fleet card.

Coast identified a gap in the operations of the fleet industry and launched with the goal of having a credit product that was intuitive and easy to use, while saving business’ money. Unlike traditional players, they wanted to put the power into their customers’ hands, giving them the ability to set limits, issue cards and authorize payments in just a few clicks. They also wanted the entire process to be fast and easy for their customers whether they had 5 or 500 vehicles to operate. Coast needed an end-to-end onboarding and underwriting solution to accomplish this goal

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

Alloy helps Coast set up and make changes to their credit policy in minutes

Coast’s goal was to launch onboarding and credit underwriting at the same time to create a better credit application experience for the fleet industry. To do that they needed to be able to complete KYC, KYB and fraud checks simultaneously. Coast also needed the ability to test their underwriting policies and make process changes quickly to improve the customer experience, and Alloy gave them that flexibility.

We want to iterate on our existing processes to improve the experience for our customer. I am used to 4-week review cycles at a bank, whereas we were able to make a change within Alloy in just 15 minutes.

Anurag Puranik, Head of Credit and Risk at Coast

It took the team only three months to build a complex workflow that fit their policies and helped them achieve their goals.

Our implementation team was excellent and their ability to work with us through the many iterations of our policy in a short period of time was very impressive. Having worked with many integration partners in the past, this was one of the best implementation processes I’ve gone through.

Phil Brosgol, Director of Product Management at Coast

Without Alloy, we would need 6 people to process the same volume of credit applications that 1 person handles today.

Anurag Puranik, Head of Credit and Risk at Coast

By using Alloy, Coast is able to dramatically reduce processing time for customer applications

The entire Coast team is committed to continue making incremental improvements that positively impact the overall customer experience. Traditionally speaking, applications within the industry take an average of 7 days to process, whereas their goal is to decrease the time to approval to 5 minutes or less.

Our goal is to decision applications in 5 minutes or less, which means that a customer went through the entire process seamlessly, we checked all the steps we needed to, and have done a good job as an organization of onboarding this customer.

Anurag Puranik, Head of Credit and Risk at Coast

Since launching in 2021, Coast has been able to effectively onboard many customers, effectively revolutionizing the fleet industry.

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