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.
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
Phil Brosgol, Director of Product Management at Coast
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.
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.
Phil Brosgol, Director of Product Management at Coast
Anurag Puranik, Head of Credit and Risk at Coast
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.
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.