Evolve Bank & Trust

Evolve serves unique customer needs at scale with help from Alloy

Alloy helped Evolve meet the unique compliance and risk needs of each of its customers

At a glance

Industry
Fintech

Company Size
501-1000

Established
1925

Location
Memphis, TN

$1 billion in bank assets and over $10 billion in stored value

Evolve Bank & Trust started as a small bank helping develop farming towns in eastern Arkansas almost a hundred years ago. Since that time, the company has evolved into a national best-in-class financial services institution that combines the expertise of a bank and the power of technology to offer their clients unique profitable solutions.

A few years ago, Evolve saw an opportunity to support emerging fintechs by offering them a partnership that has the flexibility and banking solutions they needed to grow. As this area of Evolve’s business quickly grew, the company realized that it needed a KYC solution that scaled better than the one they built in house.

After a lengthy evaluation process, the company chose Alloy’s Identity Decisioning Platform to meet KYC and AML regulations. Today, Evolve uses both Alloy’s Onboarding and Transaction Monitoring solutions to meet compliance requirements and reduce fraud.

84%

84% approved first run

3X

transactions grew by 3X

3M +

over 3 million transactions ran

Evolve needed to bring its offering to the market quickly, without compromising risk

Evolve saw an opportunity to support the rapidly rising fintech industry by launching a Banking-as-a-Service solution. The company had the foundational pieces in place to address KYC requirements and continuously monitor transactions for fraud risk, but knew that their in-house solution wouldn’t be able to keep pace with the complex nature of the fintechs they sought to serve. Each fintech had a unique set of use cases, end users and products so they needed an Identity Decisioning Platform that was dynamic enough to address each specific type of business at scale.

What many people don’t realize is that KYC has been an evolving thing. It isn’t a plug and play that you set and forget, rather it grows with every fintech. As a fintech company wants to change something we have to change the KYC; with Alloy we were able to do that seamlessly.

Hank Word - President, Open Banking, Evolve

Evolve chooses Alloy to accelerate its growth

As Evolve grew its Banking-as-a-Service business, it was important that they continued to approve as many good customers as possible while keeping bad actors out of the equation. With Alloy, the company was able to do just that while meeting and even exceeding BSA expectations. Over time, the team also began using Alloy’s Transaction Monitoring solution.

With the pace of fraud constantly growing, Evolve also relies on the Alloy team as a trusted advisor for their expert guidance on everything from mitigating risks related to emerging fraud threats to minimizing manual review processes and optimizing verification workflows.

We certainly could have built our own identity decisioning tools in house, but by working with Alloy we not only sped our time to market we also had the benefit of the company’s years of experience and expertise at our disposal to ensure we were able to grow without increasing our risk.

Hank Word - President, Open Banking, Evolve

Most transaction monitoring tools aren’t built for Open Banking. We needed a solution that could scale for the future and that could handle different payment and vendor types. Alloy not only did all of that but was also easy to integrate.

Hank Word - President, Open Banking, Evolve

Launching a new financial product is a massive effort, Evolve leveraged Alloy to make it easier

As the fintech industry rapidly grew, the Evolve team moved quickly to meet emerging companies’ need for banking partners. By using Alloy, Evolve was able to capitalize on the rise of open banking while delivering a great customer experience and without impacting its risk profile.

We believe that fintechs are playing an important role in making financial services more accessible to all and are proud to play a role in supporting the growth of the ecosystem.

Hank Word - President, Open Banking, Evolve

By leveraging Alloy’s Identity Decisioning Platform, Evolve was able to efficiently connect to over 120 data sources, tailored workflows to each client’s needs and also adjusted those workflows as needed despite a relatively lean team. This approach also allowed the company to scale with flexibility and without increasing overhead costs.

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