$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.
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.
Hank Word - President, Open Banking, Evolve
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.
Hank Word - President, Open Banking, Evolve
Hank Word - President, Open Banking, Evolve
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.
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.