Asset size: $2B
IncredibleBank, a leader in customer-centric banking, strives to deliver seamless financial experiences. As one of the leading digital-focused community banks in the U.S., IncredibleBank always aims to enable secure, efficient, and memorable banking experiences for its customers.
As IncredibleBank’s digital channels grew, its highly manual application review process could not keep pace. The bank sought to find a technology partner that could transform its digital onboarding process, automating more decisions to free up operational resources. Ultimately, it chose Alloy’s enterprise Identity and Fraud Prevention Platform to improve decisioning on new applications, while preventing fraud, ensuring compliance, and streamlining the customer onboarding experience.
IncredibleBank’s initial digital account opening platform relied on a single data source for identity verification, providing only raw data that required manual review by employees. This process was time-consuming and subjective, leading to inconsistencies across the customer portfolio.
Before implementing Alloy, decision-making on applications averaged two days. During periods of increased application volume driven by marketing efforts, new product launches, or fraud attacks, decision times could extend up to five days, necessitating additional employee resources.
IncredibleBank recognized that delays in providing quick responses to potential customers could drive them to seek other options.
Phil Suckow, VP of Innovation
Additionally, relying on a single data source did not provide a holistic assessment of each customer’s risk.
“We needed to move beyond using credit bureau information for decisioning. We wanted to check applicants’ digital footprints, such as the age of their email or the association of their phone number with the applicant, as indicators of fraud. However, we lacked the means to validate these indicators before partnering with Alloy. This capability was a main focus when seeking a new fraud platform to grow our digital operations.” - Phil Suckow, VP of Innovation
IncredibleBank partnered with Alloy to automate its digital account opening process and deliver a comprehensive assessment of customer fraud risk. After evaluating several platforms, IncredibleBank selected Alloy for its robust automation, user-friendly interface, and proven success in mitigating fraud.
Phil Suckow, VP of Innovation
From a technical perspective, Alloy's Identity and Fraud Prevention Platform provided all the necessary functionalities. Additionally, the expertise and support from the Alloy team significantly enhanced the value of the partnership.
Phil Suckow, VP of Innovation
IncredibleBank automated 90% of applications, enabling faster customer onboarding and reallocating resources to growth initiatives. Alloy’s platform integrated multiple data sources to provide a comprehensive view of each application and significantly improve auto-decision rates.
With Alloy, IncredibleBank reduced new account approval times by 88%, delivering a faster and more seamless experience for customers.
“Our old process had a 2-5 day decision time on applications. With Alloy, everything is instant.” - Phil Suckow, VP of Innovation
Alloy’s real-time risk assessments combine five different data sources, creating a holistic risk profile for each applicant. This enables IncredibleBank to identify and mitigate fraudulent applications more effectively.
Phil Suckow, VP of Innovation
By automating the digital onboarding process, IncredibleBank reallocated the responsibilities of a full-time employee from application reviews to sales-focused tasks.
Phil Suckow, VP of Innovation
IncredibleBank is so pleased with how Alloy has transformed its digital onboarding operations that it is now deploying Alloy in-branch. Alloy is proud to support IncredibleBank in delivering an INCREDIBLE CUSTOMER EXPERIENCE SM.