Mountain America Credit Union (MACU) is a not-for-profit financial institution that has spent almost a century striving to offer its customers the lowest rates on loans and credit cards.
When searching for a way to automate the application process for potential customers through an online self-service application portal, the credit union realized the fraud detection system it had in place didn’t provide as much transparency as it hoped. As a result, too many individuals were automatically approved, including fraudulent applicants.
After deploying Alloy Onboarding, Mountain America reduced fraud significantly, allowing it to optimize value for its legitimate customers.
Reduced approval rates of fraudulent applications by 29%
Decreased manual reviews by 6%
In early 2019, Mountain America deployed an online application portal designed to automate the onboarding process to support both its team and its applicants. What was created to make the process of applying for a loan or a credit card more seamless, had become just another step in a very manual process. Mountain America had no other option but to individually evaluate each online application—a laborious process that was costing the credit union valuable time and resources.
The credit union was in dire need of a solution that brought transparency and accuracy to the application process, and it needed the solution implemented quickly. Mountain America ran several tests using historical data and quickly learned that Alloy was the tool to help it strike the right balance of risk and fraud reduction while still allowing quality applicants in.
From first demo to deployment, Mountain America was up and running in a matter of weeks. Alloy Onboarding provided the transparency the credit union needed through reason codes and tags that give it a better understanding of why an applicant was rejected. Alloy Onboarding helped to thread the needle between convenience and security by providing a solution the credit union knew it could trust while making it easy to adjust workflows based on Mountain America’s specific needs.
Alloy helped Mountain America successfully implement a seamless self-service portal for customers while reducing approval rates of potentially fraudulent applications by 29%. The new workflow process also decreased the number of manual reviews by 6%, giving Mountain America the ability to focus its attention on reducing exposure to the credit union or potential loss to the members. It also implemented new workflows to achieve the same result for phone and in-branch applications as well.
The improved processes also gave Mountain America the time to provide education on fraud prevention and guide its members to define and achieve their financial dreams.