Alloy & Socure to Automate Onboarding for Financial Institutions

Socure and Alloy today officially announced a partnership that enables financial institutions to make real-time digital identity verification decisions with unprecedented speed and accuracy for onboarding new customers. Using the combination of Socure’s AI-based identity risk scoring and Alloy’s workflow management has helped Radius Bank, an innovative digital bank, cut fraud in half, virtually eliminate manual reviews, and achieve a major boost in its new account conversions.

Traditional approaches for complying with Know Your Customer (KYC) and Anti Money Laundering (AML) regulations when used in digital account opening are manually intensive, expensive, and slow. Worse, customers often have to wait days, if not weeks, for decisions. As a result, most mobile and digital-first customers will abandon their applications.

To enable real-time decisioning and onboarding for new account openings, the joint solution combines Socure’s predictive analytics platform and Alloy’s decisioning engine with multiple online, offline and other data sources, predictive fraud tools, and a powerful, flexible rules engine. The Alloy-Socure offering significantly reduces fraud and manual reviews, while providing audit trails required for bank examinations and compliance.

“Given the extreme difficulty of fighting fraud while onboarding consumers digitally at scale, providing our customers with an end-to-end suite of predictive analytics, decisioning and case management capabilities means speed to market, unparalleled accuracy and technical flexibility that can’t be found when trying work with legacy ‘identity proofing’ platforms,” said Johnny Ayers, Co-Founder & SVP for Socure.

“Balancing fraud risk and customer friction are the two leading challenges facing financial institutions when it comes to digital account opening,” said Tommy Nicholas, Co-Founder & CEO of Alloy. “The data and intelligence provided by Socure combined with Alloy’s decision engine and reporting tools make digital onboarding infinitely scalable for the first time.”

The Socure ID+ platform combines artificial intelligence, unsupervised machine learning and clustering algorithms to learn customer identity from their digital footprints. By calculating risk and correlation scores, Socure ID+ empowers businesses to dramatically increase online application acceptance rates, as well as reduce manual reviews and fraud.

Alloy solves identity and compliance problems for financial institutions and fintech companies by offering an API that aggregates multiple data sources and a rules engine for centralized management and analysis of customer onboarding and risk data. The Alloy platform improves customer conversion while meeting compliance requirements, reduces risk & fraud, and automates manual back-office processes.