How start-ups are transforming customer onboarding for banks

Efma feature

12 March 2018

Efma speaks to Alloy co-founder and CEO Thomas Nicholas ahead of his presentation at Efma’s upcoming Bank + Fintech event. 


Tell us about Alloy and what it aims to achieve.

Alloy is a regulatory technology (RegTech) start-up that is focused on helping financial institutions to transform the digital onboarding experience for their customers. We provide a workflow management tool and an application programming interface that allows banks and fintechs to safely onboard more customers online.

What makes your organization unique?

We have an incredibly easy to use and customizable decision engine for customer onboarding. This engine can be used to manage multiple data sources – such as credit bureaus, public record checks, fraud scores, identity checks and more – to give financial institutions more certainty that a customer is who they say they are. Alloy is data agnostic, so we work with any data provider and we are completely transparent and audit friendly.

How do you expect collaboration between banks and fintechs to evolve in the future?

Collaboration is likely to continue to rise as more business-to-business fintechs mature and get the traction they need to give more banks the confidence to work with them. Naturally, the increased focus on improving the digital experience also creates more opportunities for partnerships because fintechs often offer more innovative solutions than the banks have been able to develop internally by themselves.

What will be the focus of your presentation at Efma’s upcoming Bank + Fintech event?

We’ll join with executives from Radius bank to speak about our partnership. Radius is a bank that is truly innovative and has really seen the benefits from partnering with multiple start-ups. We’ll talk more about why Radius decided to become a digital-first bank, how it approached this task and how Alloy allowed the company to revolutionize customer onboarding processes. We will also share the results of our collaboration, particularly how the bank has used Alloy to automate more than 98% of account opening decisions online, and how its fraud rate has been cut by 50%. 

Want to meet Thomas Nicholas and take the discussion further? Join us at the Bank + Fintech New York, on 12-13 April. Event details and registration on: www.efma.com/bankplusfintech.

Keywords : Fintech , Digital/Mobile channels , Customer experience

Geography : USA