IncredibleBank, a digital-focused community bank headquartered in Wausau, WI, has partnered with Alloy, a leading identity and fraud prevention platform provider, to provide faster service to improve its account opening process, helping the bank to accelerate growth and reduce manual reviews.
“Before Alloy, our account opening platform leveraged a single data source and was completely manual,” said Phil Suckow, VP of Innovation at IncredibleBank. “Our application volume varied month-to-month, from a few hundred to a few thousand applications, requiring significant back-end resources during spikes. Now, everything is instant.”
By leveraging Alloy, IncredibleBank significantly improved the bank’s digital onboarding process and overall operational efficiency. Application review time was reduced by 88%, and manual reviews were reduced by 90%.
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IncredibleBank selected Alloy after evaluating several platforms, citing its robust automation capabilities, user-friendly interface, and proven success in mitigating fraud.
Alloy’s platform has enabled IncredibleBank to:
- Reduce new account approval times from 2-5 days to instant decisions
- Create holistic risk profiles for applicants by combining five different data sources
- Reallocate a full-time employee from application reviews to sales-focused tasks
- Identify and mitigate potentially fraudulent applications more effectively
“The move to Alloy was strategic, improving our onboarding customer experience and driving business growth without added risk,” Phil Suckow, VP of Innovation at IncredibleBank added. “We needed a platform to automate KYC, KYB, and fraud at originations at an enterprise level. Alloy met those requirements and allowed us to leverage its platform across various business units.”
“We are thrilled to partner with IncredibleBank to enhance their account opening process and drive their growth. Their mission is to grow their customers’ entire financial relationship is one we wholeheartedly support and are proud to help the bank as they aim to provide an incredible customer experience,” said Jamie Verdi, Head of Client Success at Alloy.
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