New tech gives banks and fintechs a holistic view of customer risk; new visual brand grows alongside product
Alloy, the leading identity decisioning platform for banks and fintech companies, today announced the expansion of its platform to include transaction monitoring capabilities, as well as a full rebrand and new website. Now, in addition to the insights gained during account opening, Alloy’s Transaction Monitoring gives financial institutions a clear, detailed picture of customer behaviors and risks throughout their entire lifecycle.
Digital identity is constantly evolving. Because of that, fraud exists far beyond initial customer onboarding. To support these new challenges, Alloy’s increased capabilities will help financial institutions combat fraud and money laundering from all angles. After a customer opens an account, Transaction Monitoring takes over to continuously review their financial activity, flagging risky behaviors for review – behaviors like excessive transactions in a given timeframe. With this extended capability, Alloy’s API-based platform can help build a complete identity profile that encompasses the entire customer lifecycle.
It is Alloy’s mission to help banks and fintech companies use data to automate decisioning and combat fraud. Alloy’s platform brings the many pieces of digital identity into a centralized platform, enabling customers to make better decisions and take a closer look at the full picture of their customers.
“We’ve relied on Alloy to automate our onboarding workflow for years, and adding transaction monitoring was the obvious next step,” said Jason Gross, co-founder and CEO of Petal. “Now, not only can we quickly verify our users’ identities during account opening, but we also get a full picture of their ongoing risks and needs. Seeing that full customer profile gives us the insight we need to prevent fraud, meet compliance requirements, and most importantly support our customers.”
Coming out of beta, Alloy has already monitored more than 70 million transactions. Current customers, including Petal and HMBradley, have already added Transaction Monitoring into their platforms. In addition to offering a holistic view of customer risk through evolving profiles, key benefits include flexible transaction monitoring, where firms can gain visibility into customer transactions with batch or real-time API monitoring. Transaction Monitoring also allows them to create custom rules and workflows – flagging high-risk events and transactions that can be configured without the use of coding.
“Transaction Monitoring is a natural extension of our technology; we want to be the command center for all things identity,” said Tommy Nicholas, CEO and co-founder of Alloy. “Not only can we eliminate manual processes and make life easier for our clients, but painting a true, holistic picture of a person’s digital identity ultimately creates a much more seamless experience with less noise and disruption for their end customers as well.”
As the product and company have matured, Alloy’s brand platform is growing too, starting with the launch of a completely redesigned website featuring unifying messaging, as well as a new logo and colors. The rebrand focuses on helping our clients “know the unknown” by introducing multiple perspectives. The new visual brand incorporates an unexpected color palette with a geometric design system that gives a retro nod to the past and a minimalistic and clean layout that modernizes the design – similar to Alloy’s approach to modernizing identity decisioning in a legacy financial services industry.
“This new brand properly expresses the potential of Alloy to people considering using our product or joining our team,” said Charles Hearn, co-founder and CTO. “When we were making the original Alloy identity six years ago, we were a small team with a focused vision. Today, we are a diverse company of over 100 people working on a much more ambitious mission, and we needed to create a more flexible and comprehensive brand identity to communicate all of that.”