Alloy, the leading identity decisioning platform for banks and fintech companies, today announced Daylight, the first LGBTQ+ digital banking platform in the United States, will be leveraging Alloy to automate the identity verification process during customer onboarding and monitor transactions throughout the customer lifecycle.
Alloy’s API-based platform brings the many pieces of digital identity into a centralized platform, working across more than 120 data sources to enable clients like Daylight to make better risk decisions. After a customer opens an account with Daylight, Alloy’s Transaction Monitoring continuously reviews their financial activity and flags risky behaviors.
“The approach Alloy has taken to identity verification and monitoring was appealing because it enables us to see a customer as more than just one or two limited factors, like a license or phone number,” said Daylight co-founder and COO Billie Simmons. “Daylight currently has a waitlist of over 100,000 customers, so having the ability to act quickly and efficiently during onboarding will empower us to provide our clients with the services that have been missing from this industry.”
Increasing access to basic and equitable financial services is a mission shared by both Alloy and Daylight. There’s a deep divide for LGBTQ+ community that Daylight is seeking to bridge through its approach to banking. More than 30 million Americans identify as LGBTQ+ and have been historically underserved by traditional financial services firms. Whether it’s discriminatory loan practices, complications with deadnaming or the resulting biases generated by algorithms, there has been a lack of technology available to service the unique challenges faced by this community.
“We are excited to be part of Daylight’s mission to better serve the LGBTQ+ community,” said Laura Spiekerman, CRO and co-founder of Alloy. “Access to financial services should be a right, not a luxury. With a more holistic onboarding process leveraging 120+ data source products, we can create a seamless experience for Daylight customers while also reducing the company’s overall exposure to fraud.”
Alloy is helping create a future in which banking is accessible for all. Its platform helps traditionally underserved financial institutions, like small credit unions, local banks and fintech firms, expand their digital product offerings to better serve their communities. Alloy’s technology also helps financial institutions remove some of the bias in decision making by providing easy access to alternative data sources to help verify applicants who might not have traditional identification, such as a driver’s license.