IG Group partners with Alloy to align regulatory compliance with growth goals

Alloy offers an identity and fraud prevention platform designed for global financial institutions and fintech companies, supporting them in managing identity risks. The platform provides actionable intelligence and access to various data sources, enabling users to stay ahead of fraud, credit, and compliance challenges.

The UK financial services industry operates under a strict regulatory framework, which is important for the success of financial services and fintech companies. According to Alloy’s State of UK Fraud Report, C-suite leaders in UK fintech prioritise compliance with regulatory requirements and the mitigation of reputational damage as their primary concerns regarding fraud.

UK fintech and banks face pressure to meet compliance standards while pursuing growth. Many still rely on outdated technology, which hinders their ability to adapt. Customer onboarding and document verification processes are often manual, leading to fragmented workflows and poor data visibility. This results in low straight-through processing (STP) rates, longer account activation times, and higher dropout rates among potential clients.

Optimising global operations

Alloy’s industry research indicates that this complexity is exacerbated for businesses like IG, which operate across multiple global markets and manage multimillion-pound transactions. Without automated workflows that support continuous KYC (Know Your Customer) efforts, customers may encounter unnecessary friction and delays.

By using Alloy, IG has created a comprehensive risk management approach throughout the client lifecycle, minimising regulatory risk and enhancing customer conversion and retention. Alloy consolidates workflows across jurisdictions and automates due diligence processes based on risk and geography, leading to reduced manual tasks. Since integration, IG has seen a rise in automated activations, allowing more time for improving internal processes and the customer journey instead of handling remediation efforts.