Alloy offers an identity and fraud prevention platform for financial institutions and fintechs, helping them manage identity risk and develop. Over 600 organisations use Alloy's platform for actionable intelligence and data sources to combat fraud and compliance risks.
With Alloy, IncredibleBank has increased its digital onboarding process and overall operational efficiency. According to the company data, the time taken for application reviews has decreased by 88%, while manual reviews have been cut down by 90%. After assessing various platforms, IncredibleBank chose Alloy for its automation features, interface, and efficiency in reducing fraud.
Alloy's platform has empowered IncredibleBank to achieve:
new account approval times that have been shortened from 2-5 days to instant decisions;
comprehensive risk profiles for applicants are created by integrating five different data sources;
a full-time employee has been reassigned from application reviews to sales-oriented tasks;
the identification and mitigation of potentially fraudulent applications have become more effective.
Representatives from IncredibleBank stated that transitioning to Alloy was a strategic decision aimed at optimising the onboarding customer experience while fostering business growth without increasing risk. The company needed a platform capable of automating Know Your Customer (KYC), Know Your Business (KYB), and fraud detection during the onboarding process at an enterprise level. Alloy met these requirements and allowed the company to implement its platform across multiple business units.
In March 2025, Alloy partnered with Flagstone, a savings platform based in the UK, to support and optimise its customer onboarding process.
This partnership enabled Flagstone to process new applications while ensuring compliance and security requirements were met. By utilising Alloy's identity verification and fraud prevention technology, Flagstone integrated global data sources into a cohesive system, thereby strengthening its Know Your Customer (KYC) controls.
Alloy's data revealed that financial crime remained a significant issue in the UK, with an estimated annual loss of GBP 1.1 trillion.
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