#United States #Wausau #Alloy #IncredibleBank #Account Opening

IncredibleBank and Alloy: A Partnership for Growth

IncredibleBank, a community bank focused on digital services and headquartered in Wausau, Wisconsin, has announced a strategic partnership with Alloy, an industry leader in identity verification and fraud prevention. This collaboration aims to revolutionize the account opening process, ensuring a more seamless experience for customers while simultaneously driving growth and enhancing operational efficiency.

A New Approach to Account Openings

Phil Suckow, Vice President of Innovation at IncredibleBank, shared insights into the previous account opening challenges. The bank's system was both manual and heavily reliant on a single data source, leading to significant back-end resource strain during varying application volumes—from a few hundred to several thousand each month. The introduction of Alloy has dramatically changed this landscape. According to Suckow, "Now, everything is instant."

This partnership has allowed IncredibleBank to refine its digital onboarding processes markedly. With the integration of Alloy's cutting-edge technology, the bank has seen a staggering 88% reduction in application review time and a 90% decrease in manual reviews, enhancing both speed and accuracy.

The Benefits of Collaboration

After a thorough evaluation of several options, IncredibleBank opted for Alloy, citing its robust automation technology, intuitive user interface, and proven capabilities in fraud mitigation. Some key benefits realized through this partnership include:

• - Immediate Decisions: Approval times for new accounts have shifted from 2-5 days to instantaneous notifications.
• - Comprehensive Risk Assessment: By utilizing five different data sources, the bank is now able to develop holistic risk profiles for applicants.
• - Resource Optimization: The bank has been able to reallocate a full-time employee from manual application reviews to focus on sales-driven initiatives.
• - Fraud Mitigation: The enhanced platform empowers IncredibleBank to effectively identify and curtail potentially fraudulent applications more efficiently than ever.

Phil Suckow emphasized the strategic importance of this transformation, stating, "The move to Alloy was strategic, improving our onboarding customer experience and driving business growth without added risk. 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."

Alloy’s Head of Client Success, Jamie Verdi, also expressed enthusiasm for the partnership: "We are thrilled to partner with IncredibleBank to enhance their account opening process and drive their growth. Their mission to grow their customers' entire financial relationship aligns perfectly with our goals, and we are proud to assist them in delivering an exceptional customer experience."

About Alloy

Founded in 2015, Alloy specializes in providing a comprehensive identity and fraud prevention platform, enabling financial institutions and fintech companies to manage identity risks effectively. With over 600 partner organizations worldwide—spanning large financial institutions to innovative fintechs—Alloy's end-to-end platform delivers actionable intelligence and broad data access to combat fraud, credit risks, and compliance issues.

For anyone seeking to understand more about how Alloy’s technology can transform financial services, further information is available at Alloy's website.

This partnership between IncredibleBank and Alloy not only symbolizes a significant step forward in the banking sector's approach to account opening but also highlights the ongoing importance of innovation to meet customer needs in an increasingly competitive landscape.