Case Study: IncredibleBank automates 90% of account openings and cuts manual reviews 90% with Alloy
Key results
The challenge
IncredibleBank, a $2B bank, relied on a single data source and required 100% manual review of account openings, with application decisions taking 2-5 days. Volume spikes strained resources, and the bank lacked comprehensive fraud assessment across digital footprints and customer risk indicators.
The solution
IncredibleBank deployed Alloy's Identity and Fraud Prevention Platform to automate KYC, KYB, and fraud checks at origination, integrating five data sources for real-time risk assessments.
“Our old process had a 2-5 day decision time on applications. With Alloy, everything is instant.”
PSPhil SuckowVP of Innovation, IncredibleBank
The results, in context
IncredibleBank now automates 90% of account openings and reduced manual reviews by 90%, while cutting application review time by 88%. Decisions that previously took 2-5 days are now instant.