Synthetic fraud? Biometrics? An abundance of jargon and buzzwords emerge when you begin to research identity validation and data in concert with the creation of a digital account opening strategy. This article attempts to go back to basics and outline some key considerations with data when a financial institution turns toward digital channels for growth.

At Alloy, we had a decision to make relatively early on, when we were just 5 people on a very tight budget: whether or not to invest in a SOC2 process. The SOC2 reports are designed to establish a company’s design and operating effectiveness of their non-financial controls as they relate to security, availability, processing integrity, confidentiality and privacy of a system. (For more information, see SSAE-16’s website).