Shortly after moving to New York City, I applied for a new credit card online. Given the lack of history at my new address, I received a notice in the mail requesting a utility bill as proof of my address. Despite having several documents to prove my address, the process of submitting proof felt too cumbersome and I abandoned the application. Little did I know that three years later I’d be working at a fintech company devoted to improving this very process — digital account opening.
At Alloy, we enable our fintech, bank, and credit union clients to enhance their account opening processes, ultimately benefiting the end consumer. We strive to maximize the number of fraud cases we identify while minimizing the number of false positives (good applicants that are denied). We also work to reduce the number of manual reviews to help reduce back office costs and the potential cost of lost, frustrated customers (like myself). We are set apart from other identity management platforms through our core product offerings, the ways in which clients can interact with our product, and the team dedicated to meeting clients’ unique needs.
Core Product Offerings
Our platform takes advantage of a multitude of data sources. In machine learning, there’s a popular idea of stacking, in which multiple models are used to provide better predictive performance. At Alloy, we’re essentially doing the same by using numerous data sources to provide more accurate decisions than if we relied on only one source. Now’s the part where you might start to think, “can’t any financial institution aggregate data sources themselves?” In theory, yes, but in practice, there is a large amount of work involved.
Alloy provides a single API, so our clients only need to work with one integration while we handle the rest. These integrations each have intricacies that require adaptations and attention to detail. We already have dozens of sources integrated and are constantly adding more to meet clients’ needs and to keep up with the newest services in this always evolving field. In addition to the technical ease Alloy provides, Alloy works to manage the relationships with the data providers, presenting a seamless end-to-end experience of introducing new data sources.
Alloy doesn’t stop at providing a single API that aggregates data sources. Alloy also provides a flexible dashboard designed with our users in mind. Clients can create multiple rulesets for various application types. The rulesets are amenable and allow clients to quickly and easily make changes, while also enabling them to go back to prior ruleset versions in case any mistakes are made. When clients make changes to these rulesets, they can add or remove services used, change rule thresholds, and change the final application outcomes based on these thresholds.
Clients can also incorporate applicant data they gather at the time of onboarding into these rulesets. Alloy is so flexible they can send us essentially any data they want! This way, they can add extraneous factors like whether an applicant is primary or secondary into their rulesets.
And it isn’t only the users that create rulesets who seamlessly interact with our product. Alloy offers a user-friendly review process, allowing clients to easily determine risk areas that lead applications to be sent to manual review, determine the appropriate steps for the review, and easily mark their decisions.
Above all else, the Alloy team wants our clients to succeed. In addition to the team members devoted to making Alloy’s core product possible, many team members are focused on helping clients use the product. From the pre-sales to sales to the post-sales process, team members are there to answer questions and concerns. Once those prospects become clients, team members provide support and guide clients to successfully use the platform. And through every step of the way, we work to provide clients with analytical touchpoints.
Now, this is where my work as a Data Analyst at Alloy comes in. Whether providing systematic analysis, sending regular reports, or completing an ad hoc request, we work with clients to ensure we can provide whatever analysis works best for them. This work includes analyzing fraud cases to help clients maximize the amount of fraud they deny while minimizing false positives, in addition to investigating score distributions and providing metrics surrounding a client’s use of Alloy over time. Though there’s variation in the work we do, all of our analysis is focused on ensuring our clients get the most out of Alloy.