Many financial services companies still rely on highly manual processes for onboarding, transaction monitoring, and credit underwriting. And while Salesforce automates much of the process, banks often need extra support to aggregate data to automate identity verification and risk decisioning.
Silverline partners with Alloy, an identity verification and decisioning platform that integrates with the Salesforce API, to power instant decisions for its financial services customers. While Salesforce controls the front-end experience, Alloy is driving the back end to ensure speedy and secure decisioning for KYC, AML, or fraud checks.
Here we highlight how Silverline works with Alloy to provide our clients with an optimal end-to-end identity management and decisioning solution for their Salesforce journey.
How does Alloy help financial services companies?
Alloy is a global identity decisioning platform that helps banks and fintech companies automate their onboarding, transaction monitoring, and credit underwriting decisions.
Alloy acts as a middleware between public and private data sources. It is a single-API platform that connects financial services companies to external data sources and their own internal data to build a full customer profile.
One of the main benefits of Alloy is that it automates and streamlines the onboarding process. Financial Institutions can understand their customers and their behaviors from one source that orchestrates the necessary calls, rather than having to rely on various third-party data sources on an ad hoc integration basis.
Alloy underpins the account opening workflow to ensure that the customer who is applying for the account is who they say they are. For example, suppose a banking customer opens a new account. In that case, the Alloy API automatically calls different third-party public and private data sets and pulls the information together for identity verification in a single dashboard.
What are the core use cases that Alloy supports?
Silverline mainly leverages Alloy with our financial services clients for onboarding and deposit account opening to reduce manual verifications and accelerate decisioning. Alloy integrates with the Silverline Digital Account Opening (DAO) Accelerator, which fully automates the end-to-end digital account opening workflow built atop Salesforce.
These are the core Alloy use cases that Silverline can bring to clients to enhance their identity decisioning:
1. Customer or business identity verification
For new account openings, identity verification is essential for Know Your Customer (KYC) and Know Your Business (KYB). Alloy validates the customer or business’s identity by combining 150+ data sources into a single workstream. An average of 33,236 applicants are auto-decisioned daily with Alloy.
2. Decisioning and credit decisioning
Alloy helps orchestrate the decisioning tree for banks trying to decide whether to provide a customer or business with an account. The platform looks for instances of fraud or anti-money laundering (AML) that may give the bank pause for concern. Silverline works with you to set customized rules that flag activities that pose a real risk.
3. Transaction monitoring
Alloy plugs into a financial services institution’s transactional database to determine when fraud is happening. The platform helps uncover fraud and reduces the amount of overall fraud by automating the review of millions of transactions. Ongoing transaction monitoring capabilities send fraud alerts for unusual activities like unauthorized payments and ACH transfers. According to Alloy’s inaugural fraud report, 70% of respondents have lost over $500K in direct fraud losses in the last twelve months, and almost one-third of respondents lost over $1M in direct fraud losses in the last twelve months.
How can Silverline support financial services organizations?
Silverline understands not just Salesforce but the financial industry as a whole. We have real-world expertise that allows us to guide you in solving industry pain points like identity verification and decisioning.
Working with partners like Alloy is just one of the many ways that Silverline helps financial services organizations navigate the digital fintech landscape. We tailor digital transformation solutions to meet your specific needs, whether that’s with Salesforce, a fintech partner, or some combination of the two. Find out how we can help your organization.