Radius Bank is a forward-thinking community bank offering personal and business products and services . In an effort to become a digital-first , 21st century bank , Radius decided to create the best possible digital experience for its customers by using the best-in-class and most innovative fintech products on the market .

Our partnership with Alloy is transformative and means that we can now scale our digital retail bank ad-infinitum .

- Mike Butler | CEO

OVERVIEW

Radius partnered with Alloy ( in partnership with another fintech , Mantl ) to transform the bank ’ s online consumer application process . By integrating APIs and data-driven workflow management tools into Radius ’ s digital banking platform , a superior customer experience was delivered while generating enormous cost savings for the bank .

? CHALLENGE

With an increasing number of online

banking applications , Radius ’ s onboarding process couldn ’ t meet customer demands . Applicants abandoned their applications or were denied in manual review resulting in significant back-office costs and huge delays in account opening and funding . Online banking is fraught with fraudulent account openings ; a more sophisticated approach was required to combat fraud while letting in good customers .

SOLUTION

Alloy overhauled the entire KYC / AML process in Radius ’ s digital banking platform . By combining multiple data sources , fraud scores and authentication tests into a single rules engine , customer onboarding decisions were optimized , transparent and made in seconds . Most powerful of all , Alloy ’ s solution is customizable . This flexibility enabled Radius to create a risk decision scorecard that can be tested and modified in real time .

RESULT The strategic partnership has equipped Radius with a best-in-class digital application platform and has transformed it into a recognized digital banking leader . Radius is now efficiently and automatically validating users ’ identities and onboarding customers . Where users did have to go through manual review , the wait time was significantly lowered by having one place to review all application data and documents . Furthermore , the transparency of the Alloy platform gives Radius full digital paper trails when audits take place . Together with Alloy , Radius is empowered to capture more value from their online channels , delivering a far superior digital experience to their clients , all while lowering fraud . fraudulent account

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