Alloy, the leading identity decisioning platform for banks and fintech companies, today announced Amerant Bank, N.A., one of the largest community banks headquartered in Florida, will be leveraging its technology to automate the identity verification process when onboarding customers.
Through Alloy's platform, Amerant Bank will facilitate the onboarding process for deposit accounts from both businesses and individuals, ensuring the proper protocol is in place to capture and review customer data to reduce exposure to non-compliant account openings.
In addition to implementing Alloy's API service for its online operations, Amerant Bank will be among the first to use the technology within branches — allowing team members to access Alloy's holistic dashboard to onboard customers in-person.
Headquartered in Coral Gables, Florida, Amerant Bank manages almost $8 billion in assets spanning 25 branch locations in Florida and Texas. Amerant Bank was looking to find a partner to further its mission in providing a superior customer experience, while ensuring it can make smart and safe identity and risk decisions that help improve its bottom line. Alloy will make it easy for Amerant Bank to quickly and safely onboard more customers and automate the vast majority of risk decisions, providing a seamless customer experience and reducing the burden of manual reviews for employees in return.
"Providing an exceptional experience for customers, both online and in-person, is at the core of our digital transformation strategy," said Jerry Plush, vice chairman and CEO of Amerant Bank. "With the addition of Alloy, we'll be able to still meet regulatory requirements, while ensuring a faster and more seamless onboarding and underwriting process that will benefit both customers and Amerant team members."
Integrating Alloy's single API with onboarding processes provides Amerant Bank access to more than 85 data source products to create an automated KYC/AML process built to scale with demand. Alloy's platform will integrate Amerant's selected data sources to verify an applicant's identity at the beginning of the onboarding process, both online and in-branch.
"By streamlining a traditionally manual onboarding process, we can create a frictionless experience for applicants while reducing exposure to fraud," said Tommy Nicholas, CEO and co-founder of Alloy. "We are thrilled to be a part of Amerant Bank's mission of developing strong community relationships and adapting customers' needs in a dynamic and positive way."