Identity and Fraud Prevention Platform
Aloy provides an identity and fraud prevention platform tailored for global financial institutions and fintech companies. This solution helps users manage identity risks by offering actionable intelligence and access to diverse data sources, enabling them to address fraud, credit, and compliance challenges proactively.
Regulatory Compliance in the UK Financial Services Industry
The UK’s stringent regulatory framework is crucial for financial services and fintech companies. According to Aloy’s research, C-suite leaders in UK fintech prioritize regulatory compliance and mitigating reputational damage as top concerns related to fraud.
Challenges Faced by UK Fintech and Banks
Despite the pressures of meeting compliance standards while pursuing growth, many financial services and fintech companies still rely on outdated technology. This can lead to manual customer onboarding processes and document verifications, resulting in fragmented workflows, poor data visibility, low straight-through processing rates, extended account activation times, and high dropout rates among potential clients.
Optimizing Global Operations
Aloy’s research highlights the complexity for businesses like IG that operate across multiple markets. Without automated workflows to support continuous KYC efforts, customers might experience unnecessary delays and friction. By integrating with Aloy, IG has established a robust risk management framework throughout the client lifecycle, reducing regulatory risks and boosting customer conversion and retention. Automated due diligence processes based on geographic and risk considerations have minimized manual tasks. Post-integration, IG has witnessed an increase in automated activations, allowing more time for improving internal processes and enhancing the customer journey.