Alloy is an identity decisioning platform that helps financial institutions automate their decisions, approve more good customers, and prevent fraud. Narmi uses Alloy to complete Know Your Customer (KYC), Bank Secrecy Act (BSA), and anti-money laundering (AML) processes within Narmi’s Account Opening workflow.
Alloy Key Benefits
Automation / Significant Cost Savings – By combining multiple data sources and fraud scores, authentication tests are aggregated into a single rules engine. Customer onboarding decisions are optimized and made in seconds, significantly reducing manual review time and costs.
Customizable – Alloy’s API is fully customizable to meet any risk criteria or use case. Your institution can customize which data source to use, your account approval thresholds, and more in Alloy’s aggregated API. This powerful tool enables accommodation for every individual onboarding case. New data sources can be added with just a few clicks, eliminating the need for development work. This flexibility enables your institution to create a risk decision scorecard that can be tested and modified in real time.
Transparent – Alloy encrypts and stores all identity evaluation data in the cloud, providing a direct download link that gives your institution full digital paper trails in the event of audits.
How does Alloy work?
A Workflow is a set of rules built and put in place by you on how to decision an application for a desired outcome. The Workflow represents and visualizes the orchestration and integration logic that Alloy uses to reach out to major Data Services and provide a unified decision. So what does that mean?
The Alloy decision engine utilizes multiple third-party Data Services (green nodes) that will be run and used to decision an Outcome for the decisions that need to be made on the data being retrieved about the Applicant (gray nodes). The engine waterfalls the decisions until a common Outcome of either Approved, Denied, or Manual Review is triggered.
In the overly simplified formula above, an Applicant would submit their application, which would then enter our system as an Evaluation. This Evaluation would then be processed and evaluated against a custom Workflow to eventually decide on a desired outcome, such as instantaneously Approved, Denied, or sent for Manual Review.
Alloy Journeys
Journeys is the infrastructure that allows clients to link multiple workflows into a single configuration and API endpoint. Journeys are at the heart of the Alloy platform, providing the automation, flexibility, and know-how that are core to modern fraud prevention and compliance management for financial institutions. This infrastructure facilitates a more intuitive experience for your staff to configure and manage bespoke workflows, streamline application visualization and management, and seamlessly integrate third-party tools within the Alloy dashboard (e.g., Vouched, NeuroID). Due to Narmi’s close collaboration with Alloy, we are one of the first partners to support the latest version of the technology.
Unified Workflow Orchestration
Alloy Journeys serves as a single orchestrator for all workflow activities, visualizing and connecting multiple workflows in one cohesive Journey. This system enables a cleaner organization of applications by designing workflows based on outcomes.
Before Journeys, applications requiring multiple checks had to navigate through separate workflows. Now, all workflows are integrated into one comprehensive “Journey” map, allowing your institution to easily move an applicant from one step to another, creating a seamless user experience and quickly producing organized outcomes based on the application. Tags can be added to applications as they progress through the Journey, further simplifying state management.
Streamlined Application Management and Decision-Making
With Journeys, Alloy offers a unified view of applications that require manual review in the queue, simplifying the decision-making process for your staff. The Application Queue consolidates Alloy Evaluations, Entities, and Review Queue into one centralized view, allowing for quicker and more informed decision-making without the need to toggle between multiple views. Assignments of specific applications to designated staff members further refine the review process, ensuring that every application is handled efficiently.
Faster Time-to-Implementation of Third-Party Data Sources
Journeys revolutionizes how your institution can connect to tools embedded in the Alloy platform, such as Vouched and NeuroID. With Journeys, your institution can leverage an in-app configuration that enables your staff to add and switch out third-party data sources with just a few clicks and no code, significantly reducing the time to implementation by eliminating the need for manual integration.
Journeys Reporting & Analytics
Your institution can visualize historical performance and derive key insights directly within the dashboard using Journeys Reporting & Analytics.
Powerful visualizations make it easy to identify patterns and bottlenecks to fine-tune decisioning logic:
Access to historical performance data
Snapshot view into key performance indicators with canned reports and flexible filters to drill down
Visibility into approval/denial/manual review rates, data usage, application volume, application status, and more
General Terminology
Journey: A workflow of workflows. The steps in your policy to ultimately automate the decision to approve or deny an applicant.
Branch: The path the entity follows depending on its type. A standard Journey has either a “persons” branch, a “businesses” branch, or both. But otherwise, a Journey can include as many distinct branches/logic as needed.
Workflow: Denoted by a large node with a workflow icon, this contains the individual logic for a specific workflow. Workflows make up the Journey.
Step Up: Denoted by a large node with a fingerprint icon, this contains the individual logic for a step-up workflow. Step Up workflows exist as an escalation when certain information about an entity cannot be validated.
Outcomes: The configured outcomes of the preceding workflow, branching to the right of that workflow.
Application Outcome: The prevailing outcome after the entity is processed through the workflow, denoted by Approved, Denied, or Manual Review