PR Newswire | October 19, 2023
Alloy, the identity risk management company, is expanding its credit underwriting capabilities to support banks, fintechs, and other builders of financial products in managing their holistic credit risk. In a challenging macro-environment, Alloy enables lenders to make smarter credit decisions, capture default risk, and increase revenue by identifying upsell and cross-sell opportunities. Alloy also automates credit line management and product remarketing, helping lenders maintain appropriate credit limits and proactively extend new product offers to customers.
Lenders rely on Alloy's established credit underwriting capabilities to offer credit products to more people with less risk. Alloy allows lenders to automate their credit decisions using identity data gathered during onboarding, credit bureau data, and alternative underwriting data. Lenders can make credit decisions using custom models, building anything from basic workflows to complex matrix models right within Alloy.
Alloy's updated credit offering builds upon these existing capabilities to offer a comprehensive and proactive approach to credit management beyond origination, enabling banks and fintechs to monitor for credit risk throughout the customer lifecycle. New features include:
Automated, scheduled checks using the richest set of credit signals to monitor the ongoing financial health of borrowers: Lenders can incorporate fresh data pulls into their decisioning from a wide range of third party data sources: including credit bureau data, alternative underwriting data, and their own proprietary data. This comprehensive approach enables lenders to build a more complete picture of a borrower's creditworthiness and potential risks and carry out more data-driven decisions.
Real-time alerts sent to lenders to notify them about changes in a borrower's risk (e.g. if a borrower declares bankruptcy): Lenders can then take proactive measures to prevent the accumulation of high-risk loans.
Automated line management: Lenders can maintain appropriate credit limits and terms through continuous monitoring to determine if customers qualify for a credit line change based on behavior and automatically conduct line adjustments.
Automated credit remarketing process: Lenders can monitor positive customer behaviors like timely repayments and salary increases and can offer good customers new products, ultimately increasing their company revenue.
Historically, lenders have had to rely on point-in-time, siloed information about their borrowers, said Parilee Wang, Chief Product Officer at Alloy. With Alloy, lenders have a holistic solution for building a more complete picture of a borrower's ongoing creditworthiness and potential risks.
Alloy's product investment in the credit space comes as U.S. consumer credit card debt has topped $1 trillion for the first time in history. As many borrowers face increased financial strain impacting their ability to repay debts, lenders may be forced to make difficult decisions about the creditworthiness of their applicants. At the same time, as revolving credit usage grows and consumers demand personalized, seamless experiences from their financial institutions, lenders are challenged with remaining top of wallet and staying ahead of competitors.
"We were so excited to find a credit underwriting solution that lets us proactively manage our credit risk and allows us to rely on automated decisioning," said Bobby Parker, Head of Credit at PEX Card. "The configurable platform allows us to be nimble, and we can make critical underwriting changes quickly with the appropriate controls in place. Furthermore, with the A/B test feature, and pre-built integrations with salient data providers, we can ensure our decisions are driven by data and information gain. Leaning on this solution will give us the ability to prudently grow our portfolio while driving strong risk adjusted returns."
"We knew building our platform would require us to partner with best-in-class fraud prevention, compliance, and credit decisioning capabilities," said David Anderson, Co-Founder and CPO at Tandym, a consumer credit card issuer and Alloy client. "We wanted a solution that was flexible, easy to use, pre-baked with integrations, and that made adding new data sources and making changes to our policy simple and seamless. Using Alloy's Identity Risk Solution for credit underwriting provided us with the tools to create more complex configurations to deliver better and more tailored results."
Alloy offers the broadest coverage of third-party data in the industry with more than 190 data sources, including credit bureaus and alternative credit data providers. Some of Alloy's partners in the credit space include:
Alloy solves the identity risk problem for companies that offer financial products. Today, nearly 500 banks and fintechs turn to Alloy's end-to-end identity risk management platform to take control of fraud, credit, and compliance risk, and grow with confidence. Founded in 2015, Alloy is powering the delivery of great financial products to more customers around the world. Learn more at alloy.com.
PR Newswire | October 17, 2023
Glia, the customer interaction leader unifying Digital Customer Service (DCS), phone and automated self-service on a single platform, has partnered with Lumin Digital, the leader in cloud-native digital banking solutions, to streamline digital-first member service. Glia's DCS capabilities are now integrated into Lumin's online banking platform, enabling quicker, effortless member support.
Lumin Digital, a cloud-native digital banking platform, elevates financial institutions' user experiences to match larger institutions and deliver the modern banking experiences that today's users expect. With a focus on service, user experience, safety, and security through advanced automation, Lumin Digital enhances engagement by offering personalized recommendations in spending insights, financial advice, fraud alerts, and savings goals. Lumin enables banks and credit unions to provide real-time updates and value-added features supported by a dedicated team of industry experts, designers, and developers.
Pre-integration of the Glia Interaction Platform within Lumin's digital banking offering enables a seamless digital-first customer experience across all channels—SMS, chat, voice and video—without breaking the digital connection. Online collaboration tools, including CoBrowsing, allow financial institutions to guide customers, improve satisfaction and build loyalty for banks and credit unions.
At Lumin, we believe that technology should be built for, not to replace, the human connection, said Sean Weadock, Chief Product Officer at Lumin. Glia's robust service and support tools squarely align with that philosophy, enabling credit unions to leverage digital-first technology to maximize meaningful human conversations and reach quicker resolution. This partnership will empower banks and credit unions to deliver a unified approach to member service across all channels, boosting efficiency, revenue and loyalty.
"The combined services of Lumin's digital banking platform and Glia allow Ascend to continually meet the ever-evolving needs of our members," said Matt Jernigan, President and CEO at Ascend Federal Credit Union. "Through this partnership, our members can seamlessly manage their funds and monitor their overall financial health using secure, reliable, and innovative technology."
The integration within Lumin's online banking platform overcomes silos and fragmented solutions, providing a frictionless experience for members, agents and managers. Members benefit from real-time guidance, accelerated interactions and improved satisfaction. Glia and Lumin already have 15 mutual credit union clients.
"We live in an always-on world where interactions are expected to happen on screen, on demand and on point," said Steve Kaish, SVP of Alliances at Glia. "Our commitment to delivering the right interaction at the right time aligns with Lumin's dedication to delivering exceptional member experiences, and we are excited to provide credit unions with the tools needed to optimize their member interaction strategies for today and beyond."
Glia and Lumin will be at the Jack Henry Connect conference next week. See Glia at booth 1009 and Lumin at booth 333.
About Lumin Digital
Lumin Digital is a fintech company specializing in digital banking solutions. Through a fundamentally different approach to technology, service, and people, the company provides financial institutions with a best-in-class, cloud-native platform that drives consumer adoption, engagement, and growth. For more information, visit lumindigital.com.
Glia redefines how businesses interact with customers. The Glia Interaction Platform unifies Digital Customer Service (DCS), traditional call center, and automation with a ChannelLess™ Architecture, empowering businesses to create the ideal mix of interactions and adapt on demand. The ability to easily shift volume between channels drives revenue, efficiency, and loyalty at the same time.
Glia has partnered with over 450 banks, credit unions, insurance companies and other financial institutions worldwide to improve the customer experience and drive business results. Named a Deloitte Technology Fast 500™ company and a Great Place to Work for a third year in a row, the company has raised over $150 million in funding from top investors and was recently valued at over $1B by top tier investors. To learn more visit glia.com.
PR Newswire | October 25, 2023
Dragonfly Financial Technologies Corp., a digital banking and treasury management FinTech, today launched FedNow Payments, which gives banks the ability to use the recently deployed FedNowÒ Service. Launched in late July 2023, the FedNow Service is a new instant payment infrastructure developed by the Federal Reserve that allows financial institutions of every size across the U.S. to provide safe and efficient instant payment services. Dragonfly's FedNow Payments is a standalone solution that can be added to any bank's digital offering.
Dragonfly's FedNow Payments enables instant, 24/7/365 payments, which permits faster payroll processing, more intuitive bill payments, improved cash flow improving reconciliation, cash forecasting and liquidity management and enhanced overall transaction efficiency. The solution will be interoperable with existing payment systems, enabling seamless integration with various digital banking platforms and financial service providers. Real-time payments are forecasted to facilitate additional economic output to the tune of $173 billion in formal GDP, as well as forecasted to drive $184 billion in aggregated net savings for consumers and businesses.
The FedNow Service is set to transform the current payment ecosystem. As we continue to expand our digital composable banking platform, we know it's of critical importance to have the latest payment solutions available for our customers. said Jim Gillespie, Chief Product Officer at Dragonfly Financial Technologies Corp. Our FedNow Payments enables banks to provide their customers with real-time, flexible payments that are secure and scalable, and we're excited to offer this new payment option to banks that are making the jump to the FedNow Service.
Dragonfly's FedNow Payments will also be added to its industry-leading Universal Online Banking platform - the only composable banking platform on the market purpose-built for today's digital and embedded business banking needs. Because the Dragonfly platform is designed for ultimate flexibility, agility and ease of use, customers can choose the implementation option best suited for the needs and size of the bank and their corporate clients. FedNow Payments is a payments option available in each composable banking deployment: Dragonfly Digital, Dragonfly as a Service and Dragonfly Embedded Banking.
About Dragonfly Financial Technologies Corp.
Dragonfly Financial Technologies is a banking-as-a-service FinTech powering innovative digital customer experiences for commercial banking institutions. Dragonfly Commercial Banking Platform unites internal banking systems and unlocks their collective value, enabling banks to provide a superior customer experience and introduce new services with speed and ease. And with the industry's largest portfolio of APIs, the Dragonfly platform connects seamlessly to the world's most popular FinTech applications. Commercial banking customers worldwide – including top-10 banks in the US and Asia – rely on Dragonfly to initiate and collect payments and manage daily financial operations for their corporate clients. For more information, visit www.dragonflyft.com.