Radius Bank mixes it with Alloy for digital revamp
Massachusetts-based Radius Bank has partnered with Alloy and Mantl as part of its plan to become a digital-first entity.
The bank has brought in APIs and data-driven workflow management tools, and overhauled its digital customer acquisition strategy and toolset.
According to Radius, the results after four months from beginning to full deployment include a 50% reduction in fraudulent account openings; and a 50% reduction in technology cost to open an account.
In addition, there is a 30% increase in application to account conversion rate; a 95% reduction in manual review applications; and 98% automated decisions - meaning users onboard in “seconds with no manual intervention”.
Together, Mike Butler, president and CEO, Chip Clarke, chief data officer, Chris Tremont, EVP virtual banking, and Phil Peters, chief operating officer, worked with the executive and engineering teams at New York-based Alloy and Mantl to “improve the bank’s former online consumer application process”.
Alloy allowed Radius to manage the entire know your customer (KYC) / anti-money laundering (AML) process in one platform – combining multiple data sources, fraud scores and authentication tests into a customisable rules engine.
Clarke says Alloy’s customisation options enabled it to “create a risk decision scorecard that we can modify in real-time” and having that type of access is “very powerful”.
In turn, Alloy worked on this project with Mantl – a firm focused on enhancing the functionality of legacy core banking systems. Mantl allowed Radius to overhaul their customer facing online application experience.
Radius was founded in 1987 and is based in Boston. It has assets of approximately $1 billion, and offers a virtual banking platform for online and mobile.