Alloy’s platform will be connected to Amerant Bank’s data sources. Credit: BRRT from Pixabay.

US-based Amerant Bank has selected fintech Alloy’s platform to automate identity verification while onboarding customers.

The lender, which has $8bn in assets, will implement Alloy’s API solution to capture and review customer data while onboarding businesses and individuals for deposit accounts.

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Amerant Bank expects the APIs to reduce the risk of non-compliant account openings. The platform will be connected to the lender’s data sources to verify the applicant’s identity.

The technology will be used for online as well as in-branch operations. Amerant Bank’s team members will have access to Alloy’s dashboard to onboard customers in person.

Amerant Bank vice chairman and CEO Jerry Plush said: “Providing an exceptional experience for customers, both online and in-person, is at the core of our digital transformation strategy.

“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.”

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Alloy CEO and co-founder Tommy Nicholas said: “By streamlining a traditionally manual onboarding process, we can create a frictionless experience for applicants while reducing exposure to fraud.”

“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.”

Earlier this year, Amerant Bank extended its use of nCino to incorporate Retail Banking Solution and Portfolio Analytics, part of the nCino IQ (nIQ) application suite.