IG Group Collaborates with Alloy for Enhanced Compliance and Growth

IG Group has partnered with Alloy to ensure regulatory compliance while maintaining a streamlined customer experience and driving business growth.

Alloy provides an identity and fraud prevention platform tailored for global financial institutions and fintech companies, helping them manage identity risks. This platform offers actionable intelligence and access to diverse data sources, enabling users to address fraud, credit, and compliance challenges more effectively.

The UK financial services industry is subject to rigorous regulatory oversight, which is crucial for the success of financial services and fintech firms. According to Alloy’s State of UK Fraud Report, C-suite leaders in UK fintech prioritize compliance with regulatory requirements and minimizing reputational risk as their primary concerns related to fraud.

UK fintech companies and banks face dual pressures: meeting strict compliance standards while pursuing growth. Many still depend on legacy technology, which limits their adaptability. Customer onboarding and document verification processes are often manual, resulting in disjointed workflows and poor data visibility. Consequently, this leads to low straight-through processing (STP) rates, extended account activation times, and a higher dropout rate among potential clients.

Streamlining Global Operations

Alloy’s industry research highlights that these complexities are magnified for businesses like IG, which operate in multiple global markets and handle substantial financial transactions. Without automated workflows to support ongoing Know Your Customer (KYC) efforts, customers may experience unnecessary delays and friction.

By leveraging Alloy’s platform, IG has developed a holistic risk management strategy throughout the client lifecycle, reducing regulatory risks and improving customer acquisition and retention. The integration of Alloy has streamlined cross-jurisdictional workflows and automated due diligence based on risk and geographic factors, leading to reduced manual tasks. Since the integration, there has been an increase in automated account activations, freeing up more time for internal process improvements and enhancing the overall customer journey.