Case Study: Skyla Credit Union reduces monthly fraud losses 74% and grows account openings 70% with Alloy
Key results
The challenge
Skyla Credit Union relied on a manual, slow account-opening process that required hands-on review of nearly every application, paired with outdated fraud detection. When applications surged after the credit union went viral on social media, the operational backlog threatened to cost it new members it could not approve fast enough.
The solution
Skyla paired Alloy's identity and fraud decisioning with Clutch's digital account opening to automate application review, connect systems across the credit union, and let members open additional products quickly.
“We've seen a tremendous return on our investment in Clutch and Alloy. In addition to the improvements in growth and user experience, we're seeing major improvements in funding rates for new accounts.”
ACAaron CrumbleyAVP Consumer Lending and Head of Digital Branch, Skyla Credit Union
The results, in context
Skyla reduced fraud losses by 74% every month and grew account openings by 70% while cutting operational costs 65%. Application time dropped from 15-20 minutes to 3 minutes, and returning members can open additional products in as little as 30 seconds.