Illuma Labs biometric voice authentication gains credit unions’ increasing interest
Illuma Labs’ biometric voice authentication technology Illuma Shield has been chosen by an increasing number of credit unions to improve security and user experience with contact center operations, and prevent identity theft and fraud, reports the Northwest Credit Union Association.
The technology behind Illuma Shield uses signal processing, machine learning and artificial intelligence to authenticate user identity in seconds, and saves resources by phasing out PINs, passphrases and security questions. The system was first introduced to credit unions in 2019, following a Strategic Link Value Creation Task Force event. Awarded at VentureTech 2019, the company scaled its partnership with Strategic Link, now officially a Credit Union Service Organization (CUSO), as well as operations across the U.S.
Veridian Credit Union’s Veridian Group and Texas Dow Employees Credit Union recently invested in Illuma Shield to further respond to credit unions’ biometric authentication needs.
“We’re honored to have the support of The Veridian Group and TDECU as we focus our product offerings on enhancing security and member experience for the credit union industry,” said in a prepared statement Illuma Labs Founder and CEO, Milind Borkar. “Our journey into the credit union industry started with our partnership with Strategic Link and the Northwest Credit Union Association, and we are excited to bring Illuma Shield to more credit unions in the Pacific Northwest.”
Veridian Group President Nick Evens will join the Board of Directors as a credit union representative.
“Now more than ever, credit unions are in search of cutting-edge technology that will help them more effectively — and efficiently — serve their members, and Illuma Shield does just that. We are excited to see our partner, Illuma Labs, grow and help even more credit unions in the Northwest,” said in a prepared statement Jason Smith, NWCUA Vice President of Strategic Resources.
According to Texas Dow Employees Credit Union President and CEO Stephanie Sherrodd, Illuma Shield will secure members’ money and provide fast access to funds, writes CUtimes. Additionally, Evens believes the technology will lower identity theft costs.