Credit union association invests in voice biometrics with Illuma Labs partnership
As part of the collaboration, NYCUA and UsNet have invested an undisclosed amount in Illuma Labs. The move comes after a $2.5 million investment by Curql Fund I in July 2021.
According to the entities, the credit union industry has long been trying to build up a reputation for superior member experience, which has proven difficult when competing against big banks.
Because of this, NYCUA and UsNet believe digital transformation that meets or exceeds user expectations while preserving the personal touch of local branches should be a top priority, motivating the investment in Illuma and its voice biometric authentication.
“[We] are thrilled about the possibilities that Illuma Labs’ technologies will bring to credit unions as they continue to enhance their digital presence and elevate the member experience,” says NYCUA President William J. Mellin.
“At the same time, Illuma Labs’ technology elevates account security and member confidence, while maintaining credit unions’ unique position as local providers of financial services that they are so well known for — so this partnership is a win for all.”
From a technical standpoint, the NYCUA and UsNet will utilize Illuma Shield, a solution based on artificial intelligence, machine learning, and voice biometrics that works in the background to validate the identity of callers during contact center conversations.
“The platform improves member experience by emulating the warm welcome of a brick-and-mortar visit while offering a very high level of protection against account takeovers,” explains Illuma Labs CEO Milind Borkar.
“Cutting out the security Q&A process also creates operational efficiency by shortening call times. The infusion of investment from NYCUA and UsNet is highly valued since it helps us expand to serve even more credit unions.”
NYCUA is not the first union collaborating with Illuma Labs. Back in July 2020, the company joined forces with the Northwest Credit Union Association.