Lumin Digital partners with Consumers Credit Union to launch digital account opening solution
SAN RAMON, CALIF (July 27, 2021) — Lumin Digital, a PSCU company, announced that it has partnered with Consumers Credit Union (Kalamazoo, Mich.) to create and pilot a new digital account opening product for Lumin Digital customers. This new and optional feature will empower Lumin-affiliated credit unions to quickly process membership qualifications and verify identities, easily fund accounts and much more, all while helping prevent fraud and reduce the number of third-party solutions needed by credit unions to support digital account opening.
Beginning this summer, Consumers Credit Union users will be able to apply for membership, complete their onboarding and transact online in less than five minutes. Founded in 1951, the $1.6 billion credit union is guided by its core mission of making a positive difference in the lives of members through extraordinary service, education and exceptional financial products that make it easy for members to choose how and when they want to bank.
“Our relationship with Lumin Digital is a key part of our long-term digital strategy to amaze and delight members at their point of preference, and the customer journey starts from the moment they first consider applying for membership,” said Lindsay Land, vice president of Operations at Consumers Credit Union. “It was vitally important to us that our account opening process reflect the superior digital experience we provide through our online and mobile banking channels. A prospective customer’s journey to membership should be comparable to what they experience from the newest, best-in-class fintechs they encounter elsewhere.”
“Consumers Credit Union’s passion for digital innovation makes it an ideal partner to help pilot our digital account opening product,” said Jeff Chambers, president of Lumin Digital. “Because of the credit union’s strong support and commitment to collaboration, we will be able to get this product into the hands of other clients faster, while also continuing to learn from their users in real time and iterate at speed.”
Quick and effortless digital account opening is not only an early indicator of long-term member engagement for credit unions, but a core requirement of any digital banking strategy in 2021 and beyond.
“Credit unions may have gotten away with less emphasis on digital banking, but those days are over,” said Brian McNutt, vice president of Product Management and Strategy at Lumin Digital. “Credit union members today expect a certain level of value and quality from the digital products they use – and that especially applies to the onboarding process.”
Lumin Digital continues to drive innovation in the digital banking space, differentiating itself through technology built for human connection. Lumin Digital’s offering provides seamless integration to a wide array of PSCU and other platform tools and capabilities, including card services, rewards management and data analytics to provide a member-centric experience.
For more information, visit LuminDigital.com.
PSCU/Co-op Solutions is the nation’s premier payments credit union service organization (CUSO) and an integrated financial technology solutions provider. With over four decades of industry experience and a commitment to service excellence and innovation, the company serves more than 4,000 financial institutions throughout North America. PSCU/Co-op Solutions leverages its expertise and resources on behalf of credit unions and their members, offering an end-to-end product portfolio that includes payment processing, fraud and risk management, data and analytics, digital banking, instant payments, strategic consulting, collections, ATM and POS networks, shared branching and 24/7/365 member support via its contact centers. For more information, visitpscu.com and coop.org.
About Lumin Digital
Lumin Digital, a PSCU company headquartered in San Ramon, Calif., delivers digital banking solutions to financial institutions across the United States. Founded by financial technology experts, Lumin Digital is working to redefine digital banking with its proprietary user engagement platform, providing banks and credit unions with a solution that allows them to quickly and safely adjust to their users’ needs. Through Lumin Digital’s user data and predictive analytics, organizations can implement custom experiences for users, creating a truly personalized journey that helps consumers thrive while building a connected relationship. For more information, visit LuminDigital.com.