Credit Union Association invests in voice biometrics with Illuma Labs partnership
Texas-based voice biometric solutions provider Illuma Labs has partnered with the New York Credit Union Association (NYCUA) and its subsidiary UsNet.
As part of the collaboration, NYCUA and UsNet invested an undisclosed amount in Illuma Labs. This decision comes after a $2.5 million investment by Curql Fund I in July 2021.
According to the entities, the credit union industry has long tried to build a reputation for superior experience for its members, which has proven difficult in the face of competition from large banks.
For this reason, NYCUA and UsNet believe that digital transformation that meets or exceeds user expectations while preserving the personal touch of local branches should be a top priority, driving investment in Illuma and its voice biometric authentication.
“[We] are excited about the possibilities that Illuma Labs technologies will bring to credit unions as they continue to enhance their digital presence and enhance the member experience,” said NYCUA President William J. Mellin .
“At the same time, Illuma Labs’ technology improves account security and member confidence, while maintaining the unique position of credit unions as local providers of the financial services for which they are so well known. This partnership is therefore a victory for all.
From a technical standpoint, NYCUA and UsNet will use 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 conversations on the contact center.
“The platform enhances the member experience by mimicking the warm welcome of a physical visit while providing a very high level of protection against account takeovers,” says Milind Borkar, CEO of Illuma Labs.
“Removing the security Q&A process also creates operational efficiencies by shortening call times. The infusion of investment from NYCUA and UsNet is greatly appreciated as it helps us grow to serve even more credit unions.
NYCUA is not the first union to collaborate with Illuma Labs. In July 2020, the company partnered with the Northwest Credit Union Association.
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