ALBANY, N.Y.–The New York Credit Union Association and its affiliate company, UsNet, reported they have made an investment in Illuma Labs, a Texas-based CUSO that provides the voice-verification solution Illuma Shield.
The organizations did not disclose the size of the investment or whether it brings with it an ownership stake.
The NYCUA and UsNet said the investment supports the credit union reputation for “superior member experience” compared to banks, and that “digital transformation that meets or exceeds user expectations while preserving the personal touch of the local branch is a top priority. As more credit unions enhance their brand reputation by implementing state-of-the-art technology, this elevates the industry as a whole.”
A ‘Win for All’
“The New York Credit Union Association and UsNet 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,” said William J. Mellin, NYCUA president/CEO. “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.”
Added Illuma Founder & CEO Milind Borkar, “This technology uses state-of-the-art artificial intelligence, machine learning, and voice biometrics to address three of the top concerns for credit unions today. 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. Cutting out the security Q&A process also creates operational efficiency by shortening call times.”