PLANO, Texas–Two credit union have announced new investments in the CUSO Illuma Labs.
Wisconsin-based Connexus Credit Union and Texas-based TDECU, both of which were already existing clients of the company, have made additional investments in Illuma Labs, a voice biometrics solutions for credit unions.
“Their most recent investments add substantially to the capital Illuma will use for continuous product development and expansion of services,” the company said in a statement.
“Too often, adoption of increased security measures results in less convenient, less pleasant customer service interactions. That said, our collaborative two-year Illuma partnership and our strong track record with their innovative Illuma Shield voice biometric technology have proven just the opposite,” said Chad Rogers, EVP and COO with the $4.8-billion Connexus. “Not only are we doing more to mitigate fraud while ensuring the safety of our members’ data and assets, but we’ve streamlined their customer service experience by eliminating traditional, often burdensome, out-of-wallet authentication questions. With Illuma Shield, we’ve shortened call time by one minute on average, affording our members and the employees assisting them a much more engaging, efficient, and satisfying experience.”
This round of funding represents the second significant investment made by TDECU, the CUSO said. After deploying the Illuma Shield solution in 2021, the CU reported it has already enrolled more.
‘Reliable & Responsive’
“Now, more than ever, we trust this solution and the team behind it,” said According to Michael Massey, President of TDECU Holdings, a subsidiary of the $4.7-billion Texas Dow Employees Credit Union. “Illuma has proven to be a reliable and responsive fintech partner, and we’re excited to see how they continue to grow and serve more credit unions.”
Added Illuma Founder & CEO, Milind Borkar, spoke about the roadmap for Illuma Shield, “Demand is high from credit unions seeking to keep members connected to their finances in a secure, convenient, and compliant manner. This influx of capital from Connexus and TDECU is the fuel necessary to accelerate platform integrations and advance our technology. We’re empowered to address challenging use cases to improve authentication and fight fraud in the contact center and self-service channels ”
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