The new feature will let companies affiliated with Lumin speedily process membership qualifications and verify peoples’ identities, along with more easily funding accounts and helping to cut off fraud. There will also be fewer third-party solutions needed to help with digital account opening.
“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 in a statement. “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.”
Consumer Credit Union customers will now be able to apply for membership, complete onboarding and transact online in what the release claims is less than five minutes.
“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.”
PSCU Managing Vice President of Digital and Data Jeremiah Lotz recently told PYMNTS that customers have delved more into the digital world. He said people have transitioned to getting what they need whenever they need it for financial services and payments. This also comes with a rise in contactless payments.