For Additional Information: Contact: Milind Borkar, (972) 217-7106, firstname.lastname@example.org
Connexus Credit Union And TDECU Invest In Illuma
Credit unions are doubling down on their investment in the Illuma Shield™ voice authentication solution
Plano, TX: Two existing Illuma Labs clients, Connexus Credit Union and TDECU, have reconfirmed their commitment to partnering with the technology firm leading the sector in 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.
Doubling Down on a Winning FinTech
Connexus Credit Union, an Illuma client and one of the early adopters of voice authentication technology in the call center, took the lead investor role in this capital raise. Stepping in with a substantial round of funding made sense for a credit union that serves members in all 50 states.
Chad Rogers, Connexus Executive Vice President and Chief Operating Officer spoke about the decision to fund Illuma. “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. 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 Texas-based credit union TDECU. After deploying the Illuma Shield solution in 2021, the organization has already enrolled more than 70,000 Members within the first year of active use. The positive response from Members and service champions, along with greater account security and convenience, proved the wisdom of the credit union’s original investment.
According to Michael Massey, President of TDECU Holdings, “Now, more than ever, we trust this solution and the team behind it. 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.”
A Bright Future for a Well-Funded FinTech
With several new investment partners and multiple awards won in 2022, Illuma is poised for continued growth with new features, integrations, and opportunities. 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 ”
With more than 620 employees serving more than 430,000 members across all 50 states, Connexus is a member-focused cooperative with over $4.8B in assets. Connexus is proud to provide high yields for checking accounts and deposit products, as well as an industry-leading Digital Banking experience and competitive rates for personal, home, and auto loans. The Wausau, WI-based credit union has been nationally recognized for excellence by Forbes, CNN Money, NerdWallet, Kiplinger, and Bankrate. Connexus is committed to being a nationally relevant, trusted credit union, providing exceptional experiences and fostering prosperity for those it serves. Learn more at Connexus.org.
About TDECU | Founded in 1955, TDECU is a not-for-profit financial cooperative with more than 370,000 Members and over $4.7 billion in assets. TDECU currently has 38 service locations, including 35 Member Centers, and offers a complete selection of convenient, innovative, and competitive products and services, including a full suite of deposit products as well as mortgage, auto and personal loan products, online and mobile banking. TDECU also offers, through its subsidiaries, retirement planning and wealth management, personal and business insurance products. Members can also access a worldwide network of over 55,000 surcharge-free ATMs. For more information visit TDECU.org or call (800) 839-1154.
About Illuma Labs
Illuma Labs is a credit union service organization headquartered in Plano, Texas. The company’s flagship product, Illuma Shield™, replaces traditional knowledge-based authentication practices with an effortless and secure real-time voice authentication solution to enhance member experience, improve operational efficiency, and prevent fraud. Illuma Labs is the exclusive provider for CUNA Strategic Services and has industry endorsements in 34 U.S. states. For more information, visit https://illuma.cx.