For Additional Information: Contact: Milind Borkar, (972) 217-7106, firstname.lastname@example.org
Illuma and Posh Technologies Win NACUSO “Next Big Idea” Competition
Voice authentication and conversational AI/IVR integration awarded first prize at “Shark Tank” style event
Plano, TX: Two CUSOs, Illuma Labs and Posh Technologies, have been announced as the winners of NACUSO’s “Next Big Idea” award. The event, sponsored by NACUSO and Co-Op Solutions, featured six worthy CUSO finalists with fresh ideas for digital banking, lending, financial health, analytics, and member experience. Each contestant had 6 minutes to present their solution followed by 7 minutes of questions from the judges. The “Shark Tank” style competition is now in its tenth year, and continues to showcase top innovation, collaboration, and new solutions for the credit union industry.
Combining IVR + Voice Verification Creates a Recipe for Success
The competition judges and attendees recognized the value of integrating Illuma Shield™ passive voice authentication solution with conversational AI IVR from Posh to directly address the current state of overwhelm in call centers. Ongoing high call volume and talent shortages have increased hold times and made it hard to maintain the highest quality of member service.
By integrating conversational IVR and secure voice biometrics, credit unions can offer frictionless, secure access to member accounts around the clock. Members can call in any time to manage their accounts without waiting on hold, answering security Q&A, or entering passcodes.
This Collaboration Is a Win for Everyone
Milind Borkar, Illuma Founder and CEO, acknowledged the value of being part of the CUSO community. “Being a FinTech specifically focused on solving problems for credit unions provides the opportunity to develop exceptionally strong partnerships with customers, investors, and collaborators. We appreciate NACUSO, Posh, and all the CUSOs that are part of this exceptional community committed to delivering the best service and experience for credit unions and their members.”
Boston based startup Posh has partnered with Illuma to add streamlined verification to a robust client base of more than 50 credit unions and banks. This collaboration will support Posh’s mission of increasing member satisfaction while decreasing call center costs.
According to Posh Co-Founder, Karan Kashyap, “Posh’s conversational AI and Illuma’s voice biometrics is a combination that makes sense. As we do our parts as CUSOs to bring transformative technology to the credit union market, our partnership will enhance member security for credit unions while offering a streamlined authentication experience for the caller – a win-win. We look forward to a bright future with Illuma Labs.”
Illuma and Posh are the first to co-develop the integration between voice authentication and conversational AI IVR with a focus on the needs and use cases prevalent in credit unions. Unlike other solutions that are costly and difficult to deploy, this focused effort will result in a solution that is right sized for credit unions that need a quick, budget-friendly way to improve member experience, operational efficiency, and account security.
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.
About Posh Technologies
Posh was founded in 2018 by Karan Kashyap and Matt McEachern out of MIT with the vision to empower financial institutions through intuitive, conversational AI. The proprietary conversational AI fosters an enjoyable and efficient banking experience for users. Posh is rapidly growing, partnering with more than 50 financial institutions to deploy web-based and mobile-based digital agents in addition to voice assistants. Posh is headquartered in Boston. Learn more at https://www.posh.tech/.
The National Association of Credit Union Service Organizations (NACUSO) was formed in 1985 to help credit unions explore the use of CUSOs and the delivery of non-traditional products and services. Over the years, NACUSO’s focus has evolved to helping credit unions form multi-owned CUSOs and participate in collaboration and the cooperative business model. For more information, visit https://nacuso.org.