For Additional Information: Contact: Milind Borkar, (972) 217-7106, firstname.lastname@example.org
Illuma Labs and Posh Technologies Receive 2022 Innovation Award for Member Experience
Integration featuring voice authentication and conversational AI/IVR wins Member Experience category in CreditUnions.com Innovation Series
Plano, TX – Two CUSOs, Illuma Labs and Posh Technologies, have been announced as the winners of the CreditUnions.com 2022 Innovation Series award for Member Experience. The event, sponsored by Callahan & Associates, featured a select group of technology innovations across digital solutions, lending, and member experience categories. Each contestant had 10 minutes to present their solution and the winners were selected by votes from credit union attendees.
What Makes IVR + Voice Verification a Winning Combination?
The innovation award recognizes the value of integrating Illuma Shield™ passive voice authentication solution with conversational AI IVR from Posh. This advance in credit union technology is a timely response to the current state of overwhelm in call centers. Persistent high call volume and talent shortages make it increasingly difficult to provide high quality member service without extensive hold times.
By combining conversational IVR and secure voice biometrics, credit unions are able to provide members with more convenient and frictionless access to their finances 24/7. Members can more easily access and manage their accounts over the phone anytime without speaking to an agent, waiting on hold, answering security questions, or entering passcodes.
An Integration Custom Built for Credit Union Environments
Illuma Founder and CEO, Milind Borkar, spoke about the importance of FinTech innovation that focuses on the unique requirements of credit unions. “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.”
Posh, a Boston based startup, recently raised $27.5 million in Series A funding to support growth and innovation goals. Partnering with Illuma to add streamlined verification will bring added value for Posh’s client base of more than 50 credit unions and banks and support the company’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.”
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.