Press Release

New York Credit Union Association Affiliate Universal Sharing Network Invests in Illuma Labs’ Voice Authentication for Credit Unions

Partnership funds expansion for CUSO FinTech focused on member experience and fraud prevention

Albany, NY: Furthering the mission to “Reach Connect Succeed,” the New York Credit Union Association and its affiliate UsNet have announced their partnership to support continued innovation for the Illuma Shield™ voice verification solution from Illuma, a Texas-based CUSO. This funding marks the latest round of investment from credit-union focused groups as the FinTech expands deployment to more credit unions across the U.S.

Better Member Experience Benefits All Credit Unions

Maintaining a reputation for superior member experience compared to big banks has long been the hallmark of the credit union industry. For this reason, digital transformation that meets or exceeds user expectations while preserving the personal touch of the local branch is a top priority. As more credit unions enhance their brand reputation by implementing state-of-the-art technology, this elevates the industry as a whole.

NYCUA and UsNet are supporting this objective by investing in technology that helps more credit unions achieve their goals for member experience and account security. “The New York Credit Union Association and UsNet are thrilled about the possibilities that Illuma Labs’ technologies will bring to credit unions as they continue to enhance their digital presence and elevate the member experience,” said William J. Mellin, NYCUA President/CEO. “At the same time, Illuma Labs’ technology elevates account security and member confidence, while maintaining credit unions’ unique position as local providers of financial services that they are so well known for — so this partnership is a win for all.”  

Further, the NYCUA is excited to announce that Illuma Labs will play a key role at EXCEL 22, its Annual Meeting and Convention, set for June 16-19 at the Sagamore Resort on Lake George. In addition to Illuma Labs serving as a premier sponsor and exhibitor at EXCEL 22, Dr. Milind Borkar, Illuma Labs Founder/CEO, will lead a Learning Lab discussion for attendees exploring the challenges of meeting expectations for streamlined, welcoming credit union contact center interactions, the current threat landscape for fraud/account takeovers and how to balance risk mitigation with member experience.

Illuma Founder & CEO, Milind Borkar, addressed what makes Illuma Shield™ an attractive solution for today’s credit unions. “This technology uses state-of-the-art Artificial Intelligence, Machine Learning, and Voice Biometrics to address three of the top concerns for credit unions today. The platform improves member experience by emulating the warm welcome of a brick-and-mortar visit while offering a very high level of protection against account takeovers. Cutting out the security Q&A process also creates operational efficiency by shortening call times. The infusion of investment from NYCUA and UsNet is highly valued since it helps us expand to serve even more credit unions.”

About the New York Credit Union Association

For more than 100 years, the New York Credit Union Association has served as the trade association for the state’s credit unions, which collectively hold more than $100 billion in assets and serve 6 million members. NYCUA advances the credit union movement by advocating, educating, uniting and supporting the interests of all New York credit unions. To learn more about NYCUA, visit https://www.nycua.org. To find a credit union or learn more about the credit union movement, visit www.yourmoneyfurther.com. 

About Universal Sharing Network, Inc. (UsNet)

UsNet is a credit union service organization owned by New York’s credit unions and the New York Credit Union Association. For the past 25 years, UsNet has helped credit unions extend their reach, connect with members and succeed in their missions. Thanks to UsNet and the shared branching network, no matter where members go, their credit union is there too. As a partner of CO-OP Solutions, UsNet offers credit unions and their members access to more than 5,600 CO-OP Shared Branch locations in and beyond the U.S. Learn more at https://www.universalsharing.com/.

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.