The Organization
Founded in 1951, Consumers Credit Union serves 156,000 members across 34 offices throughout Michigan, with $2.9B in assets.
The obstacles
The previous digital account opening tool had hard ceilings on every dimension: a phone verification step failed 50% of the time, five separate systems were required for a single application workflow, and auto-approvals hovered at 20–30%. A cookie-cutter fraud tool that couldn’t adapt to synthetic identity threats compounded the risk.
The mission
Consumers wanted to scale digital membership growth without adding headcount or sacrificing fraud protection. As one of Michigan’s most innovation-forward credit unions, they needed a platform and a partner that could keep up.
The Solution
Consumers chose Lumin Digital for a cloud-native digital account opening solution integrated with Alloy, replacing five systems with one connected, mobile-first workflow that auto-approves qualified applicants, walks them directly into digital banking, and gives the analytics team real-time control over fraud decisioning.
The RESULTS
200+
memberships opened digitally per month, up from 50–60 pre-Lumin
60%
auto-approval rate, up from 20–30% on the previous platform
230%
increase in account-opening efficiency with effectively the same headcount
$68M
in deposits through the digital office, on par with a mid-sized physical branch
~$300K
in estimated annual fraud losses prevented through Lumin and Alloy
73%
of active digital banking users access Consumers from mobile only
“Our CEO often says, ‘If it’s not beta, it’s boring.’ It’s so true. We love being first.”
— Lindsay McCall, Chief Operations Officer, Consumers Credit Union
About Alloy
Alloy helps credit unions future-proof their identity risk management to accelerate the safe delivery of great financial products. Alloy’s configurable solutions for fraud, credit and compliance risk, and extensive ecosystem of data partners seamlessly integrate with existing technology, keeping credit unions in control of their identity decisions. Alloy makes it possible for credit unions to deliver a great member experience while reducing fraud rates and staying ahead of the pace of fraud attacks.
