The Organization
Founded in 1937, Red Canoe Credit Union serves more than 60,000 members across Washington State.
The Mission
Red Canoe wanted to increase growth safely without exposure to fraud risk. Because of the credit union’s sprawling service area, digital acquisition had to become a huge priority.
The Obstacles
The account opening experience fell short—only 36% completion, 8+ minute applications, limited customization, and all applications requiring manual review.
The Solution
Red Canoe chose Lumin Digital for a streamlined account opening experience with auto-approvals and built-in risk mitigation, seamless enrollment into digital banking, in-platform marketing tools to reach members where they already are, and a hands-on partner to execute alongside their team.
The Results
81%
Increase in fully funded new online memberships
36% to 71%
Application submission rate
74%
Auto-decisioning rate
100% to ~20%
Applications requiring
manual review
80%
Approved members who enroll in online banking at opening
1,055%
Return on a single in-app
savings campaign
8+ min to ~5 min
Application completion time
90%
eStatement enrollment
“Our digital banking adoption rate for new members in the first 30 days used to be in the low 60s. Since the system now drops auto-approvals straight into digital banking, 80% enroll in online banking at account opening.”
— Amy Davis, VP of Marketing,
Red Canoe 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.
