The Lumin Lab

All the latest news, insights, and thought leadership content distilled, and carefully crafted, by our industry experts.

San Ramon, Calif. — July 21, 2022 — Lumin Digital announced today that Tennessee-based Cornerstone Financial Credit Union has signed a multi-year agreement for Lumin Digital’s cloud-based online and mobile digital banking platform. Lumin will support Cornerstone’s 45,000-plus members and $550 million in…

The “member experience” is central to credit unions, and in theory, it’s a key differentiator between CUs and their rivals: banks and (increasingly) digital-only fintech platforms. In practice, it’s ever more difficult to provide a genuinely superior user experience. Increasingly…

Digital onboarding was supposed to solve the problem of end users giving up on applications for financial services because of long paper-based forms and the need for in-branch visits. Unfortunately, seamless sign-up is far from the current reality and the…

Circa 1968: Bank rewards programs meant you received a toaster for depositing money in a new checking account (toasters were popular wedding gifts back then). Fast forward to 2009, and you might receive $150 to open an account at KeyBank.…

How do you scale a business, and in particular, how can you scale finance business, like banks and credit unions? Scale and growth are two relevant terms that are often used interchangeably but are fundamentally different.  Growth vs. Scale Growth…

Crypto. Bitcoin. Ethereum. Blockchain. Decentralized currencies. All of these buzzwords can fit under the umbrella of cryptocurrency.  The vast majority of cryptocurrencies are decentralized systems built on blockchain technology via a distributed ledger enforced by legions of computers worldwide. The…

User retention techniques are constantly evolving. Before computers, it meant in-person visits complete with glad-handing bank and credit union users. And, perhaps there was hot coffee, and tasty locally-made donuts offered to users on Fridays to set your branches apart…

San Ramon, Calif. — June 16, 2022 — Lumin Digital announced today that North Jersey Federal Credit Union (NJFCU) has signed a multi-year agreement for Lumin Digital’s cloud-native platform for online and mobile digital banking solutions. Starting in July, Lumin Digital will support…

Loan fraud is hitting U.S. banks and credit unions hard, both in terms of cost and operational burden. Not only does every $1 of fraud loss cost US financial services $4, but the need for lenders to detect and prevent…

Consumers lost over $5.8 billion to fraud in 2021, according to the Federal Trade Commission, and the threat is on the rise. Until financial institutions have a secure, reliable method for verifying account access and transactions, hackers remain ready to…

The customer identification program (CIP) is an essential part of the daily operations of banks and credit unions. In the U.S., financial institutions are required by the federal government to verify the identity of their customers. Implemented in 2003, CIP…

Kyle Evans is a Senior Site Reliability Engineer (SRE) for Lumin Digital. He works with Payam Nael, an SRE team manager. The job they do is both demanding and rewarding, though largely invisible to users. Payam is quick to remind…

Manual reviews for many banks and credit unions are a mixed bag: sometimes entertaining but often unnecessary. In this increasingly digital world, it may not just be inefficient to use traditional analog manual reviews — it could be detrimental to…

Banks and credit unions are not only repositories of money, but of business and consumer data. Predictive analytics tools help your organization more effectively use your data to enhance business decisions, gain competitive advantages, improve satisfaction and fortify user loyalty…

Today’s end user demands a seamless digital banking experience, an option that is easy to find these days. To stay competitive, banks and credit unions need to capitalize on any opportunity to increase efficiency and eliminate friction. Elsewhere, we’ve explored…

If the Buy Now, Pay Later (BNPL) feature isn’t standard yet, it won’t be too long before it is. When customers make large purchases — and even some smaller ones — they often look for this option. And it’s not…

San Ramon, Calif. — May 25, 2022 — Lumin Digital announced today that Tennessee-based Ascend Federal Credit Union (Ascend) has signed a multi-year agreement for Lumin Digital’s cloud-native platform for online and mobile digital banking solutions. Lumin Digital will support Ascend’s more than…

Digital banking is on the rise. So too is digital fraud. Fortunately, today’s biometric authentication lets banks and credit unions know who’s on the other end of a remote transaction. That could be great protection for the nearly 215 million…

by Fred Decker Banks and credit unions have a lot of experience at fine-tuning customer service in physical branches. It’s tangible stuff, easy to see and act on. Do you have enough windows open and staffed, or are users waiting?…

San Ramon, Calif. — May 16, 2022 — Lumin Digital, a PSCU company, announced today that Hawaii State Federal Credit Union (Hawaii State FCU) has signed a multi-year agreement for Lumin Digital's cloud-native platform for online and mobile digital banking solutions. Once Hawaii…

by Marty Aquino Sustainable banking is an opportunity to strongly appeal to the largest, most populous generations. In 2019, according to the Pew Research Center, millennials outnumbered boomers. Further, according to the Brookings Institution, more than half of Americans are…

Banks and credit unions have been using customer segmentation strategies forever. It’s also been a challenge to devise useful strategies. That’s because financial institutions were limited by clunky back-end legacy systems that made it difficult, if not impossible, to get…

San Ramon, Calif. — May 11, 2022 — Lumin Digital, a PSCU company, announced today that Pennsylvania-based APCI Federal Credit Union (APCI FCU) has signed a multi-year agreement with Lumin Digital for its cloud-native platform for online and mobile digital banking solutions. When…

Inc. Magazine revealed that Lumin Digital has been named to the magazine’s annual Best Workplaces list for 2022.

By Nick Marshall When end users search for a flight online or order a new pair of shoes on a mobile app, they want results in just a few clicks. Behind the scenes of that frictionless experience, however, there’s a…

San Ramon, Calif. — April 19, 2022 — Lumin Digital, a PSCU company, announced today that Trona Valley Federal Credit Union (Trona Valley) has signed a multi-year agreement for Lumin Digital's cloud-native platform for online and mobile digital banking solutions. Lumin…

San Ramon, Calif. — April 7, 2022 — Lumin Digital, a PSCU company, announced today that Missouri-based West Community Credit Union (WCCU) has signed a multi-year agreement for Lumin Digital’s cloud-native platform for online and mobile digital banking solutions. Once…

San Ramon, Calif. — (March 24, 2022) — Lumin Digital, a PSCU company, announced today that Texas-based Credit Human Federal Credit Union (Credit Human), has signed a multi-year agreement for Lumin Digital’s cloud-native platform for online and mobile digital banking solutions. Lumin Digital will…

San Ramon, Calif. — (March 10, 2022) — Lumin Digital (Lumin), a PSCU company, has announced that Langley Federal Credit Union (Langley) has launched Lumin’s cloud-native platform for online and mobile digital banking solutions for its more than 320,000 members.…

by Fred Decker Throughout most of its history, the banking sector has been a bastion of stability and slow, conservative change. That’s no longer the case, as competition from aggressive fintechs and pressure from a generation of impatient, digital-native consumers…

by Pamela Michaels Fay Let’s face it: regulation of cryptocurrencies is a little hazy. Are they securities? Not according to any legal definition. So just what are the rules? According to Margaret Paproski, COO and co-founder of InvestDefy, “The SEC’s view…

by Pamela Michaels Fay It’s likely that you’ve used a chatbot, whether you realized it or not. They’re pretty good at what they do. But what is that exactly? They deal with a wide range of user issues, and oftentimes…

by Marty Aquino Know your customer (KYC). It’s a key step in growing any business, but in banking, it’s also an integral step in combating money laundering and deepening high-quality relationships. Superficially, it seems like a fairly straightforward proposition. However, for…

by Marty Aquino Wherever there is money, there will be bad actors trying to take it from your users. According to Business Insider, nearly 800,000 internet crimes were reported to the FBI in 2020, worth a loss of over $4 billion. The banking…

by Pamela Michaels Fay These days, financial branding isn’t just about a well-known name, a recognizable logo or even a broad range of products and services. Rather, it is about creating the experience that users expect their banks and credit…

by Fred Decker How do you know when a new technology has really caught on? When it changes from a brand name to a verb. That’s why we all Google anything we’re curious about, and Uber to restaurants where we’ll…

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