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What You Can Expect from Partnering With Lumin Digital

Providing your end-users with a new digital banking platform is a big step because it will be your name — not your technology partners — that your users will see. With that in mind, here’s what your end- users can expect if that new partner is Lumin Digital. 

It Will Just Work

The most important thing to know about your transition to Lumin Digital’s platform is that it will work from Day One. When your users get their first look at their new digital home, it will already be populated with the financial history they accumulated on your old software.

All of your clients’ accounts will be “live” and ready to use, so they can begin to explore their new app immediately. More to the point, they can choose not to explore the new app, and just begin using it to go about their daily business. It’s that easy. 

First Impressions Mean a Lot

There’s a well-worn truism that “you never get a second chance to make a first impression.” That’s especially true of digital banking solutions, where clients will judge your new platform — and by extension, your institution — by how well it meets their expectations for speed, ease of use and intuitive layout.

Lumin’s app and online platform are clean; easy to read; and very, very fast. Your tech-savvy end users will understand what to do and how to do it without a second thought, while those who are less “digitally native” will have little difficulty in following the software’s prompts and logical workflow. Both groups will find the modern, cloud-native code to run quickly, even on older or low-end hardware. Older or visually impaired users will appreciate being able to easily zoom in on mobile devices.

Daily Banking Will Be Easy and Smooth

Daily banking is simple and straightforward with Lumin Digital. From the easy-to-read dashboard, it takes just a few taps for your end users to make or schedule bill payments, transfer money between accounts (internal or external, through ACH), open accounts, see and verify cleared checks (or stop payments), and take care of all the other day-to-day financial activities that life brings.

Your users can even set up transfers between accounts, providing a way to transfer money back and forth easily between friends and family without involving third-party players like PayPal or Venmo (and without paying their fees). It’s not a game-changer for everyone, but it’s a nice feature that helps keep families rooted in your financial institution.

Managing Credit Cards Is a Breeze

Managing credit cards, loans and lines of credit is equally simple. Your end users will be able to see their accounts at a glance from the dashboard, and quickly view — or flag — recent purchases and transactions. They’ll be able to apply for a card or order a replacement card in seconds. Setting up blocks, limits or alerts for a given account requires just a few taps.

For example, the app makes it easy to limit how a given card can be used: Your users can block out-of-country usage or online purchases by default as fraud-control measures, or designate a card for the new driver in your family as “gas stations only.” All of these settings can be changed in seconds, should an emergency arise or their needs change. 

Come vacation time, for example, your users can simply tap a few times to let you know their card will be used for travel purposes (domestically or internationally, as required) without having to contact your call center. It’s more convenient for them, and reduces the support burden for you. 

End Users Can Manage Their Security With Confidence

The Lumin Digital platform gives users fine-grained management of their own security. The ability to view their transaction history, and to set controls and alerts on each account, is just the starting point.

Security-conscious end users can take things a step farther. They can set up two-factor authentication (2FA) with just a few clicks, so no one can log into their accounts without a unique one-time login code, sent by text or email to the number in that 2FA setting. Alternatively, on devices that support the technology, they can log in using biometric identification tools such as facial recognition or a fingerprint reader. It’s convenient, it’s secure and it’s easier than remembering yet another password.

Downtime Is Something that Happens to Other People

Few things are more frustrating than not having access to your money or services when they’re needed. Banking platforms with a lot of legacy code, or those that struggle to integrate data from multiple “silos,” often must be taken offline for updates or upgrades to be applied.

Lumin Digital’s cloud-native code was written, from the ground up, to be upgradeable in real time. All updates take place in the background while the platform itself remains live, accessible to users and fully functional. No downtime means your end users can always access their accounts. It’s one less thing to worry about, and one more reason for users to choose your bank or credit union. 

Your Interactions Get Very Personal

From your end users’ perspective, one of the crucial differences with the Lumin Digital platform will only reveal itself slowly: the new level of personalization that it makes possible. As a user interacts with the software, its advanced predictive analytics build a picture of their needs and usage. Armed with that knowledge, your interactions with each user will become increasingly pertinent and personalized.

The app provides a range of prompts, nudges, recognitions and rewards — collectively known to programmers as gamification — to support and encourage them in achieving any goals they set on the platform. It will also serve them targeted content, from informative articles to active guidance and tips, drawn from their usage. If they set a travel alert on their credit cards, for example, they’ll see travel-related tips and articles.

Most importantly, your marketing messages will be timely and personal. A banner ad on your site or app is no more targeted than a poster in your branch. Sending homebuying tips or an article by your mortgage officer to a user whose new savings account is nicknamed “Down Payment” carries a lot more weight. So would sending information about your new life insurance partnership, or education savings plans, to a user who’s just been billed for a consultation with an obstetrician. 

User Experience for Your Own Staff

The user experience with Lumin Digital isn’t just better for your end users; it’s also gratifyingly simple for your back-room staffers who will administer it.

The back-office Admin tool, like the end-user software, is based on a cleanly designed dashboard. The options presented to employees will vary with their roles, with each seeing just that portion of a user’s information that’s necessary. Full navigation controls are always on-screen, so they won’t waste their time backing out of one module to go to another. Anything they need to use is always just a click or two away: Like the end users’ software, it’s fully and seamlessly integrated.

For example, call center support staff can view a user’s profile, verify their identity by sending a 2FA code, and then carry out common help desk tasks like resetting a forgotten password or checking recent or pending transactions. They can also click a single button to “View as Member,” so they’ll never have to ask a confused user to “tell me what you see on your screen.” They’ll just know, and be able to respond appropriately.

It’s Ready to Go — Now

The past few years have shown a heavy upswing in the use of digital banking technology. Credit unions and regional banks have been squeezed between low-cost fintechs on one hand, and big banks with their massive IT budgets on the other. The need for a competitive product for smaller institutions was already clear, but the COVID-19 crisis changed the timeframe.

Whatever your feelings about distancing and contact-free interactions, it’s inarguable that the virus has accelerated adoption of digital technology dramatically. Users want a product that has the features they need, and is available now. Other institutions can make that offer. If yours can’t, user loyalty will only buy you a finite length of time for playing catch-up.

Contact Lumin Digital today for a detailed discussion of what a move to the platform would entail, and how surprisingly painless it can be.