Lumin Digital To Work With OneAZ For Digital Banking

PSCU company Lumin Digital has announced that OneAZ Credit Union has signed a multi-year commitment for Lumin Digital’s cloud-based platform to be the credit union’s (CU’s) digital banking solution, according to a press release emailed to PYMNTS.

Lumin Digital will provide customer and retail banking to over 145,000 OneAZ members when the CU launches on the platform in June 2021, the release stated.

OneAZ was founded in 1951 and now boasts over 20 branches under its services. The partnership with Lumin Digital will offer a “progressive and visionary partner” with an advanced digital platform and will serve to boost an experience for customers that is integrated with many existing programs, according to the release.

Sean Azhadi, senior vice president and chief information officer at OneAZ, said in the release that OneAZ’s goal is to “incorporate analytics data for its members by using a highly progressive and advanced platform.” That “led to our selection of Lumin Digital as our partner…”

“Our digital and analytics teams have already created a fantastic roadmap to customize the credit union’s interaction with each of our members on an individual basis — creating a personal and comfortable environment for our members to perform simplified and reliable banking functions, all while interacting with what is relevant to them based on their individual and customized financial needs,” he said in the release.

Lumin Digital President Jeff Chambers spoke with PYMNTS in June about the challenges facing CUs, including the 41.4 percent of CU members that said FinTechs pose a threat in the coming years. And 36 percent of CU members admitted to thinking that challenger banks offer easier-to-use, better services overall. In addition, as many as two out of 10 CU members said they’d be interested in using banking services coming from large tech firms.

To narrow the gap, CUs have been taking a look at how their digital banking offerings access contact centers and branch networks. The CUs have assets that challenger banks do not, including generational trust — although this will have to be earned anew with younger customers.