Cloud Banking

Lumin To Provide Digital Banking Services To Texas Credit Union

Lumin To Provide Digital Banking Services To Texas Credit Union

Lumin Digital has inked a multi-year deal that will have the company providing its cloud-based digital banking platform to Texas-based Shell Federal Credit Union. “Shell FCU will have more than 70,000 active users when it launches on the platform, which is slated for February of next year,” a press release said.

“In looking for partners, we found Lumin Digital offers an innovative product that is constantly evolving, making it easy to implement refinements whenever we want without forcing downtime,” said Willie Lewis, vice president of projects at Shell FCU. “Our staff immediately felt an emotional connection with the product – the design and its focus on member engagement were key factors in our decision.”

San Ramon, California-based Lumin said that it provides a tightly integrated and customized experience that matches the offerings available from larger financial institutions (FIs) and helps credit unions “deepen relationships” with their members.

“We look forward to helping the credit union effectively serve its members through the new platform,” said Jeff Chambers, president of Lumin Digital.

According to the release, the company, which was founded by FinTech experts, “continues to drive innovation in the digital banking space, differentiating itself through technology built for human connection.”

Lumin is a PSCU company. The Florida-based PSCU serves as a credit union service organization (CUSO) for payments. The organization “supports the success of 1,500 credit unions representing more than 3.8 billion transactions annually,” the release noted. Lumin Digital’s offering is integrated into a wide array of PSCU’s operations, including card services, rewards management and data analytics.

Chambers noted in a June interview that credit unions can more than hold their own against the competition. He pointed out that they have assets that challenger banks don’t, including trust built up over the years and brick-and-mortar banking offices.

Other successes this year for Lumin include digital banking deals with the Vermont State Employees Credit Union and First South Financial in Tennessee.



About: Accelerating The Real-Time Payments Demand Curve:What Banks Need To Know About What Consumers Want And Need, PYMNTS  examines consumers’ understanding of real-time payments and the methods they use for different types of payments. The report explores consumers’ interest in real-time payments and their willingness to switch to financial institutions that offer such capabilities.