Related Article What’s a Digital Lending Ecosystem and Why Should Banks Care? Integrationīecause the platform will be made available first to credit unions, Lumin will be focused on integration to key CU core platforms (Symitar is first) with hopes to be in beta by the end of the year. Given the timing for full launch (2019), we worry that by the time the product is in full production, the big banks will have moved on to the next level and will be further expanding their digital advantage. The new platform, while better than most third-party providers in the market, is very similar to existing big bank platforms. The cloud-first architecture and responsive design are unlike anything credit unions have available today and should provide a competitive value prop when compared to other market digital solutions.
This is a game changer in terms of digital options for credit unions because of the inherent integration to the card processor that is available without API. We thought it would be fun to play good cop/bad cop with our reaction to the announcement. This small but mighty company includes key players from the industry with experience in building digital systems. The platform is said to provide an integrated digital experience that connects card processing, bill payment, core data and more into a “seamless and integrated solution.” PSCU is touting the solution as truly member first, not digital first. The new platform is built for the cloud with single page technology responsive design for online and mobile usage. We hope banks will take notice and push their digital vendors to develop something similar for their cardholder experience. The Payments GonzoBankers have just returned from the PSCU member forum and the biggest announcement (among many) was the launch of Lumin Digital, a new digital banking platform that is currently available only to credit unions.Ī key item to understand is that while Lumin is a PSCU company, it isn’t necessary to be a PSCU client to utilize the product. As with any new technology, it all comes down to the execution.
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