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Illuma

Illuma is a Credit Union Service Organization (CUSO) and R&D company headquartered in Plano, Texas. We deliver real-time voice authentication and fraud prevention solutions for credit unions and community banks through our flagship product, Illuma Shield™. Improving Caller Experience, Operational Efficiency, and Account Security With Illuma Shield™ the authentication portion of the call is reduced by 80% or more as callers are identified by an AudioPrint™ using unique characteristics of their voice and device. - Illuma Shield™ brings the brick-and-mortar experience to the contact center. Callers get a warm and personal interaction where they don’t have to jump through hoops to prove who they are. - This system allows agents to reduce the part of the call that tends to cause the most frustration and delays, enabling them to help callers with their questions, concerns, and transactions faster. - Voice biometrics are far better for fraud prevention than even the most extensive security questions. Generating a false positive that misidentifies someone other than the account holder as a match is extremely difficult. Frictionless Authentication from the Start Our passive voice authentication system works seamlessly in the background. - Deployment takes weeks, not months - More than 95% of those invited to enroll say, “Yes!” - 100% of agents say the system is easy to use Bringing Big Bank Technology to Community Financial Institutions on a Budget Credit unions and community banks that want to be ahead of the curve with FinTech partner with Illuma Labs to deploy state-of-the-art technology that features the latest in voice biometrics, AI, and Machine Learning. Illuma Shield™ has been showcased at multiple premier FinTech events such as FinovateSpring and FinovateFall and won Best in Show at VentureTech 2019. Illuma Labs is the exclusive provider for CUNA Strategic Services and has industry endorsements in 34 U.S. states.

http://www.illuma.cx
11-50 employees

Growth Trajectory

Illuma demonstrates strong growth potential through its expanding list of integrations, focus on AI and machine learning advancements for improved accuracy, and market expansion into IVR systems. The company's focus on affordable and easy-to-use solutions for community financial institutions positions them well for continued growth within this market. Furthermore, their recent $9M Series-A funding indicates strong investor confidence in their future.

Technical Challenges

Tech Stack

Team Size

Key Risks

Increased competition from larger voice biometric solutions targeting larger banks.
Potential data breaches compromising sensitive voice biometric data.
Evolving social engineering fraud attempts bypassing current security measures.
Stringent and changing privacy regulations impacting voice biometric data collection and usage.
Technical debt accumulation due to rapid feature deployment to meet market demands.

Opportunities

Expanding the use of voice authentication in IVR systems to further reduce call handle times and improve customer experience.
Developing advanced AI and machine learning algorithms to enhance the accuracy and reliability of voice biometrics.
Offering a fraud tagging feature to mark repeat offenders and share AudioPrints™ nationally to protect more consumers.
Leveraging Illuma-Generated Data for research, analytics, and benchmarking to improve security and service quality.
Forming strategic partnerships with telephony and contact center platform providers to expand market reach.
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