Credit unions and banks can save a massive 20,000 minutes a month – which translates to about 4–5 staff members’ time – by implementing a single data privacy solution.
That’s the startling message our Anonyome Labs’ sale team had for popular credit union talk show host, Mike Lawson, at the credit union advocacy conference, GAC 2024, in Washington D.C. earlier this year.
Mike’s CU Broadcast welcomed us on to discuss Anonyome Labs’ revolutionary identity verification solution, reusable credentials, and why it’s now so important that financial institutions embrace this highly innovative technology to keep member data safe and savvy consumers happy.
Listen to the CU Broadcast episode
We had 6 a-ha moments for Mike during the CU Broadcast episode
- There’s a gap in the Know Your Customer (KYC) process that we can fix right now. Current onboarding and KYC requirements demand loads of personal information from new customers, which takes a long time to process and is at risk of data breach. What’s more, many credit unions are still manually processing onboarding data, which causes friction, turns off time-poor and tech-savvy consumers, and is open to fraud. Some key problems here are that 80% of us don’t know where our local branch is anymore; every transaction with a credit union requires the member to hand over different pieces of their personal information (e.g. mother’s maiden name, drive license etc.); data breaches are rampant; and consumers are increasingly questioning why companies need so much of their personal information to access services.
- Anonyome Labs’ market-leading reusable credentials can solve these problems effortlessly. The new technology replaces disparate, traditional processes with a single cryptographically protected digital ID that is persistent, irrefutable, and customer-controlled. With a reusable credential, the customer only has to verify themself once, and the same credential ecosystem creates proof of identity for any of their interactions with the credit union. Reusable credentials leverage groundbreaking decentralized identity and blockchain technology to secure the information and, conveniently, the customer stores their credential on their mobile device. Nothing could be simpler.
- Reusable credentials save financial institutions about 20,000 minutes a month in staff time. This is a big one! Instead of all that double handling of data and slow manual processes, a reusable credential streamlines the member’s experience in today’s fast-paced and data-driven environment, potentially shaving a minute-and-a-half off each member’s verification time and saving around 20,000 staff minutes a month. The time savings add up to the equivalent of about four or five, even six, staff members that a credit union wouldn’t have to hire, which is significant, especially now when staffing is a pain point.
- It’s crucial that credit unions realize the power they have in member data. As host Mike Lawson pointed out in the episode, “Credit unions have more data on their members than Amazon has on their customers!” He also noted that credit unions list data protection as one of their top 3 concerns. We agree, which is why Anonyome Labs’ solution can be very beneficial for the credit union because we can reduce fraud and optimize onboarding time. It’s a cost saving, it’s fraud prevention, and it’s safer. It’s an absolute win-win across the board.
- Most credit unions want to make an impact or change, but they don’t know where to start. We say: Start with onboarding! Customers are now in a world of instant gratification. A clunky onboarding experience will lose you customers. Think about college students opening accounts for the first time. They’re a key audience, onboarding is their first impression of the financial institution, and they have little or zero tolerance for friction. Reusable credentials are the answer. And once you have improved your verification processes, we recommend looking next at optimizing loan processes.
- This technology might sound new to banking, but Anonyome Labs has been pioneering in the area for 10 years. Decentralized identity (the technology underpinning reusable credentials) sounds complex, but it’s really just about giving the customer control of their information so they get to decide what they share and with whom. We have about 20 patents around this technology. In the ep., Mike wrapped things up by observing: “Anonyome Labs is striking the balance between security and convenience.” We agree!
Thanks Mike Lawson for having us on your couch during the recent GAC 2024—the biggest credit union advocacy event of the year, hosted by America’s Credit Unions! Our sales team enjoyed walking the floor and meeting folks at this important industry event.
Anonyome Labs is the leader in proactive identity protection technologies. From verifiable credentials to VPNs and encrypted communications, we leverage our cryptography and blockchain technology expertise to take data privacy and security to the next level. Check out our podcast, Privacy Files, to hear what your peers and experts are saying about the state of member and consumer privacy in real time.
If you’d like to get started with reusable credentials or other privacy and security solutions, get in touch today!
