Red Canoe Credit Union Digital Account Opening Case Study

This case study examines Red Canoe Credit Union's efforts to enhance member growth through digital account opening by collaborating with Lumin Digital and Alloy. The document outlines the challenges faced by the credit union, including a low application completion rate and a cumbersome manual review process. It details the implementation of Lumin's Digital Account Opening solution, which integrates Alloy for identity verification and fraud detection. The study highlights the transition from a fully manual review process to an automated system, resulting in significant improvements in application processing efficiency and member engagement. Key metrics indicate an 81% increase in new online memberships, a rise in application submission rates from 36% to 71%, and a reduction in average application completion time from over eight minutes to approximately five minutes. Additionally, the case study discusses the impact of in-app marketing strategies that led to a substantial increase in secondary savings account openings, demonstrating the effectiveness of the new digital approach.