Strategic Link Partner, Illuma Labs, Wins Best of Show at VentureTech 2019
Voice authentication software provider helps protect members’ private financial information.
Highlighting the value and importance of technology that mitigates fraud, Illuma Labs earned the Best of Show award at VentureTech 2019, held in Plano, Texas, Nov. 13 and 14.
VentureTech is an exclusive, invite-only event that brings together credit unions, investors, and early-stage fintech solutions. Fintech companies from across the country pitch their credit union business solutions to industry investors in hopes of earning investment capital, which will enable them to bring their products and services to the credit union market.
Created by The Veridian Group, Open Technology Solutions, and CUNA Strategic Services, VentureTech recognizes rising fintech companies with products and services that give credit unions a competitive edge in the financial services marketplace.
“Instead of waiting for technology to come to market, VentureTech allows the credit union industry to be proactive in building its competitive advantage in the digital space,” said Nick Evens, President of The Veridian Group. “By recognizing and investing in promising fintech, we’re providing innovative, digital-first solutions that will drive the Movement forward.”
More than 32 companies applied to participate at VentureTech. The judging committee evaluated these submissions and narrowed the list down to 10 finalists. Each received 30 minutes to pitch their value proposition. Finalists were evaluated on a variety of factors, including market opportunity, ease of integration and implementation, and funding models. Strategic Link partner, Illuma Labs, came out on top.
“We are excited to win Best of Show at VentureTech and appreciate the NWCUA for nominating us,” said Milind Borkar, Founder and CEO of Illuma Labs. “We look forward to helping credit unions elevate the member experience in their contact centers, while also enhancing security against fraudsters and social engineers.”
Jason Smith, NWCUA VP of Strategic Resources, noted how exciting the positive early win is for Illuma Labs.
“It is gratifying to see Illuma labs receive this recognition,” he said. “They are a great example of how Strategic Link betaSpace partners continue to offer valuable solutions for credit unions.”
Many consumers choose credit unions over large banks because they enjoy the friendly and personal touch that is characteristic of credit unions. Voice authentication software helps to mitigate fraud while improving the member experience.
Illuma Labs’ flagship product – Illuma Shield – replaces archaic and intrusive authentication methods like PINs, passwords, and personal questions. It runs passively in the background to continuously analyze the unique characteristics of the speaker’s voice and calling device, resulting in significantly higher authentication accuracy achieved in a fraction of the time required by traditional authentication methods.
The Northwest Credit Union Association added Illuma Labs to its valuable lineup of credit union partners this summer. Since then, the fintech company has presented to members of Strategic Link’s Value Creation Taskforce, and it was a finalist at CU Pitch, which debut at MAXX 2019 in Spokane.