In today’s digital age, credit unions face the challenge of providing exceptional member experiences while safeguarding against increasingly sophisticated fraud threats. With rising member expectations and a growing need for enhanced cybersecurity, credit unions need a solution that not only meets but exceeds these demands. Enter MemberPass™—the first KYC-compliant, member-controlled digital credential solution, transforming the way credit unions engage with their members.

Elevating Member Experience: Convenience Meets Security

For credit unions, trust and personalized service drive member loyalty and satisfaction. A 2023 survey shows that 68% of consumers prioritize security and convenience in their financial services, with 88% indicating they would switch providers if their security needs weren’t met. MemberPass™ for Credit Unions delivers this convenience, offering a seamless and secure way for members to verify their identity, bypassing traditional security hurdles.

Through MemberPass™, members can authenticate instantly with a secure digital credential stored on their smartphones, elevating the credit union member experience. This streamlined approach speeds up verification and enhances interactions across channels—whether online, in the call center, or in-branch—making it smoother, faster, and safe.

Preventing Fraud: A Fortress of Security

Fraud prevention is crucial for credit unions, as global fraud losses are projected to exceed $40 billion by 2027. Standard identity verification methods like passwords and security questions are proving insufficient against modern cyber threats. MemberPass™ leverages decentralized identity verification technology, creating a secure and tamper-proof digital identity that is virtually impossible for fraudsters to duplicate.

With advanced decentralized identity verification, MemberPass™ reduces the risks of account takeovers and data breaches, which cost financial institutions an average of $4.24 million per incident. This results in a more secure environment, safeguarding members and credit unions alike, while minimizing risks and maintaining member trust.

Boosting ROI: Cost Efficiency and Member Loyalty

Investing in MemberPass™ for Credit Unions isn’t just about security and convenience—it’s a smart financial decision. Automated verifications reduce processing costs by up to 60% and improve service efficiency by 80%, translating to cost savings. Enhanced security also reduces financial losses from fraud, saving credit unions the expenses related to data breaches, fines, and legal fees.

Moreover, credit union loyalty strategies are significantly strengthened with MemberPass™. Members who feel secure and valued are more likely to stay with their credit union, engage with more services, and recommend it to others. Studies show 77% of consumers are more loyal to institutions that prioritize security, meaning MemberPass™ isn’t just a security measure—it’s a loyalty driver that supports a healthy bottom line.

A Future-Proof Solution

As the financial sector shifts further into the digital realm, MemberPass™ provides a future-proof digital credential solution built to adapt with emerging technologies and regulatory changes. This flexibility ensures that credit unions can stay ahead in the evolving landscape of financial services.

The MemberPass™ Advantage

For credit unions focused on reducing costs, increasing security, and building member relationships, MemberPass™ is the digital credential solution of the future.

Contact us today to learn more about MemberPass™ or watch MemberPass™ in action!

Sources

  • IBM Cost of a Data Breach Report, 2023
  • PwC Financial Services Fraud Survey, 2023
  • IgniteFI, “Fintech Strategy and Market Support,” IgniteFI.com