Case Study: TAPCO Credit Union grows online memberships and digital banking adoption with Lumin Digital

TAPCO Credit Union opens 20% of new memberships online with Lumin Digital

TAPCO Credit Union, a community-focused financial institution with over 31,000 members, faced a significant challenge: it lacked a digital path to convert its substantial community engagement into new memberships. Without a digital account opening (DAO) solution from their previous provider, potential members had to visit a physical branch, causing the credit union to miss out on growth opportunities. They partnered with Lumin Digital to implement its integrated digital banking platform to address this gap.

Lumin Digital's solution provided a seamlessly integrated digital account opening platform with native fraud tools via an Alloy integration. The results were substantial, with the digital channel becoming TAPCO's second-largest source for new memberships, accounting for 20% of new accounts year-to-date. The funded rate for new accounts rose from 68% at day 7 to 94% at day 90, operational staffing needs for DAO were reduced from 3 FTEs to 1, and overall digital banking enrollment grew from 51% to 72%. Lumin Digital's platform successfully enabled TAPCO to convert its community investment into measurable member growth.

TAPCO Credit Union