Case Study: Alliant Credit Union grows deposits and streamlines account verification with Plaid

Growing deposits while future-proofing for open banking

Alliant Credit Union, a fully digital financial institution, sought to move away from its manual microdeposit process for account verification, which was creating a frustrating member experience and operational inefficiencies. To prepare for future open banking regulation and enable faster, more secure financial access for its customers, Alliant decided to partner with Plaid.

By implementing Plaid's open banking APIs, including Plaid Core Exchange, Alliant replaced its legacy methods with instant, secure account verification. This solution dramatically improved the member onboarding process. The results for Plaid were significant: member complaints decreased by 20-30%, the number of members using Plaid surged from 30,000 to over 140,000, and new member accounts saw an average deposit of $8,000. This partnership provided a superior user experience and drove substantial deposit growth for the credit union.

Alliant Credit Union

Jigar Khatri

Technology Leader & Architect for Open Banking