Array and Lumin Digital Announce Partnership To Help Financial Institutions Deliver Financial Wellness Tools Within Lumin Digital’s Digital Banking Experience
Array, a leading financial innovation platform, announced a partnership today with Lumin Digital, a leading cloud-native digital banking provider. Through this partnership, Lumin will now offer a suite of Array’s products, including My Credit Manager with Offers Engine, Identity Protect, Privacy Protect, and Subscription Manager, as part of its Financial Wellness Monitoring suite for financial institution customers.
The complexity of consumers’ personal financial ecosystems can make it difficult for them to effectively manage their finances – especially when they are spread across many apps and institutions. Array’s innovative product suite aims to help financial institutions equip consumers with financial health tools that enable them to understand and more effectively manage their financial lives – all from a single place. The suite of embeddable products can be seamlessly integrated into a Lumin customer’s existing digital banking platform, allowing for the quick deployment of financial tools without exhausting internal resources through costly and time-consuming development processes.
“Bank and credit union customers have evolved regarding what their financial institution should offer within its digital experience,” said Sean Weadock, Chief Product Officer for Lumin Digital. “Through our partnership with Array, our community of banks and credit unions can now bundle full-featured credit management with ID and privacy protection products within their banking experience platform. This increases accessibility to these must-have features and the efficiency at which institutions can deliver highly innovative digital solutions to meet their customers’ needs while reducing overall costs.”
Array’s My Credit Manager with Offers Engine lets users view, understand, and manage their credit information. They can receive score change alerts, interact with a score simulator, and view credit score factors and debt analysis components. With this product, financial institutions see an average of 2.2 return visits per month. Array’s Offers Engine, an embedded data and workflow solution, helps financial institutions market their services to account holders with actionable offers based on the user’s credit-data attributes. They are then matched to appropriate credit products, resulting in greater relevance and likelihood of approval. Through this service, financial institutions have seen a significant increase in personal loan email opens, and, in some cases, have boosted personal loan values by 3x-4x.
Array’s ID Protect includes identity monitoring, insurance, and restoration services that help keep users safe from fraud, and features dark web monitoring, alerts, and identity theft restoration services. This product demonstrates exceptional retention, with one Array client achieving a 96% retention rate as users increasingly recognize security features as essential tools for protecting their personal information. Users will also have access to Privacy Protect, which offers the most effective data removal for consumers – having removed more than 200 million records to date and assisting more than 4 million individuals.
Finally, Array’s Subscription Manager is an embeddable, private-label app that helps financial institutions, fintechs, and digital brands attract and retain customers by providing insight into and control over recurring payments. It is available in various models, including as a value-added service, a premium upgrade, or other options. With the new tool, users can monitor their subscriptions in a single, consolidated view, and cancel unused or low-value subscriptions with just a single click. Additionally, users can request that Array negotiate a lower rate on select subscriptions on their behalf, and consolidate their subscription management with other financial services.
"Lumin accelerates the process of digital banking innovation and product deployment for financial institutions, and this strengthens customer relationships over the near and long term,” said Mario DeLecce, Head of Partnerships at Array. “While banks and credit unions are competent in delivering superior customer service in person, digital banking acumen remains a challenge. Lumin is helping these institutions navigate the digital customer experience, prioritize the products that have a client's needs as the core focus, and find initiatives that deliver the most value. We are fortunate they have chosen our products to assist customers and members to achieve better financial health and wellness.”
