Three Northwest Credit Unions Team Up with Cozera to Improve Member Experience and Fraud Protection
Banking customers and credit union members everywhere have all, at some point, experienced the frustration of constantly repeating personal information and memory questions in order to verify their identity on calls, online, or in-person.
Cozera has developed a solution for credit unions that puts an end to this.
id-go is a private and portable digital identity service. This means that the credential is always current and valid, affording the highest degree of privacy for users, and could be used wherever and however users interact with their credit union — in-branch, via a call center, or through an online or video teller. Delivered through a user’s mobile phone, id-go puts members in control of sharing personal information such as vaccination proof, education certifications, passport info, and association memberships.
A simple, one-time enrollment creates a hassle-free experience for members as they quickly pass through a credit union’s verification screening. Users no longer have to constantly repeat the last four digits of their social security, mother’s maiden name, etc., for every call or visit to the financial institution. id-go creates a collection of user identity verifications that is always current and valid.
Strategic Link is pleased to announce it is partnering with Cozera to bring this new technology to more Northwest credit unions.
“A top-of-the-line secure authentication solution is vital for credit unions, especially as fraud and cybercrime continue to rise across the industry,” said Cameron Smith, Vice President of Strategic Partnerships and Resources. “Cozera’s digital identity credential, id-go, makes that authentication process fast and painless for credit union members.”
To better understand the needs and requirements of credit unions and their members, Cozera worked closely with Northwest credit unions Advantis, Rivermark Community, and Unitus Community to form a Technology Innovation Alliance (TIA) and Credit Union Service Organization (CUSO). Cozera and the TIA conducted pilot programs and received overwhelmingly positive reviews of id-go from credit union members.
“The id-go credential fulfills a need we couldn’t find with any other solution provider,” said Jason Werts, President and CEO of Advantis. “It was essential that Advantis and the other TIA credit unions partnered with a provider focused on delivering an exceptional service experience while also maintaining our high level of security and convenience. In our initial pilot testing, we found the average time savings to verify an identity using id-go through our member solutions center was 60%. Along with a more seamless verification process, that also translates into cost savings.”
Through the partnership, Cozera discovered “there was a real need by credit unions to achieve this consumer experience and security balancing act,” said founder and CEO, Abrar Ahmed, “We worked very closely with our credit union partners Advantis, Rivermark, and Unitus Community credit unions to develop the product, and they responded with investment and service contracts.”
Cozera employs an assortment of authentication methodologies using biometrics, cryptography, encryption techniques, and data sources to create the secure identity credential. The portability of the id-go extends beyond the applications within the financial market. As Cozera aggregates service providers from different industries, credit unions members will be able to conveniently use their id-go with companies in health care, travel, and telecommunications.