Array and Lumin Digital Join Forces for Financial Wellness

Array and Lumin Digital Join Forces for Financial Wellness

Array, a leading financial innovation platform, has recently announced an exciting partnership with Lumin Digital, a cloud-native digital banking provider. This collaboration aims to empower financial institutions by equipping them with a suite of advanced financial wellness tools. These tools will be integrated into Lumin Digital's banking platform, enhancing the overall customer experience.

The Need for Financial Wellness Tools

In today's complex financial landscape, consumers often struggle to manage their finances effectively due to the multitude of apps and services available. By partnering with Array, Lumin Digital aims to simplify this experience by providing institutions with solutions tailored for personal financial health. Array's innovative products can help users manage their finances more effectively, all from one central location.

Streamlined Integration into Banking Platforms

The products offered by Array are designed for seamless integration into existing digital banking frameworks. Financial institutions can deploy these essential tools quickly without the burden of extensive internal development. This efficiency not only saves time but also reduces costs, making it an attractive solution for various banks and credit unions.

Features of Array's Products

Among the offerings within this partnership is Array's My Credit Manager, which provides users with valuable insights into their credit health. Users can monitor their credit scores, receive alerts about changes, and even simulate credit score impacts based on their financial decisions. Moreover, financial institutions utilizing this tool have recorded increased engagement, with an average of 2.2 monthly return visits from users.

Empowering Financial Institutions with Offers Engine

Another standout feature is Array's Offers Engine, a solution that leverages credit data to present personalized offers to users. By matching users with suitable credit products, financial institutions can enhance their marketing efforts significantly. This targeted approach has shown to increase email engagement rates and, in some cases, boost personal loan amounts significantly.

Enhancing Security and Monitoring

Security is a paramount concern in today’s digital age. Array addresses this with its ID Protect product, which offers identity monitoring services that safeguard users against potential fraud. Features like dark web monitoring and identity theft restoration ensure that users' personal information remains protected. Many clients have reported high retention rates, as users recognize the value of these security features in their financial journeys.

Subscription Management Made Easy

Array's Subscription Manager is another prominent solution that aids customers in managing their recurring payments. This tool allows users to oversee all their subscriptions at a glance and take actions such as canceling low-value services. This control ensures that users can make informed financial decisions and even request assistance in negotiating better rates on select subscriptions.

Looking Ahead: Digital Banking Innovations

The partnership between Array and Lumin Digital signifies a substantial step forward in digital banking innovations. As financial institutions strive to meet changing consumer expectations, leveraging Array's product suite can help them stay competitive in an evolving landscape. Mario DeLecce, Head of Partnerships at Array, highlights the importance of this collaboration in strengthening customer relationships and enhancing overall user experience.

About Array and Lumin Digital

Array is rapidly emerging as a key player in financial technology, committed to delivering innovative solutions to clients across various market segments. With a focus on enhancing user engagement and financial literacy, Array supports its clients in offering compelling financial products. On the other hand, Lumin Digital provides a future-ready digital banking solution for financial institutions, empowering them to innovate and scale effectively.

Frequently Asked Questions

What is the goal of the Array and Lumin Digital partnership?

The partnership aims to equip financial institutions with advanced financial wellness tools to improve customer experiences.

How does Array's My Credit Manager benefit users?

This tool helps users understand and manage their credit health with features like score monitoring and alerts for changes.

What services does Array's ID Protect provide?

ID Protect includes identity monitoring, insurance, and restoration services to safeguard users from fraud.

Can financial institutions customize Array's products?

Yes, Array's products can be seamlessly integrated into existing banking platforms, allowing for customization to fit specific needs.

How does the Subscription Manager work?

This tool allows users to manage their subscriptions efficiently, offering insights and the ability to cancel low-value subscriptions easily.

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