Lumin Digital gets $70 million from bank, credit union users

Lumin Digital just secured $70 million in funding to upgrade the technology behind bank and credit union lending. This matters to you because it signals a major shift in how your local financing partners will handle loan approvals. The company plans to use this capital to double down on AI-driven data and digital loan origination tools. For a retail operator, this means smoother, faster financing experiences for your customers at the point of sale. Instead of clunky, manual application processes that can lead to cart abandonment, this technology aims to make credit unions more competitive with big-box national lenders. It automates the 'behind-the-scenes' work of checking credit and verifying identities. This investment specifically focuses on better data use, which often leads to higher approval rates for your customers without increasing the bank's risk. Expect your local credit union partners to offer more modern, mobile-friendly financing interfaces in the near future as these tools roll out across their networks.

Source: American Banker — Top News

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