Patelco | TeleSign

GROWS ONLINE BANKING--NOW REACHING ALL MEMBERS AT LOWER COSTS

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"A hassle-free service experience is one of our top goals at Patelco. By adding Voice Verify we are now able to deliver OTP security tokens to all members regardless of phone type or data connectivity issues, which has increased member satisfaction and online banking adoption."

NILENDU SAHA, DIRECTOR,

Software Engineering And Enterprise Architect, PATELCO


Patelco Credit Union has been working towards a clear vision of becoming the preeminent credit union that helps its members achieve financial freedom through innovative products and services, trusted value, high reliability and a hassle-free service experience. Patelco focuses on protecting member account access from cyber criminals who attempt to compromise online accounts and complete fraudulent transactions.


Challenges

Patelco’s authentication process allowed for members to receive an OTP security token via email or SMS-based text message to a member’s on-file phone number. Many Patelco members were unable to complete the authentication process because they were not receiving their OTP security tokens.

Solution

Patelco chose to enhance their MFA security system to include the option of sending OTPs over voice call using TeleSign Voice Verify, since every phone number is capable of receiving a phone call. Voice Verify has helped Patelco maintain FFIEC compliance and securely protect account access for its members.

Key Benefits

INCREASE IN THE NUMBER OF SUCCESSFUL LOGINS AND COMPLETED HIGH-VALUE TRANSACTIONS

ENSURED ABILITY TO REACH ALL MEMBERS AND AT LOWER COSTS WITH VOICE AUTHENTICATION METHOD

IMPROVED MEMBER USABILITY AND EXPERIENCE, RESULTING IN INCREASED GROWTH IN ONLINE BANKING

With assets now totaling $5 billion and 300,000 members nationwide, Patelco is among the largest credit unions in the nation today. As a not–for–profit, full–service financial institution, what they earn, they return to their members in savings from lower loan rates, fewer fees, and personalized service that focus on transparency, simplicity, and trust. Patelco is federally insured, and dedicated to helping its members and communities prosper.

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