Launch Credit Union is using AI to streamline originations, fraud detection, cross-sale strategies and collections. 

Using AI-driven loan origination and account opening platform Clutch and risk management platform Alloy, the $1.5 billion credit union has fully automated 75% of new account openings without increasing fraud, Angie Crosby, vice president of project management office at Launch, told FinAi News.  

The credit union “implemented [Alloy’s] AI-powered Fraud Attack Radar, providing real-time actionable intelligence on fraud threats,” she said. “This enables us to act quickly before any loss is incurred.” 

Other financial institutions are also tapping Clutch and Alloy. For instance, Grasshopper Bank slashed manual reviews in its member onboarding process by 57% using Alloy, and Skyla Federal Credit Union reported 70% faster digital onboarding after implementing Clutch. 

Driving cross-sale growth 

Merritt Island, Fla.-based Launch Credit Union also uses fintech Kinective’s AI platform, which aggregates disparate data sources into a central repository. 

Launch has integrated Kinective’s predictive analytics tools into its frontline operations, contact center, digital services and lending center, Crosby said. 

“Prior to our deployment, we were utilizing a cross-sell tool that utilized only a few if-then statements and was not targeted to member behaviors, anticipating their needs,” she said. “We are currently in pilot with two branches, but early results may be showing a lift of 18% with their accepted cross-sells year over year starting last month.” 

Kinective’s Member360 solution gives Launch’s employees a “single pane of glass view” storing information, enabling a process that “otherwise would require them to log into ancillary systems to check the status of a loan application,” Crosby said. 

“This translates to quicker responses to members and improved member experience,” she said. 

Akuvo for collections 

Further, Launch uses fintech Akuvo’s AI-powered collections tool, yielding an average of $75,000 more in deposit account collections per month — $900,000 a year — without adding to headcount, Crosby said.  

With Akuvo, Launch members receive a text message with options to pay now, pay later or schedule a call, she said. “Each option has workflow for self-service and automatically updates the arrangement/confirmation in Akuvo.” 

Separately, Launch is piloting an internal AI portal that stores gen AI models in Microsoft tenant, allowing the credit union to control access and block unapproved sites, she said.  

As Launch deploys AI tools across operations, patience is key to overcoming organizational resistance and executing training, Crosby said. 

“Don’t boil the ocean — undergo one use case at a time,” she said. “Start small with quick wins to gain buy-in and support.” 

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