Laboratories Credit Union and Moroku partner to revolutionise Digital Identity Services

Laboratories Credit Union (LCU) and Moroku, a leading fintech innovator, are reshaping the landscape of digital identity services. This latest instalment of the strategic partnership, following the recent announcement and go live of digital lending, empowers members, enhances security, and prepares LCU for upcoming legislative changes.

Digital Identity Made Simple

Traditionally, proving one’s identity involved cumbersome paperwork and physical visits to branches. With this groundbreaking collaboration, those days are over. Here’s what members can expect:

1. Seamless Digital Identity Verification: Members can now establish their digital identity without stepping foot in a branch. The process is secure, efficient, and accessible from anywhere.
2. Conditional Approval within Minutes: In collaboration with Frankie One, Moroku’s cutting-edge technology analyses data swiftly. Within minutes, members receive approval for their digital identity, streamlining access to services.
3. Privacy and Security: LCU ensures customer information remains private and protected. The system lays the foundation for a range of identity services that will make system access more secure and hassle-free.

Preparedness for Legislative Changes

The Australian government’s recent consultation paper on scams and mandatory industry codes underscores the need for robust digital identity solutions. LCU, in collaboration with Moroku, is proactively aligning with these anticipated changes. Numerous bank specific obligations are likely including the requirement for banks to implement strong processes for identity confirmation and transaction legitimacy.

Helen Lorigan, CEO of Laboratories Credit Union (LCU), said, “Our commitment to secure, customer-centric solutions drives this collaboration. Digital identity services are pivotal in today’s landscape, and we’re proud to lead the way.”

Colin Weir, Co-Founder and CEO of Moroku, added, “Moroku’s expertise in fintech innovation complements LCU’s vision. Together, we’re empowering Australians with secure digital identities and engaging digital banking experiences.”