Alliant Credit Union is looking to create value for its customers by offering digital solutions that traditional banks don’t offer.  

The $20 billion digital-only financial institution is on track to deliver more than $500 million in savings this year to its members than if they were banking at a traditional financial institution, Sumeet Grover, chief digital officer at Alliant, told Bank Automation News. 

“If I translate that at a member level, you would be saving over $980 this year just by banking with us versus a traditional bank,” he said. 

A 2024 survey of 3,000 global banking consumers showed that 71% of its consumers prefer to use mobile apps for banking because they offer real-time solutions, according to data from analytics company Sinch. 

Mobile banking offers: 

• Mobile deposits; 

• Quick transfers; 

• Expense tracking; and 

• Real-time access. 

Chicago, Ill.-based Alliant grew from a $13 billion company in 2021 to a $20 billion company this year, Grover said. 

While it originally built its digital solutions in-house, the credit union has tapped fintechs to streamline its digital portfolio as it grows, including: 

• Plaid, which allows access to tools and banking apps without individual logins; and

• Mantl, which offers digital account-opening solutions.

Access to more digital solutions offers added security and safety, Grover said. 

“We take advantage of native features [through] mobile devices via multifactor authentication,” Grover said. “So, we feel great about real-time alerts. It keeps me on the go. If there’s a dispute or a card swipe that doesn’t go through, I can interact through chat or other features that my bank or financial institution or credit union might offer, so that enhanced security makes life easier.” 

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