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November 9, 2009 - November 13, 2009
General News
* Bradford-Scott Adds New Core Processing Client
* Open Solutions & uMonitor Enter into Reseller Agreement
* Amplify Invests in Econiq’s Frontline Sales Effectiveness Solution
* Fiserv Announces New Person-to-Person Payment Service
* CU*Answers & Firethorn to Deliver Mobile Banking Services
Bradford-Scott Data, currently supporting more than 160 credit unions in 15 states, announced that it has been selected by Baraga County Federal Credit Union to replace their current core solution. Bradford-Scott, a provider both in-house and service bureau solutions, distributes the Sharetec System from Minnesota based Sharetec Systems.
Open Solutions, a leading provider of integrated enabling technologies for credit unions throughout the United States, Canada and other international markets, and uMonitor, an innovative financial solution services provider for member acquisition and retention, announced a reseller agreement at BAI’s Retail Delivery Conference and Expo. This agreement enables Open Solutions to directly sell uMonitor’s online account opening and funding, funds transfer, account management and switch kit solutions to its credit union clients.
Amplify, a leading credit union based in Austin, TX, has invested in a new frontline sales effectiveness solution from Econiq. Econiq says that their solution has proven to deliver a 20% plus uplift in frontline sales for credit unions. The solution will be used throughout the Amplify organization – from managerial staff to frontline employees - and will be deployed across its network of branch and call center operations.
Fiserv, a leading global provider of financial services technology solutions, announced plans for a new personal payments service that will enable individuals to quickly and easily send or receive money person-to-person using their existing online banking relationship. The service will be made available to the more than 3,100 financial institutions in the Fiserv online payment network, linking users with their friends, family, neighbors and colleagues.
Firethorn, a Qualcomm company, and CU*Answers announced that the credit union service organization has selected Firethorn’s Mobile Banking application and SMS service for its more than 165 credit unions. Through the application, members can check their balances, pay their bills, transfer funds and receive offers all from their mobile phones. CU*Answers represents more than 1.5 million members with more than $10 billion in credit union assets.
Hardware News
SonicWALL recently started shipping new firewalls to replace the low-end of its product line. The new firewalls are the TZ100, TZ200 and TZ210. The TZ200 costs $400 to $450, while the TZ210 costs $600 to $750. The TZ200 and TZ210 (and TZ100 as well) are sold without per-user or per-node limits. Both models are normally sold with a year's software support, content filtering, antimalware, and IPS subscription for about $150 to $200 a year.
Lenovo introduced its first ThinkCentre all-in-one desktop PC made for businesses, featuring Intel Core 2 Duo processors, Windows 7 and a $499 price tag. Lenovo says the ThinkCentre A70z saves 70 percent more space, consumes less power and uses less cables to get the job done. The system also includes a Power Manager TVT application for remote deploying of power schemes and global settings.
Solid state drives (SSD) technology has been around for decades and has become more popular in laptops and desktops. Increasingly, organizations are looking at moving to SSDs in their data centers. However, not all solid state technology is built the same. We will cover some critical hardware and software considerations for SSDs in the December issue of Credit Union tech-talk - subscribe today.
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Hardware Section Sponsored by
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Software Updates
More and more vendors are giving away applications in the short term and hoping to get IT Departments to upgrade to the full featured version in the long run. For example, IT search software maker Splunk recently made available a free downloadable version of its Splunk 4 software. The free download includes all of the features of the company’s enterprise version of Splunk 4 for 60 days and allows IT managers to index 500 megabytes of searchable IT data per day. Following the 60-day period, IT managers can choose to convert to a Splunk Free license or purchase an Enterprise license to continue taking advantage of the multi-user deployment and get full support.
Many IT Departments are frustrated by desktops, which can be an endless source of security and management headaches. One of the most promising technologies for circumventing these issues is hosted virtual desktops that combine a standard image that runs on an easily administered back-end server with a separately delivered personalization layer that may include the user's custom settings, data, and even personal applications. We will discuss the pros and cons of hosted virtual desktops in the December issue of Credit Union tech-talk - subscribe now.
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Software Updates Sponsored by
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ATMs/Kiosks
NCR is touting the benefits of their patented two-sided thermal (2ST) printing technology that is installed on all NCR SelfServ 20- and 30-series ATMs. NCR says that by being able to print to both sides of the receipt, simultaneously, there is 45% less paper used. ATMs with 2ST printers also can print intelligent deposit receipts up to 73% faster than competing technology, NCR claims.
At the recent ATM, Debit & Prepaid Forum in Las Vegas, a number of ATM manufacturers, including Wincor Nixdorf and Nautilus Hyosung, demonstrated card-dispensing functionality for the ATM. Better ATM Services has partnerships in place with Diebold, Triton, and Wincor Nixdorf to deploy their solution which uses an ATM’s cash dispenser or cash tray to print prepaid cards, with no need to upgrade the ATM's hardware.
Despite bottom-line pressures, soma ATM experts are convinced that credit unions must get serious about improving their ATMs, particularly in terms of upgrading them to accept envelope free deposits. We will explain their convictions in the December issue of Credit Union tech-talk - subscribe today.
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ATMs/Kiosks Section Sponsored by
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Biometric Digest Highlights - WWW.BIODIGEST.COM
Voice biometrics is a technology that verifies the identity of a caller by matching the resonance and pitch of his or her voice (the 'voiceprint') to a database of pre-recorded phrases. TradeHarbor, a provider of voice authentication services, recently partnered with Convergys and Voxeo, both providers of interactive voice response (IVR) solutions and services. The deals are similar: TradeHarbor will supply its VSS system to both Convergys and Voxeo.
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Wireless World
California-based ClairMail Inc., a provider of mobile banking and payments solutions, has rolled out an end-to-end mobile banking adoption services offering that includes best practices across all phases of the mobile banking adoption lifecycle, including planning, implementation, marketing and analysis. The company also says the solution provides additional value-added services to its mobile banking platform, including multichannel enrollment capabilities.
A company called Tranzfinity has introduced a device called Myztro (pronounced maestro) that adheres to the back of a smart phone and allows consumers to conduct financial transactions by waving their smart phones across a terminal. It also serves as a platform for receiving personalized offers, discounts and electronic coupons from selected vendors. Myztro uses Near Field Communications, a short-range wireless communication technology that enables exchange of data between devices at a distance of up to 4 inches. It appears that Visa and MasterCard are in no rush to certify the devices which limits Myztro’s traction in the market to agreements with individual merchants and prepaid credit card companies until Tranzfinity can be certified for Visa’s PayWave and MasterCard’s PayPass — both electronic payment systems — which it intends to do.
CO-OP Financial Services has added the Apple iPhone to the roster of devices that can use CO-OP Mobile banking software. Now, credit union members using iPhones can download the “CO-OP” application from the Apple iTunes Store to start performing mobile banking activity. Meanwhile, PSCU Financial Services also announced that they have made their mobile banking platform even more convenient with the launch of new iPhone and iPod Touch applications.
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Security Section
According to the FDIC, financial institutions should be on the lookout for money mules depositing funds stolen via electronic file transfers. Security researchers say that money mules often are hired under the guise of phony "work-at-home" schemes and then end up wiring illicit funds to Eastern Europe. Examples of possible money mule operations include: an account suddenly adds large EFT deposits; sending and receiving funds electronically that are related to business or employment found on the Internet; a new account that is highly active with large dollar amounts or numbers of EFTs; when an account receives a funds transfer and then shortly thereafter sends wire transfers or cash withdrawals at 8 to 10 percent less than the original transfer; and accounts opened by foreign exchange students. ACH fraud is real - so real in fact that it contributed to the demise of Dwelling House Savings and Loan, a 120 year old minority-owned institution in Pittsburgh. Cyberthieves siphoned off some $3 million to $4 million via fraudulent automated clearing house transactions over more than a year.
According to security trend reports from Microsoft and McAfee, scammers are targeting social networks with phishing scams and relying more heavily on worms and Trojans to attack computers. Trojans, including rogue security software, remained the most prevalent category of threats, while Microsoft statistics show that worms rose from fifth place in the second half of last year to become the second most prevalent category. Meanwhile, McAfee's report showed the U.S. as the top country when it comes to the number of compromised computers that are zombies used in botnets.
Online security vendor Trusteer announced that Frost & Sullivan, a leading global technology research firm, has awarded the company the 2009 European Web Fraud Prevention Product Innovation of the Year Award. Frost & Sullivan recognized Trusteer and its Rapport browser security service for market leading innovation and technological excellence.
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Leaders Roundtable
Core Systems:
Helping CUs Focus on Opportunities
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Technology and Marketing
Pitney Bowes Business Insight, providers of location and communication intelligence solutions, has released PERFORM.360, a web-based portfolio of applications that blends branch network design, performance analytics and sales management tools. The platform is designed to help credit unions maximize market coverage and optimize sales resource deployment. PERFORM.360 is designed to determine the true market potential of each location, such as branches, and advises credit unions on how to set more accurate, attainable goals. The firm says that PBBI insight permits credit unions to optimize branch staffing, locations, services and performance.
WhereMembersDrive.com, an online auto buying service designed for credit union members, is allowing Colorado credit unions to post recently repossessed cars to their members, who can purchase these cars at affordable prices. The full-service auto buying service also is allowing credit union members to list their personal used cars for sale to other members.
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Online Banking/E-Commerce/Website Design
Despite the increased consumer adoption levels for Internet banking and online bill payments, a recent survey shows that consumers continue to manifest reluctance when it comes to using the online channel for savings and investment activities. The survey, carried out by Datamonitor, indicates that only 43% of interviewed global online users are registered to use online savings platforms. While growth has been positive, there remains ample room for further development in all markets. The research also shows that online savers are usually sophisticated, affluent consumers, characterized by a greater willingness to make their own financial decisions.
A U.K. security company is giving credit unions free security software that it says can block malicious software from manipulating online banking transactions or stealing data, even if the computer is infected. The product, called SafeOnline, comes from Prevx, a security company in Derby, England. The module is designed to offer an additional layer of security for secure browsing sessions conducted with SSL (Secure Sockets Layer) technology. SafeOnline installs its own kernel-level driver on Windows PCs. During a secure browsing session, all information from the keyboard is routed through that driver, which defeats attempts to record keystrokes or other interference, says the company.
Card Analysis Solutions is developing a website where credit unions can register their card programs for free. They say that they are facilitating the registry as an independent advocacy effort dedicated to pointing consumers to credit unions. Additionally, the site will offer a ranking system to identify credit unions with the best card programs as assessed by Card Analysis Solutions. All credit unions are eligible to be listed on this registry regardless if the rates are fixed or variable.
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Internet Access
According to the Aberdeen Group, unified communications (UC) delivers measurable business value. Their report, "Unified Communications: Gaining a Competitive Advantage While on the Move," says that 79% of organizations surveyed achieved a break-even return on their UC investment within the first 12 months. The savings was realized by streamlining internal and external communications, maximizing telecom spend, increasing productivity through improved collaboration, and reducing customer churn through increased customer responsiveness.
A new IP-PBX built on commercial off-the-shelf hardware and the Linux OS is now available from eOn Communications. The “eConn” IP-PBX, for TDM and VoIP, scales from small organizations with as few as 10 employees to enterprises with as many as 1,000 employees. It runs the company’s suite of unified communications and unified messaging applications. Rounding out the system, which is well suited for connecting geographically dispersed offices, are eOn's eNterprise 7000 series IP telephones, audio conferencing units, analog sets and third party SIP-compliant devices comprised of softphones, desktop phones, Wi-Fi and IP DECT wireless handsets.
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Call Centers
Ideal Dialogue, previously known as Quality 3, is offering contact centers systems for improving their caller satisfaction ratings. Systems include voice agent selection, agent training, leader selection and training and performance-to-goal mapping. Each of the systems is offered as a standalone product or as a component of the complete suite. In a statement, the Tampa-based company said that “ultimately, it is the human component - communication between agent and caller - that wields the greatest influence on your brand’s reputation.”
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Call Centers Sponsored by
Telecom Recovery
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Inbound Telecom Disaster Recovery
Nothing is more important than serving your members. Telecom Recovery, which protects the communications for dozens of credit unions across the US, has a very powerful - and low cost - technology that protects your inbound calls during any kind of outage including:
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During any of these events your members' calls would still ring to the right people - with just a few clicks on the mouse to re-route all incoming calls and faxes.
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Conferences
Catch Tom and Bill Rogers, Associate Editor of Credit Union tech-talk at the following conferences in 2009:
February 21-25, Washington - CUNA Governmental Affairs Conference
May 19-21, Las Vegas - Credit Union InfoSecurity Conference
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