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 Your source for the latest technology information of interest to credit unions across America.

Subscribe to our weekly e-mail newsletter and/or our monthly newsletter and stay on top of the latest technology trends in Hardware, Software, ATMs, Biometrics, Wireless, Online Banking, Marketing, Security, Internet Access and Call Centers.

August 26, 2013

~ This Week's News is Sponsored by Better Branches ~

 

General News

 

* Arizona-based Credit Union Selects AnyHour Solutions
* Harland Financial Solutions Partners with Verafin
* IMM Enhances TotaleAtlas Document Technology
* Allied Plastics FCU Selects Sharetec Core
 

AnyHour Solutions, a provider of comprehensive call/contact center outsourcing services for credit unions since 1994, announced that First Credit Union of Chandler, AZ ($410M assets, 42,000 members) has recently signed an agreement to use the company’s services. First Credit Union will be utilizing a full suite of AnyHour 24/7 call center outsourcing services to supplement their existing internal call center with overflow support during the workday and also support after the credit union is closed.

Harland Financial Solutions announced that it has entered into a strategic alliance with Verafin, a leading provider of fraud detection and anti-money laundering software across North America. The alliance will expand Harland Financial Solutions' existing product-centric fraud and anti-money laundering capabilities significantly.

IMM, a leading provider of eSignature, workflow and document solutions for credit unions, has further advanced its interpretative technology to extend the processing power of TotaleAtlas, the company’s electronic eSignature and document presentment platform. The solution can now read, recognize and process the content of virtually any document, including specialized and proprietary formats originating from other business systems or desktop applications.

Data Systems of Texas, an owner/distributor of the Sharetec System, announced that Allied Plastics Federal Credit Union has selected Sharetec for its core banking needs. The Baton Rouge, LA-based credit union also selected Sharetec's Home Banking platform.

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Hardware News

Tablets sales are surging, but does that mean that PCs are dying? Certainly some consumers are buying tablets in lieu of PCs, but the story is not the same for businesses. According to recent research from Techaisle, for the majority of small and medium-size businesses, the tablet-as-PC-replacement scenario simply isn't a reality. Their figures show that 68% of U.S.-based SMBs that have purchased tablets did so to fill new or complementary functions, not to replace PCs. Only 16% bought a tablet specifically to replace a traditional laptop or desktop.

Video teller systems come in various configurations with local and remote applications. We will take a look at some different ways they can be used and what your credit union should consider before purchasing them in the September issue of Credit Union tech-talk - subscribe today. 

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Hardware Section Sponsored by
Millennial Vision, Inc. (MVi)

 

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Software Updates

AFORE Solutions has come out with encryption software that is aimed at securing data in virtualized environments where Microsoft Windows applications are used, including virtualized desktop infrastructure deployments based on VMware, Citrix or Microsoft VDI. Using standard AES 256-bit encryption, CypherX works on multiple hypervisors, including VMware vSphere, Microsoft Hyper-V and Xen and KVM. CypherX has an App Lockdown feature that acts as a virtual container for applications, and so-called "CypherZones" can be set up to extend security between groups of protected applications.

Equifax announced Equifax Dimensions which they say delivers a more in-depth picture of past credit behavior in order to better predict future credit trends. The software analyzes hundreds of detailed payment characteristics to identify consumer patterns by industry and account type. Lenders can access 24 months of consumer balance, payment and credit utilization data to help them make more informed lending decisions.

Veeam Software announced Veeam Backup & Replication 7, which introduces built-in WAN acceleration and backup from storage snapshots. The company claims that their built-in WAN acceleration copies data to offsite locations up to 50x faster than a regular file copy, and eliminates the need to purchase and deploy a general purpose WAN acceleration appliance or acquire additional network bandwidth for offsite backups.

 

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Software Updates Sponsored by
Raddon Financial Group (RFG)


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ATMs/Kiosks

Personal teller machines (PTMs) are growing in popularity, but that does not mean that consumers are comfortable using them. To help overcome this issue, one credit union stationed employees outside the branch in the drive-thru lane to explain the PTMs to approaching members, encourage their use and answer questions. After a few weeks, they successfully used the same strategy for their lobby PTM deployments to help drive usage.

ATMs are typically thought of as cash dispensing machines, but they can also be used for charity purposes, e.g., donation acceptance. During disasters and other times of need, ATMs can serve as an automated hub for donation acceptance by enabling community members to give money through the ATM network. Case in point: U.S. Bank recently sponsored a donation drive for those affected by the Oklahoma tornadoes.

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ATMs/Kiosks Sponsored by
Heritage Industries


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CU Success Stories 

 

Here is a chance to learn about real life credit union success stories from various technology vendors through the words of their clients. This week's vendor is:

 

NewGround

and their client is:

Denali Alaskan Federal Credit Union

Credit Unions - if you have a vendor that you are happy with then please This email address is being protected from spambots. You need JavaScript enabled to view it.!

Vendors - if you have a credit union that is happy with your solutions then please This email address is being protected from spambots. You need JavaScript enabled to view it. and we will give you a $100 discount on your Case Study!
 

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Wireless World

In some countries, mobile banking has reached a tipping point whereby usage has surged beyond the online channel. Some analysts believe that will also be the case shortly in the United States. They point to the fact that smartphone adoption here is at the fastest pace in the history of the adoption of any new technology. In fact, the MIT Technology Review states that it took landline telephones about 45 years to get from 5% to 50% penetration among U.S. households, while smart phones have gone from 5% to 40% in about four years, despite a recession.

An Illinois community bank is rolling out a mobile app, called Banker Jr., designed to educate young children about money. It includes a digital register and games meant to teach children to set financial goals and learn about currency, among other things. HT Mobile Apps, a Michigan startup, sells Banker Jr. to financial institutions.

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Security Section

The 2013 "Faces of Fraud" study was recently released by the Information Security Media Group. The survey found that the top three fraud threats financial institutions currently face are:

- payment card fraud

- phishing attacks

- check fraud

The survey also found that ACH and wire fraud are on the rise.

FireEye is offering a security solution via a multi-vector virtual machine (MVX), a purpose-built appliance that activates and analyzes all user activity that involves visiting a web page, viewing email, or opening a file. All of this activity takes place within a virtual machine that replicates each user’s endpoint environment as best as possible.

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Security Section Sponsored by
THE FINANCIAL & SECURITY PRODUCTS ASSOCIATION (FSPA)

Our members, located in every state, will be more than happy to consult with your credit union regarding: Upgrading branch security equipment, remodeling branches, servicing all types of physical & electronic security equipment (to include keeping older equipment operational), and providing quotes on ATMS, cash-recyclers, safes, vaults, safe-deposit boxes, after-hour-depositories, drive-up banking systems, tellers’ undercounter steel & storage units, insulated products and all types of electronic security & digital video systems. This email address is being protected from spambots. You need JavaScript enabled to view it. by telephone or e-mail for an immediate referral to a member-company in your local area.

CREDIT UNIONS:

For more information or for a member referral in your specific geographic area, please This email address is being protected from spambots. You need JavaScript enabled to view it. for a prompt & detailed response. Our members carry a very broad line of products and are able to provide credit unions with many powerful and affordable alternatives for their security equipment & servicing needs.

SECURITY VENDORS:

For more information about joining our organization and all of the accompanying benefits, please This email address is being protected from spambots. You need JavaScript enabled to view it. for a prompt & detailed response.

Call Today: 800.843.6082

Visit Us Online Today: http://www.fspa1.com

 

 

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Leaders Roundtable

Online & Mobile Banking:

Moving from Transactions to Member-Centric Solutions

CU Answers
Cachet Financial Solutions - http://www.cachetfinancial.com
Read Jeffrey C. Mack's comments:
http://www.cunews.com/Cachet.pdf
CU Answers
Connect Financial Software Solutions - http://www.connectfss.com
Read Joe Long's comments:
http://www.cunews.com/Connect.pdf
 
 
eEminder - http://www.eeminder.com  
Read Thomas Utsch's comments:

Harland Financial Solutions
Harland Financial Solutions - http://www.harlandfinancialsolutions.com
Read Andy Lapp's comments:
http://www.cunews.com/HFS.pdf
  
 
Integrated Media Management - http://www.immonline.com  
Read John Levy's comments:

Onbase
Javelin Strategy & Research - http://www.javelinresearch.com
Read Mark Schwanhausser's comments:
http://www.cunews.com/Javelin.pdf

Mercator Advisory Group  - http://www.mercatoradvisorygroup.com
Read Edward O'Brien's comments:    
http://www.cunews.com/Mercator.pdf
 
SMA
PSCU - http://www.pscu.com
Read Jeremiah Lotz's comments:
http://www.cunews.com/PSCU.pdf

SMA
Q2ebanking - http://www.q2ebanking.com
Read Ned Tobey's comments:
http://www.cunews.com/Q2ebanking.pdf

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Technology and Marketing

Arroweye Solutions has launched CustomerConnect, an integrated solution that combines digital on-demand technology with existing member data streams to build one-to-one card marketing campaigns. The company says that their CustomerConnect solution dynamically connects existing member data points in an on-demand production model to create hyper-targeted marketing campaigns.

Cornerstone Advisors has released The Cornerstone Report: Benchmarks and Best Practices for Credit Unions, a survey and benchmarking analysis of 62 credit unions with assets of more than $250 million. The following are among key study findings:

 

  • Combined Internet and mobile log-ins have surpassed in-person teller transactions, revealing a distinct shift in member service delivery channels from brick to click.
  • Active mobile users at median credit unions hold nearly 7 percent of all checking accounts. The high performance level (75th percentile) was nearly 20%.


  • While median credit unions earned roughly $150 per year in fee income from checking accounts, there remains an $85 gap between high and low performers, illustrating significant room for improvement at the lesser performing credit unions.
  • Only 16% of consumer loan applications are originated through the Internet at the median credit union.
  • Median mortgage loans per mortgage origination full-time equivalent (FTE) per month came in at just 4.4. While this is a slight increase since 2008, it trails the high performing credit unions, which reported 6.4.

 

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Online Banking/E-Commerce/Website Design

A recent survey of over 2,000 U.S. adults by Harris Interactive on behalf of Entersekt found that 71 percent of Americans would be at least somewhat likely to switch financial institutions if they became a victim of online banking fraud. On average, they say that Americans bank online 10 times per month. Almost six in ten (58%) would be at least somewhat willing to take an active role in securing their online banking transactions if this meant using their mobile phone to authenticate activities, such as login, transfers and bill payment.

J.D. Power has come out with a new poll of 14,000 card users that shows that a large portion of respondents do not understand the terms and reward programs of their cards, which could impact their indebtedness. Just 47 percent said they fully understand their credit cards' terms, while 73 percent of that segment do not understand details regarding the interest rate policies and 31 percent are not familiar with late-payment fees. Only 59 percent of respondents said they "completely" understand how to earn and redeem rewards, versus 66 percent last year; another 33 percent of respondents said they are unaware of their cards' supposed benefits.

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Online Banking Section Sponsored by
Cachet Financial Solutions

 

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Internet Access

When evaluating business VoIP providers, there are specific phone system features that help make business communications more effective. Some telecom analysts believe that regardless of the size of the organization, these are the "must have" VoIP system features:

- Call Routing

- Call Forwarding

- Auto Attendant

- Hold Music or Message

- Mobility

- Conference Calling

The recent spate of so-called "low powered" DDoS (distributed denial of service) attacks have been used to mask a wave of fraudulent wire transfers, according to some well placed sources. We will explain how this happened in the September issue of Credit Union tech-talk - subscribe now.

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Call Centers

When it is time to add to the contact center's headcount, some centers hire a temp agency. While this can be a somewhat pricey alternative, it does offer numerous advantages:

- Speed: many agencies can have interviews set up in a day or two

- Volume: agencies hire for multiple clients so they have access to a much broader pool of candidates

- Screening: experienced agencies can do a lot of time-consuming and tedious screening for you that you would otherwise have to do on your own

- Testing: agencies can perform basic computer testing skills for you

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Conferences

Catch Tom and Bill Rogers, Associate Editor of Credit Union tech-talk, at these upcoming conferences:

November 5 - 7, Denver - BAI Retail Delivery

May 21 - 23, Las Vegas - Credit Union InfoSecurity Conference

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