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* Connect Financial Software Signs Knoxville TVA Employees CU
* Greater Nevada Chooses DNA Core Platform
* CU*Answers Announces Award Winners
* Sharetec’s eSignature Deployed by Keystone United Methodist FCU
Connect Financial Software Solutions announced a multi-year agreement with Knoxville TVA Employees Credit Union. With more than 129,000 members and $1billion in assets, KTVAECU Credit Union selected Connect for its suite of Online Banking, Mobile Apps, PFM, Internet Lending, and Account Opening solutions.
The $459 million Greater Nevada Credit Union plans to convert to the Open Solutions DNA account processing platform from Fiserv. The 45,300-member Carson City-based credit union is the fourth credit union to commit to the DNA core platform since Fiserv purchased Open Solutions earlier this year.
At their recent Leadership Conference, CU*Answers announced the winners of two annual awards. Patrick Basler, CEO of First Financial Credit Union in Chicago, IL was presented with the Robert H. Mackay Leadership award and the Spirit of CU*Answers award was presented to Services Center Federal Credit Union in Yankton, SD.
Keystone United Methodist Federal Credit Union, a Western Pennsylvania-based credit union, has successfully deployed Sharetec’s eSignature solution. With members spread across several states, the credit union found that making e-signatures available to their members was a good alternative for them to receive their loan proceeds in the quickest way possible and at a very low cost compared to the overnight fees that the credit union was paying previously.
The IM7200 Infrastructure Manager is a new infrastructure management solution which streamlines remote management of network, server and power infrastructure in data center and remote environments. Opengear notes that their appliance features embedded WiFi and 4G LTE connections that provide complete independence from network infrastructure faults. As for security, it comes with FIPS 140-2 certified encryption.
WTI's NPS series network power switch PDUs are designed to give IT Departments a solution for their critical network installations that require remote power control and reboot. Simply connect the power cable of your switches, routers, firewalls or any other network device directly to the power outlets of the NPS and IT staff have remote power on, off or reboot capabilities. The appliances include numerous security and monitoring features, including event and temperature alarms.
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By some estimates, the month of June saw security updates for well over 100 vulnerabilities in just the most commonly used software for Windows workstations. F-Secure is one vendor that is looking to help plug these software holes that compromise data security with their new Client Security Premium package. The package includes Software Updater, which helps ensure that operating systems and applications are up-to-date. It proactively scans computers for missing security updates and patches and deploys them automatically, with a manual option also available. 70 to 80 percent of F-Secure Labs’ top ten malware detected could have been prevented with up-to-date software. The package also includes DeepGuard 5 which monitors programs for suspicious behavior based on behavior rather than the vulnerability.
Live chat has become a valuable tool for help desk representatives as IT support has evolved in a number of ways to better assist employees with IT issues. We will take a closer look at a few considerations that will help successfully implement this new channel in the August issue of Credit Union tech-talk - subscribe today.
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Technology Credit Union has rolled out Cardtronics' FeeAlert service. Now when a member uses an "off us" ATM, that member receives a personalized email alert from the Silicon Valley-based credit union, pointing them to the nearest fee-free in-network ATMs. Cardtronics is the world’s largest operator of ATMs with 70,800 retail ATMs in U.S. and international locations.
ATM technology that permits users to pre-order cash using their iPhones or Android devices is starting to catch on around the world. A new rollout is taking place n the US and we will tell you how it is going in the August issue of Credit Union tech-talk - subscribe now.
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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:
and their client is:
Economists at BBVA Compass have issued a report that covers mobile technology and crowdfunding. In it, they warn that "mobile banking will increase the productivity of the industry as banks will have more information and ways to efficiently target users; however, these technologies are also bringing more competitors: highly sophisticated platforms with innovative business models and very low operating costs." The economists conclude that "crowdfunding poses a challenge," due to the fact that these competitors have lower operating costs, a different approach to risk management and simpler product offerings.
Financial institutions around the world are starting to improve their mobile services by incorporating voice recognition and voice verification. These two powerful additions can be tricky to deploy so we will delve into various scenarios in the August issue of Credit Union tech-talk - subscribe today.
EiQ Networks announced ThreatVue, an out-of-the-box security monitoring solution that they say automates the implementation, analysis and remediation guidance of essential security controls. The new solution combines traditional Security Information and Event Monitoring (SIEM) data with other critical security data such as network awareness and asset and configuration data.
According to CUNA Mutual, wire fraud, especially from HELOC accounts, is a growing threat with credit unions reporting more than $25 million in losses from 2007 to 2012. Meanwhile insider fraud is also a costly issue: CUNA Mutual Group claims records show that over a five-year period, employee dishonesty represented just 13% of fraud claims, but accounted for 45% of fraud losses. Their statistics show that employee fraud schemes last a median of 18 months before detection, with a median loss of $140,000.
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Online & Mobile Banking:
Moving from Transactions to Member-Centric Solutions
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In a recently released report, the Consumer Federation of America (CFA) revealed that basic savings accounts remain an important savings vehicle for most Americans, especially for low- and moderate-income families. The CFA states that "automatic saving through retirement programs, other savings accounts, and even monthly mortgage payments have represented the most effective way middle- and upper-middle income families have saved. Low- and moderate-income families should be afforded the same opportunity and encouraged to utilize it."
Media Genesis and the CU Association of New Mexico are working together to help children save money. They have developed a game called “Kirby’s Catch and Save” for iPhones and iPads to add value to their Kirby Kangaroo Club, a program that introduces kids to savings. The game is free and targeted at ages 6 to 12.
ProfitStars announced their new Gladiator eBanking Compliance services include policies, a risk assessment matrix, and supporting documents based on federal regulatory guidance, industry standards, and best practices for the deployment and management of eBanking services. The division of Jack Henry & Associates says that their framework is based on the FFIEC IT Examination Handbook and E-Banking Booklet with references to FFIEC Authentication Guidance and the FFIEC Authentication Guidance Supplement.
EMV conversions in the US are proceeding slowly on all fronts, but it appears that merchants are especially hesitant. Cost is a big reason: some estimates state that there about 12 million terminals that have to be upgraded at cost of $200 to $300 each. Other issuers that concern retailers are problematic technical barriers and payments industry politics.
North Bridge, in partnership with GigaOM Research has released their 3rd annual survey on the state of Cloud Computing. In a somewhat surprising conclusion, the report predicts that Public Cloud use will decline steadily in the next 5 years. However, they say that the Hybrid Cloud will be the growth area as businesses seek to retain control, regulate costs, and ensure reliability.
Five9 announced the latest release of its cloud contact center software, which includes a new mobile app for contact center supervisors, enhanced multichannel capabilities, and a PCI compliance solution. The new Five9 mobile supervisor app for the iPad allows managers to monitor and manage staff from any location. With the new app, supervisors can:
- Text chat with agents from anywhere
- Monitor queues, stats and agents
- Listen to calls, whisper or barge-in
Catch Tom and Bill Rogers, Associate Editor of Credit Union tech-talk, at these upcoming conferences:
July 14 - 17, Ottawa - World Credit Union Conference
November 5 - 7, Denver - BAI Retail Delivery