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.
~ This Week's News is Sponsored by Better Branches ~
* Sharetec and TCI Form Partnership
* Media Genesis & CUANM Create Financial Literacy Activities for Kids
* PSCU Wins Workflow Management Excellence Award
* Baxter CU Implements First CUFX Integration
Sharetec System, one of the fastest growing core systems, has partnered with Teledata Communications, Inc. (TCI), a provider of semi-customizable, cloud based indirect lending software. TCI provides a Web-based loan origination solution, DecisionLender, that’s used by over 350 lenders to help automate the underwriting process.
Media Genesis has partnered with Claim Your Youth, a division of the Credit Union Association of New Mexico, to deliver digital tools to help credit unions connect with young members. Media Genesis has rebuilt their websites, KirbyKangaroo.com and ClaimYourYouth.com, and created new tools, including sites for Lil’ Kirby Roo and Claim Your Youth Culture and a youth-oriented mobile app for iOS.
PSCU has been selected by the Workflow Management Coalition as a winner in the 2013 WfMC Awards for Excellence in BPM & Workflow. PSCU earned the award based on a case study centered on PSCU’s business process management tool, which automates and streamlines the process by which requests for service from PSCU’s Member-Owner credit unions are entered, tracked and resolved.
Jack Henry & Associates, a leading provider of technology solutions and payment processing services, announced that its Symitar division has confirmed the success of the first Credit Union Financial Exchange (CUFX) standards integration in a Symitar client, Illinois-based Baxter Credit Union. CUFX is a set of core-agnostic standards proposed and developed by the CUNA Technology Council for integrating various types of third-party applications to core processing systems.
Kingston released the DataTraveler Vault Privacy 3.0 secure USB Flash drive, as well as the DataTraveler Vault Privacy 3.0 Anti-Virus, which helps organizations safeguard business data and set security policies for employees that use USB drives. The drive provides 256-bit AES hardware-based encryption using XTS block cipher mode, and is available with optional (no installation required) anti-virus protection from ESET/ClevX that helps protect the drive’s contents from malware.
Everyone is familiar with signature pads but one leading manufacturer of signature capture solutions says that they have taken their pads to new levels of security. We will explain how their latest signature pads help fight fraud in the December issue of Credit Union tech-talk - subscribe today.
Hardware Section Sponsored by
Millennial Vision, Inc. (MVi)
VirtualLab is a utility for recovering various types of data, and features file level recovery and partition level recovery. The software also has dedicated functions for recovering CD / DVD ROMs, deleted E-mail messages, and a RAID recovery function. VirtualLab sells for $39.95, but a free trial version is available for download.
Equifax announced the launch of its fourth generation Bankruptcy Navigator Index (BNI) score, which they say offers significantly enhanced insights and predictability into potential consumer bankruptcy. They claim that it can improve risk prediction by up to 10 percent. Equifax BNI 4.0 risk score is available online for acquisition and on-boarding, and offline for account review.
Software Updates Sponsored by
Raddon Financial Group (RFG)
Sterling ATM has developed a fully illuminated surround technology that uses edge-light LED panels. The Salt Lake City-based maker of ATM surrounds says that their patent-pending approach can reduce the cost of fabricating and installing a fully illuminated wall surround by as much as 50 percent.
Some ATM deployers are offering ATM receipts via email, yet paper receipts still dominate the ATM world. We will cover some trends in ATM receipt dispensing in the December issue of Credit Union tech-talk - subscribe now.
ATMs/Kiosks Sponsored by
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:
Appriz is a mobile platform that consists of a mobile app, cloud-based backend services and a web-based administrative console. The software uses native mobile messaging that enables cost effective bi-directional communication, and permits members to control their individual threshold settings, communication preferences and other parameters to help them proactively manage their finances. Multiple financial products can be managed such as checking, savings, insurance, loans, investments and credit or debit cards.
No-login read-only mobile banking services are gaining in popularity. Proponents believe that typing in long passwords is security overkill for the majority of mobile sessions. Now Capital One has come out a password substitute system that uses a pre-set gesture on the touchscreen to log in. It currently works on the iPhone, but it is coming to Android next year.
According to a new report from Trend Micro, malware aimed at stealing online banking credentials surged in the third quarter of this year to a level not seen since 2002. The security vendor said it counted more than 200,000 new infections from July through September, the highest number it has recorded in a three-month period in 11 years. The most affected countries were the U.S., which made up 23 percent of the new infections.
FST21 has developed a security solution called SafeRise that they say modernizes the way people enter secure areas in buildings and offices by using second generation biometrics with a fusion of face, voice, license plate and pattern of behavior recognition that provides in motion and convenient identity management access. A registered person can enter a secure room by just walking towards the door. The system recognizes and identifies them and then lets them in immediately. SafeRise also provides a detailed log of who entered – including face, voice, behavior, time, and date.
Security Section Sponsored by
THE FINANCIAL & SECURITY PRODUCTS ASSOCIATION (FSPA)
Call Today: 800.843.6082
Visit Us Online Today: http://www.fspa1.com
Driving More Efficiency From Core Systems
Consumers show their loyalty in two ways: by referring a product or brand to others, and by buying more from a brand. The Aite Group says that their Referral Performance Score overcomes the shortcomings of the Net Promoter Score, which has for years been the industry standard for measuring loyalty drivers. The Referral Performance Score is computed by tracking the percentage of a financial institution’s members/customers who refer the institution to their family and friends and grow their relationship with the institution by increasing account balances or adding new accounts.
According to the payments industry newsletter Nilson Report, credit card spending gained market share over debit card spending in the United States, reversing a trend of more than 20 years. The firm said that credit cards accounted for 52.82 percent of 2012 spending, an increase from 52.63 percent in 2011. Meanwhile, debit-card spending on consumer and commercial goods and services accounted for 47.18 percent in 2012 and 47.37 percent in 2011,
A startup says that their .84 mm thin card can hold up to eight distinct card details at a time, all accessible via a button and miniature LED screen on the card. It also supports an unlimited number of cards stored on your smartphone. We will provide more details in the December issue of Credit Union tech-talk - subscribe today.
Online Banking Section Sponsored by
Cachet Financial Solutions
Arbor Networks introduced its first cloud-based distributed denial-of-service (DDoS) mitigation service to protect organizations against large-scale attacks. The Arbor DDoS mitigation service could be applied to filter out unwanted attack traffic at up to about 280Gbps or even higher, but requires Arbor on-premises anti-DDoS gear to be in place.
In a related story, Prolexic, a global provider of DDoS protection services, says that there are pitfalls in rolling out a multi-layered network security approach for blocking denial of service attacks. They state that there are too many possible weak links in a multi-layered approach that increase the risk of website downtime rather than reduce it, and recommend a ‘single, strongest defense’ strategy to block DDoS attacks.
Ventana Research estimates that less than 10 percent of contact centers currently have video in place. However, demand for video conferencing is expected to grow as users become more familiar and fluent with video. Video can also be used to extend branch hours via Personal Teller Machines. For example, the Financial Brand reports that after one credit union installed a virtual teller system, 60 percent of its transactions took place outside of standard business hours.