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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.

November 25, 2013

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

 

General News

 

* Connect Financial Software Solutions Partners with CU Wallet
* CU*Answers Announces Free Marketing Kits
* ACH Alert & Fundtech Form Partnership
* Suncoast Schools FCU Rolls Out ARCA Cash Recyclers

CU Wallet, a collaborative credit union owned and directed mobile payments technology provider, and Connect Financial Software Solutions, an online and mobile solution provider for credit unions, announced they have formed a strategic alliance. Connect FSS’ credit union customers will now have access to the CU Wallet mobile payments platform. The platform will be integrated with Connect FSS’ mobile banking and online banking channels to ensure a seamless member experience.

CU*Answers cooperative CUSO announced additional free “Grand Opening Kits” for their credit union clients. The program, now in its second year, sends the themed Grand Opening Kits out quarterly. The latest kit’s theme is Member Appreciation, and past themes range from Debit Card Round Up to Text Banking to a Security focus.

ACH Alert and Fundtech announced a partnership to make available ACH Alert’s suite of fraud mitigation solutions via Fundtech products. By providing these solutions, Fundtech enables credit unions to comply with FFIEC guidance calling for layered security, with different controls at various points in a transaction process.

Florida-based Suncoast Schools Federal Credit Union announced that they are using the ARCA CM18 cash recycler for their mobile branch. The ARCA CM18 cash recycler automatically counts, authenticates and safeguards cash deposited by tellers. The mobile unit is used for disaster recovery, visits to select employee groups, school visits and community events.

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Hardware News

NETGEAR announced their new ReadyNAS 716 (RN716X) that comes with a maximum capacity of 24TB (up to 84TB with expansion chassis). It supports SATA (up to 4TB) and SSD drives, and has two built-in 10GBASE-T ports. It supports up to 500 concurrent users.

The Lenovo ThinkCentre M93p Tiny Desktop is a compact machine designed specifically for businesses. It runs on Intel chips and comes equipped with 4GB of RAM and a fairly standard 500GB 7200RPM hard disk. The Tiny has four USB 3.0 ports, a new "always-on" USB port, and a Gigabit Ethernet port and 802.11n Wi-Fi wireless. Another handy new M93p feature is a USB "keyboard" port on the back panel that is useful when the Tiny is mounted in an out-of-the-way location. 

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

 

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Software Updates

File Scavenger Data Recovery Utility is a fairly simple app that is dedicated to file recovery. The software actively prevents recovered files from being saved to the volume where they previously resided. This is important, because writing to the volume decreases the chances of being able to recover other lost data. File Scavenger Data Recovery Utility sells for $49.95, but a free trial version is available for download.

Change management software can help you track and report change across an array of operating systems, databases, servers, and more to help you pinpoint inconsistencies. We will take a look at one change management package in the December issue of Credit Union tech-talk - subscribe today.

 

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Software Updates Sponsored by
Raddon Financial Group (RFG)


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ATMs/Kiosks

By some accounts, the Consumer Financial Protection Bureau (CFPB) is looking at putting new rules in place in regards to overdraft situations that may occur at ATMs. They are considering requiring notifications to the cardholder in scenarios where if they withdraw money and it is going to put them into an overdraft situation, then the financial institution must notify them on-screen of the fees involved in accepting the cash.

Biometric security at the ATM is top of mind for Bank of America as evidenced by the fact that they recently applied for an ATM patent that would connect the ATM to external authentication capabilities such as a fingerprint scanner. It involves a PIN and a four finger combination for authentication via a USB fingerprint scanner.

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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:

 

PSCU

and their client is:

Chevron 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

Juniper Research states in their latest report, "Contactless Payment Cards: Market Prospects 2013-2018," that 250 million cards will be used for contactless payments next year, driven by migration to EMV chip-and-PIN and growing contactless POS infrastructure. The report found that the U.S. is behind Australia, Canada, Poland, Britain, and Japan in rolling out contactless cards in part because it has only just started the transition to chip-and-PIN cards. While only 2% of US retailers offer contactless payment terminals, Juniper expects the US to have the highest number of contactless cards by next year as major card issuers continue to work to complete the chip-and-PIN transition.

MDM (mobile device management) tools are growing in popularity as employers seek to gain control over corporate data that resides on employees’ devices. These MDM packages allow IT Departments to create a segregated space on the smartphone where credit union information and apps reside. If an employee loses their device or leaves the credit union, IT staffers can remotely wipe credit union data on the ex-employee's phone without touching any of their personal data, e.g., photos, emails, calendar entries, etc.

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Security Section

Many intruders work hard to gain access to privileged accounts, such as domain administrators, service accounts with domain privileges, local administrator accounts, etc. CyberArk says that their Privileged Threat Analytics helps detect malicious privileged account behavior and disrupt in-progress attacks. The software can:
 

  • Identify in-progress external attacks and malicious behavior of authorized insiders
  • Detect a range of anomalies in the behavior patterns of individual privileged users in real-time, such as a user who suddenly accesses credentials at an unusual time of day. This is a strong indicator of malicious activity or severe policy violations such as password sharing
  • Continuously learn user behavior and adjust risk assessments based on the authorized privileged user activity patterns
Points of entry into credit union networks are continually expanding. Some security experts believe that organizations IT Departments must focus on the basics - protecting their networks. We will explain what this entails in the December issue of Credit Union tech-talk - subscribe now.

 

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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

Core Systems:

Driving More Efficiency From Core Systems

Celent - http://www.celent.com
Read Stephen Greer's comments:
https://www.cunews.com/Celent.pdf

 
Corelation - http://www.corelationinc.com
Read Theresa Benavidez's comments:
https://www.cunews.com/Corelation.pdf

 

Credit Union Data Processing (CUDP) - https://www.cuprodigy.com
Read Charlie Fulks' comments:
https://www.cunews.com/CUprodigy.pdf

 
CUtopia - http://www.cutopiasolutions.com
Read John Pantaleon's comments:    
https://www.cunews.com/CUtopia.pdf

Enhanced Software Products - https://www.espsolution.net
Read Matt Lefler's comments:
https://www.cunews.com/ESP.pdf

 
Fiserv - http://www.creditunions.fiserv.com
Read Mark Sievewright's comments:    
https://www.cunews.com/Fiserv.pdf

Harland Financial Solutions - https://www.harlandfinancialsolutions.com
Read Tom Berdan's comments:
https://www.cunews.com/HFS.pdf

 
Innovative Technology (INTECH) - http://www.intech-inc.com
Read Tim Erwin's comments:
https://www.cunews.com/INTECH.pdf

 
Mercator Advisory Group  - https://www.mercatoradvisorygroup.com
Read Edward O'Brien's comments:    
http://www.cunews.com/Mercator.pdf



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Technology and Marketing

A new survey from Bain & Company has come to the conclusion that the world is getting "banked out." They come to this finding because only less than one percent of those surveyed were new to banking in the last year. According to the consulting group, the main factors in whether a consumer purchases a new product from their primary financial institutions are:

- the consumers loyalty to their FI

- the institution's ability to proactively sell new products as opposed to waiting for customers to seek out products

The firm recommends making targeted investments in mobile technology due to the fact that mobile was found to deliver a loyalty “halo effect” - frequent mobile banking users in all countries in their surveys give much higher loyalty scores than non-users.

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Online Banking/E-Commerce/Website Design

Yodlee announced the release of Tandem, its collaborative financial management app. The company claims that Tandem is the first app to give groups of people a variety of collaborative and financial tools with which to manage shared finances. Members of a circle can tag transactions for review, upload important financial information, complete a variety of account transfers and payments, and discuss various items in a shared space.

CO-OP Financial Services plans to launch a new app it terms the "remote control for plastic." Called "CO-OP Card Controls and Alerts," the downloadable app allows members to set card controls based on their preferences, such as transaction type, merchant, location and payment thresholds. CU members will also be able to perform specific self-service functions, including balance inquiries and fund transfers. CO-OP expects the app will be available early next year.

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Online Banking Section Sponsored by
Cachet Financial Solutions

 

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Internet Access

Ooma has developed a business-oriented version of its home-based VoIP (Voice over Internet Protocol) system. Ooma Office is a full-featured virtual PBX that can support multiple phone lines, five extensions, and 15 virtual extensions at a very low cost. The Ooma Office starter pack includes a central Ooma base station, two Linx modules, one phone number (you can port your existing phone number for free), an online fax, and three physical extensions. Calls within the U.S. and Canada are free, while the hardware costs $250, plus a subscription fee of $10 per month per user and $10 per month per phone number.

Some organizations are turning to session border controllers (SBC) to help bolster their unified communications (UC) efforts. We will cover SBCs in the December issue of Credit Union tech-talk - subscribe today.

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Call Centers

When it comes to using remote agents, technical connectivity is typically the first question raised. However this is fairly straightforward to setup and configure. What is often more difficult is implementing tools that will allow for real-time interaction and online collaboration among agents and between agents and supervisors. Instant messaging tools can help facilitate collaboration and also allow for multiple simultaneous supervisor chats. Contact centers that run successful teleworker programs find ways to enable their agents to easily access actionable data and keep close contact with them daily via collaboration tools.

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