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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.

September 16, 2013

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

 

General News

 

* Premier Members FCU Implements IMM's Document Exchange
* 7 CUs Select DNA from Fiserv
* Verint Enhances Video Surveillance Systems
* Peoples Choice CU Converts to CU*Answers’ CU*BASE
* Suncoast Schools FCU Selects AXIS Data Solutions
 

IMM, a leading provider of eSignature, workflow and document solutions for credit unions, announced that Colorado-based Premier Members FCU has implemented Document Exchange, its cloud-based eSignature solution. The credit union transitioned from managing multiple independent systems to a single, enterprise-wide platform for document preparation and eSignature with IMM.

Fiserv, a leading global provider of financial services technology solutions, announced that seven credit unions have selected DNA during 2013, following the acquisition of Open Solutions by Fiserv last January. Those credit unions include: Evansville Teachers FCU (Evansville, IN), Greater Nevada CU (Carson City, NV), MIDFLORIDA CU (Lakeland, FL), Navigant CU (Smithfield, RI), Randolph-Brooks FCU (Live Oak, TX), Vermont FCU (Burlington, VT) and Wildfire CU (Saginaw, MI).

Verint Systems announced enhancements to its Nextiva EdgeVR solution, which features scalable video monitoring, recording and analytics capabilities. Specifically designed for credit unions, the network video recording platform helps enhance security and streamline investigations in a variety of financial services environments.

CU*Answers, the West Michigan-based CUSO, announced the recent conversion of Peoples Choice Credit Union, located in Medford, WI to the CU*BASE online processing system. Currently CU*Answers has twenty credit unions in Wisconsin with CU*Answers contracts for data processing, and they anticipate that number to increase to 25-30 in the next couple years.

Suncoast Schools Federal Credit Union has selected AXIS Data Solutions to provide monthly statement processing and other services for the state’s largest credit union. The three-year agreement includes monthly statement printing and mailing, as well as printing and delivery of daily notices, marketing materials and other member communications.

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Hardware News

Intel announced its latest business-class solid state drives in a variety of form factors and capacities. The Solid-State Drive Pro 1500 series will come in the traditional 2.5-inch size for workstation PCs, along with the ultra-slim M.2 form factor for use in Ultrabook laptops. Capacities include 80GB, 120GB, 180GB, 240GB, and 360GB in either size, though the 2.5-inch lineup also includes a 480GB model. Other features include enhanced security like Trusted Computing Group Opal protocols and hardware-based 256-bit AES encryption, and remote management via Intel's vPro technology.

In partnership with Vancouver, BC-based TRG Mobilearth, Statewide Federal Credit Union is set to go live with the tablet-based MobiBranch app, enabling employees to leave the branch and perform a wide variety of branch functions. We will tell you more about their plans in the October 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

Promisec announced a free, downloadable and automated security inspection for up to 100 endpoints. The free inspection process produces results in about five minutes, with all data stored locally on the administrator’s machine. The company says that, on average, more than 20 percent of endpoint devices contain undetected risks including disabled antivirus agents, missing hot fixes and service packs, unauthorized software, and much more.

Anturis offers IT infrastructure monitoring and troubleshooting in an easy-to-setup and use browser-based cloud solution. It is designed for small to mid-sized organizations without a dedicated IT department, and includes a free option. They offer:

- Website monitoring

- Web application monitoring

- Server monitoring

- MySQL monitoring

- Network monitoring

 

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Software Updates Sponsored by
Raddon Financial Group (RFG)


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ATMs/Kiosks

Credit unions that deploy ATMs are facing three major fleet-wide ATM upgrade initiatives:

- EMV

- PCI

- Windows 7

To help ATM deployers keep track of these milestone dates, Diebold has developed a handy reference infographic dubbed "The 411 on upgrading your ATMs" and it is available here: http://www.atmmarketplace.com/whitepapers/7171/The-411-on-ATM-Upgrades-infographic

A few years ago 1st Service Credit Union deployed Diebold Opteva ATMs with deposit automation technology. The Pleasanton, CA-based credit union has enjoyed quite a few benefits from the implementation:

- an increase of nearly 90 percent in ATM transactions;

- savings of $4,000 per year on consumables associated with envelope deposits;

- elimination of 6.25 hours per month of staff time spent opening envelopes and processing deposits;

- the reduction of one-half of a full-time employee per branch.

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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:

 

CUtopia

and their client is:

Texas Workforce 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

According to Mitek Systems, just 3% of FI accounts are originated on mobile devices, while better than 30% of payday loans are originated on mobile. Mitek announced its Mobile Photo Account Opening product that enables financial institutions to open new bank or card accounts by having an employee or the applicant use a smart phone or tablet to snap a picture of both sides of a driver's license. This capability is designed to integrate into a credit union's mobile app which then can auto-populate the form with information from the driver's license. When deployed in conjunction with Mitek's mobile check deposit, the member can immediately fund their account with a check deposit without closing the app.

In a related story, Kofax has introduced a mobile app that allows mortgage applicants to send in their supplemental documents by snapping a picture of them with their phone. The mobile app can be integrated into a credit union's mobile app or downloaded as a stand-alone app, and alerts the member with a text message when specific documents are needed.

There is no NFC in the new iPhone 5S, but there is iBeacon. This new wireless feature is based on Bluetooth Low Energy technology, which is a new variant on Bluetooth that works over shorter ranges than the typical 20-plus yards "normal" Bluetooth is capable of. Meanwhile PayPal is also onboard with Low Energy Bluetooth (LEB) with their new device called Beacon. The small gadget can automatically check people in when they arrive at a retail location and deliver them product offers. The customer can then shop as normal and check themselves out via the PayPal app.

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Security Section

According to Websense, many organizations are still running old Java and Flash software, leaving them open to a range of serious security risks. "Java has become a primary gateway for hackers to enter today's businesses and it's vulnerabilities are being commoditized in the latest exploit kits," said a Websense research manager. Flash, too, remains an issue in many firms, with 40 percent of users not running the latest version, Websense found.

AT&T announced an expanded set of managed security solutions (MSS) and new capabilities, including what they claim is the industry's first all-in-one mobile security solution to be launched later this year. They say that they can provide customers with end-to-end protection in areas of security including network-based defense, cloud security, secure mobile business, and threat management.

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

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

 
CU Answers
CU*Answers - http://www.cuanswers.com
Read Randy Karnes' comments:
https://www.cunews.com/CUanswers.pdf

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

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

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

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

 
INTECH
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

Symitar
Symitar - http://www.symitar.com
Read Ted Bilke's comments:
https://www.cunews.com/Symitar.pdf

Synergent

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Technology and Marketing

The Aite Group has released their latest Impact Report that details the state and size of the US auto finance industry. Here are the numbers for share of loans originated by lenders for new autos purchased from franchise dealerships:

- 51% banks

- 10% GM

- 8% credit unions

- 7% Ford

- 6% Toyota

- 5% Chrysler

- 4% Honda

- 3% Nissan

- 6% others

NuVision Federal Credit Union has donated and delivered 12 iPad minis to Children’s Miracle Network benefiting Children’s Hospital Los Angeles and Children’s Hospital Orange County. The iPad minis will be used in playrooms and for educational purposes to help explain medical information to patients and their families. For every 1,000 checks deposited remotely by members using NuVision’s new Mobile Deposit or MyDeposit features in 2013, NuVision pledged to donate iPad minis to local children’s hospitals (up to 12).

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Online Banking/E-Commerce/Website Design

Javelin Strategy & Research’s 2013 Online Banking and Bill-Payment Forecast: 29 Million Holdouts Primed for FI Bill Pay report says that financial institutions must reposition their bill pay services by emphasizing their legitimate strengths. Javelin estimates FIs can increase household adoption of online banking by 22% by targeting 29 million Americans who are just one step away from paying their bills at the credit union. The report identifies a new segment of nearly 11 million consumers dubbed Digital Drifters, who bank online and use mobile banking but do not pay bills at their FI. A majority of them pay bills online – they just do so at billers' websites. More than half of young Digital Drifters perceive paying bills at the biller’s site provides more control over their payments, vs. 39% who say this statement applies to bill payments at an FI.

A recent Nielson fraud study reported that the U.S. accounted for 47 percent of global fraud losses in 2012. Many experts attribute this to the fact that the US has failed to implement EMV chip technology that is already common in Europe, Canada, Australia, Mexico, Latin America, Africa and most of the Asia-Pacific countries. EMV card and merchant terminal costs are big barriers in the US. In action, EMV chips must remain in contact with POS and ATM terminals throughout a transaction, eliminating the current swipe or dip behaviors. Without a doubt, this will require consumer education to show them the difference between the current mag stripe readers and an EMV terminal.

As tablets skyrocket in popularity, tablet banking is becoming increasingly more important to many consumers. Many observers believe that tablet banking must quickly become a solid component of most credit union's suite of digital offerings. We will take a closer look at tablet banking in the October issue of Credit Union tech-talk - subscribe now.

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Online Banking Section Sponsored by
Cachet Financial Solutions

 

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Internet Access

Distributed-denial-of-service (DDoS) attacks are on the upswing across many industries including financial services. Security experts recommend a three pronged approach when it comes to DDoS mitigation efforts:

- invest in a dedicated DDoS-mitigation appliance or service (or both)

- develop a detailed incident response plan that clearly lays out the steps that need to be taken during the course of an attack

- maintain extra security vigilance during DDoS episodes because they could be covers for account takeovers and unauthorized wire transactions

Phybridge has unveiled the Phybridge PoLRE LPC, a Power over Long Reach Ethernet 8 port switch. They say that the PoLRE data switch family has a reach of 400 percent more than conventional Ethernet switches. Clients can utilize their specific voice infrastructure and convert it into an IP path with power. They claim that the PoLRE 8 port switch eliminates many of the local area network barriers to VoIP migration allowing for an easy way to migrate to IP Telephony.

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Call Centers

While voice remains the dominant consumer service channel, non-voice channels grew 35 to 50 percent in the last year, according to Everest Group. That is why many contact center outsourcers are investing in technology such as online chat, social media, and mobile apps. Many are now also offering value-added services, such as customer retention, multi-channel management and customer analytics reporting. The Everest Group notes a shift in contact center outsourcing pricing models, with pure headcount-based, fixed-fee and transaction-based pricing on the decline, and hybrid pricing (which incorporates a combination of pricing mechanisms) on the rise.

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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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