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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 4, 2014

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

 

General News  

* Teachers FCU Selects Fiserv DNA
* Corelation Signs University of Hawaii FCU
* PSCU Announces KnockOut 2014
* CU*Answers Converts Washtenaw FCU

Fiserv, a leading global provider of financial services technology solutions, announced that Teachers Federal Credit Union (TFCU), based in Hauppauge, NY, has selected the DNA account processing platform. In addition to DNA, TFCU will implement Velocity for loan origination, Prologue for financial accounting, WireXchange for wire exchanges, AML Manager for anti-money laundering, Voice Response for DNA, the CRM and Business Intelligence suite for DNA, and additional solutions for item processing, card and statement production, and credit and ATM/debit cards.

Hawaii Federal Credit Union has chosen Corelation`s KeyStone as its new core processing system. The $550 million credit union will convert in Q3 2015. This latest addition brings Corelation`s total to 27 credit unions signed and 13 live on the system.

For the third consecutive year, PSCU is inviting credit unions to bring their leading-edge thinkers to compete in an innovation marathon called KnockOut. The 24-hour competition will welcome credit unions to PSCU`s MoPro Innovation Labs at each of its three campus locations on September 11 and 12, 2014.

CU*Answers, the West Michigan-based core data processing cooperative, announced that it recently completed converting Washtenaw Federal Credit Union (Ypsilanti, MI) to its CU*BASE processing platform. Washtenaw Federal Credit Union has approximately 7,000 members and $38 million in assets. The CUSO said that this credit union represented its 8th new client conversion to CU*BASE for its 2014 fiscal year.

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Hardware News

iNetSec Smart Finder is an all-in-one appliance that combines full network visualization of all wired and wireless devices and applications used, with the addition of new IPS/malware detection features. The device is made by PFU, a Fujitsu Company, and they claim that their appliance has a simple three step set up, and installation is under two hours. Smart Finder, which is agent-less, can detect and prohibit applications from running on the network.

Intel has released what it is calling its most reliable solid-state drive (SSD) series to date; the drives are aimed at both larger organizations and smaller businesses. The 2.5-in Pro 2500 SSD comes in 120GB ($95), 180GB ($130), 240GB ($160), 360GB (no pricing available) and 480GB ($305) capacities. The drives use a hardware-based AES 256-bit encryption algorithm, plus they are compatible with Microsoft's eDrive standard for Windows 8, which accelerates cryptographic processing so performance doesn't suffer. Additionally, the new drives come with Intel's SSD Pro Administrator toolset which allows remote configuration of the drives as well as monitoring of hardware health. 

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

 

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Software Updates

LibreOffice has renewed its drive to replace Microsoft Office with the newest version of its open source suite of applications. LibreOffice is developed by The Document Foundation which claims that they deliver excellent compatibility with Microsoft Office documents. The organization touts the fact that the French government has already deployed LibreOffice on about a half million computers while Spain's Valencia region has installed the program on 120,000 desktops.

Dell has released a new recovery manager product for Active Directory. Their survey results reveal that 87 percent of production interruption or DR incidents for Active Directory occur at the Forest or Domain levels. To help address these issues, Dell's Recovery Manager for Active Directory Forest Edition automates much of the testing process for Active Directory, and is also capable of mirroring production configurations.

Virginia Credit Union has developed their own in-house fraud analytics system. Using an agile software development approach, the $2.5 billion credit union developed Fraud-Fighter which starts working as soon as a call comes in to the contact center, using algorithms to analyze the interaction and historical information associated with the account. ROI was realized in just three months due to successful blocking fraudulent activities.

 

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Software Updates Sponsored by
Raddon Financial Group (RFG)


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ATMs/Kiosks

Diebold's ActivEdge anti-skimming card reader is taking a new approach: users insert their cards into the reader via the long edge, instead of the traditional short edge. The company claims that this unique design prevents all known forms of skimming. By shifting a card's angle 90 degrees, ActivEdge prevents skimming devices from reading the card's full magnetic stripe, eliminating the devices' ability to steal card data. The solution features automatic gate-locking functionality which helps counteract card trapping and fishing attacks. Finally, the ATM manufacturer states that their inclusion of encrypted communication to the ATM's central processing unit eliminates fraudsters' ability to capture and track data.

The Financial Services Policy Committee of the Federal Reserve just released its "2013 Federal Reserve Payments Study Detailed Report." Here are some of their ATM-related findings using 2012 data:

- consumers made 5.8 billion ATM withdrawals totaling $687 billion in value

- the number of ATM withdrawals decreased 0.9 percent per year from 2009 to 2012

- the average withdrawal value increased from $108 to $118

- 68% of ATM cash withdrawals were on-us, an increase from 64 percent in 2009

- ATMs received 41% of all cash deposited, with an average value of $374

- fraudsters made 1.3 million unauthorized ATM cash withdrawals

Canada's TD Bank has rolled out an unusual and highly successful marketing campaign that transformed their ATMs into "Automated Thanking Machines." Some of their branch ATMs began speaking to customers, thanking them for banking with TD and dispensing personalized gifts. One customer was given the chance to throw the first pitch at a Toronto Blue Jays game, while another was provided with tickets to visit her cancer-stricken daughter in Trinidad. The results were impressive - millions of views on YouTube and a very positive response on other social media.

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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:

 

Stirling Systems Group

Stirling

and their client is:

Los Angeles Firemen’s 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

A new survey by FICO shows that that mobile banking users skew heavily toward younger consumers, but they are also more satisfied with their financial institutions. Mobile banking usage broke down like this:

- 70% of respondents between ages 25 and 34

- 54% of respondents between ages 35 and 49

- 36% over 50

Both ARM and Mozilla are planning on rolling out new low cost smartphones shortly. The $20 - $25 devices will have screens similar to those in the iPhone 3. Some analysts are predicting that this will mean a significant leap in the uptake of mobile technology across all markets, and drive mobile banking adoption rates even higher. One bank, Standard Bank in South Africa, actually sells iPhones with their mobile banking app already loaded on it.

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Security Section

ThetaRay, a provider of big data analytics security solutions, has developed their platform from over ten years of innovative academic research. Requiring no rules, heuristics or signatures, the mathematically-based platform and layered solutions help uncover zero-day attacks, hidden APTs, operational faults, fraud and other threats by simultaneously analyzing all security and operational data sources instantaneously, without having to introduce human or computational biases. The Israel-based company calls their system a Hyper-Dimensional, Multi-Domain Big Data Analytics platform.

According to Security Research Labs, the majority of USB thumb drives, and likely other USB peripherals available on the market, do not protect their firmware - the software that runs on the microcontroller inside them. This means that a malware program can replace the firmware on a USB device by using SCSI (Small Computer System Interface) commands. In general, the firm says that for the purpose of exchanging files with other people an SD (Secure Digital) memory card would be a safer choice than a USB thumb drive.

The Financial Services Information Sharing and Analysis Center (FS-ISAC) is a member-owned, non-profit, private financial sector group that promotes physical and cyber security threat sharing information among users. The group is running its fifth annual simulated cyber security exercise for financial institutions this fall - the two day event will feature hundreds of security, risk, and IT professionals who will experience a realistic set of scenarios in a safe environment. There is no cost to participate, and the event is open to any credit union that processes payments and sends or receives ACH transactions, checks, or wires.

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Security Section Sponsored by
KnowBe4

KnowBe4

We Will Pay Your Crypto-Ransom If You Get Hit With Ransomware

Question: With ransomware like CryptoLocker on the rise, what’s your only real defense against malware attacks… no matter what security software you’re using?

You know the answer: Training your employees how to recognize ‘red flags’ so they will be constantly alert to the threat.

Well, who better to train them than the man who was once the world’s most-wanted hacker?

You know the answer to that, too: No one. You need to do security awareness training to be compliant, so why not use the most effective program there is?

And, at KnowBe4, we’re so confident in the effectiveness of our Kevin Mitnick Security Awareness Training Program, we offer you a guarantee: If your employees have been through our training and you still get hit with ransomware, we’ll pay your ransom in Bitcoin while you’re a customer.

Sound good? Of course it does.

Learn more about our training and our guarantee, and find out just how affordable our program is for your credit union. Ask for your quote TODAY.

http://www.knowbe4.com/we-will-pay-your-crypto-ransom-if-you-get-hit-with-ransomware/

KnowBe4. Human error. Conquered.

 

 

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Leaders Roundtable

Online & Mobile Banking:

Online and Mobile Banking – Improving & Bridging the Digital Channels

Bluepoint Solutions - http://www.bluepointsolutions.com
Read Andrew Tilbury's comments:
https://www.cunews.com/Bluepoint.pdf

D+H - http://www.dh.com
Read Tom Berdan's comments:
https://www.cunews.com/D+H.pdf

 
Integrated Media Management - http://www.immonline.com  
Read John Levy's comments:

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

Mercator Advisory Group  - http://www.mercatoradvisorygroup.com
Read Pradeep Moudgal's comments:    
https://www.cunews.com/Mercator.pdf
 
PSCU - http://www.pscu.com
Read Jeremiah Lotz's comments:
https://www.cunews.com/PSCU.pdf



 

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Technology and Marketing

Credit unions looking to offer financing to small business members who might not meet their strict standard of norms and requirements of traditional small business financing can now turn to Lendio for assistance. Lendio, which describes itself as a free online service that helps businesses find the right type of loan within minutes, says that their new referral program enables traditional lenders to leverage the Lendio platform to connect their members with financing they don't offer — enabling them to maintain their current small business banking relationships and provide the financing their members need.

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Online Banking/E-Commerce/Website Design

The Fusion Network`s ClickSWITCH product touts itself as the first ever 100% web-based switch portal that provides a fast and secure way for new and existing accountholders to transfer accounts — including changing direct deposit information and closing old accounts — within just 15 minutes. They say that consumers can instantly transfer all of their information to a new account, without the hassles of having to fill out multiple forms or having to contact numerous payees for automated payments. The company has teamed up with Allied Solutions to market the solution.

Some observers believe that robust digital services can increase loyalty two or three-fold. One component of pleasing "digital-first" households could be offering lifetime transaction archiving. Proponents envision a service that archives all of a member's transactions like Google does for email which they contend will build long-term loyalty.

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Online Banking Sponsored by
PSCU

PSCU

PSCU - The Nation's Leading CUSO

We offer leading edge eCommerce Solutions:

* Electronic Banking

* Mobile Banking

* Online Bill Pay

* Remote Deposit Capture

Contact us today:

(800) 443-7728

 

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Internet Access

New satellites that use Ka-band spectrum, which has significantly more capacity over older Ku-band, are driving interest in satellite Internet access. For example, Inmarsat`s new mobile broadband service is called Global Xpress and promises 50 Mbps download speeds. Plus, steerable beams allow capacity to be directed where it is needed. ViaSat`s Ka-band satellite, ViaSat-1, offers download speeds up to 12 Mbps. Finally, Hughes`s current HughesNet Gen 4 service uses the Echostar XVII launched in 2012, and offers speeds up to 15 Mbps.

Video training can help reduce the cost of training new recruits. With just a standard laptop webcam and a video platform such as Panopto, credit unions can create a library of both new hire and existing staff training videos. Video training advocates say that they can also be used to record and share subject matter expertise from your top performing call center agents, lending officers, tellers, etc.

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Internet Access Sponsored by
Ongoing Operations

OGO

Ongoing Operations - The Credit Union Movement's Top BCP & Technology (Cloud) Provider

Always-On Production Connectivity typically includes:

* Internet Connectivity

* Core System Connectivity

* Credit Union Connectivity

* Credit Card Processor

* Debit Card Processor

* ATM Processor

* Online Banking Provider

* Fedline / Federal Reserve Connectivity

* Enterprise Grade Firewall

* Intrusion Detection System

 

Contact us today:

This email address is being protected from spambots. You need JavaScript enabled to view it.

and

visit our blog for the latest BC/DR news: http://ongoingoperations.com/blog/

 

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Call Centers

InfiniteKM is a contact center knowledge management system that permits credit union policies, procedures, news flashes, training content and any other critical business information to be stored, distributed and accessed by the contact center through a single, customizable portal. The software comes with a role based natural language search algorithm that helps users find the most relevant information they need quickly and efficiently. The knowledge base can also be extended to members so that they can perform self-service inquiries.

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