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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 3, 2015

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

 

General News  

* Altamaha FCU Converts to Sharetec
* Fiserv Integrates Fujitsu PalmSecure into DNA
* New York Credit Union Association Selects AffirmX
* CU*South Launches CUSO Media Services

Sharetec System, one of the fastest growing core systems, announced that Altamaha FCU in Jesup, GA, has converted to the Sharetec System. Established in 1955, Altamaha FCU is located in Jesup, GA, and the 43rd largest credit union in the state of Georgia.

Fujitsu Frontech North America, a global technology provider, announced that Fiserv, a leading global provider of financial services technology solutions, has signed an agreement that will allow them to integrate Fujitsu`s PalmSecure biometric technology into the DNA account processing platform. The Fiserv integration will initially facilitate the authentication of accountholders in the branch to provide positive identity verification for activities such as withdrawing funds or accessing a safety deposit box.

The New York Credit Union Association recently finalized a strategic partnership with AffirmX, a provider of risk and compliance solutions. Through AffirmX, NYCUA member CUs have access to a wide variety of services, including the Risk Intel Center software.

CU*South has created CUSO Media Services, a video and graphic media production service focused exclusively on credit unions. Credit unions choose from a selection of pre-designed components that communicate specific benefits, such as bill pay or text banking.

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Hardware News

Intel and Micron are working on a new type of memory that is reportedly 1,000 times faster than NAND flash and has 1,000 times the endurance. The new memory would support about one million erase-write cycles, by comparison today's NAND flash lasts for between 3,000 and 10,000 erase-write cycles. The companies claim that the new product, dubbed 3D XPoint, is the first new memory category in more than 25 years. However, it is more expensive than NAND and cheaper than DRAM, yet faster than NAND but slower than DRAM.

Giada USA announced their new GT200 Micro Server which is designed for roles like file, web, email and print server applications. The company claims that a GT200 fully loaded with 2 SATA drives, 4 GB of DDR3 RAM, and an mSATA SSD consumes less than 30W at 93 percent CPU utilization. The unit measures 8.4 x 4.3 x 6.7 inches. The GT200 Micro Server supports Red Hat Enterprise Linux 7.0, Ubuntu server 14.04, Windows Server 2008 R2, Windows Server 2012, and Windows Server 2012 R2, and has a suggested price of $320. 

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

 

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Software Updates

With the release of Windows 10, the Start button is back, Microsoft`s virtual assistant Cortana is available to help users with their everyday needs, and there is a new default browser (Edge). Other new features include:

  • Non-stop updating and patching for home users
  • Advanced Threat Analytics
  • The Antimalware Scan Interface
  • Windows Hello (biometrics support)
  • Wi-Fi sharing

Comodo has updated their Endpoint Security Manager (ESM) to version 3.4. The software brings five layers of defense - antivirus, firewall, host intrusion prevention, automatic containment and file reputation. The Comodo ESM dashboard provides Systems Administrators with a view of 14 critical metrics around all of the endpoints. It also features a new containerization/sandbox view, which shows which unknown applications are running in that view, as well as the history of those unknown applications and the ability to report on them.

 

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ATMs/Kiosks
Skimming at American FI ATMs increased 173 percent in the first quarter of this year, compared with the same period a year ago, according to FICO's Card Alert Service. FICO also said that skimming attacks waged against U.S. ATMs at off-premises locations, such as convenience stores, also increased, up 317 percent for the same period. NCR confirmed FICO's report with their own recent alert stating that ATMs of all makes and models have seen increases in skimming attacks in recent months. They advise credit unions to keep their anti-skimming services and technologies up to date; invest in skimming-detection software and services that alert them when an ATM has been tampered with; and make sure their ATMs are regularly inspected by their staff.

3D printers are coming down in price as the go up in popularity. One bank, PrivatBank, has decided to jump on the 3D printing bandwagon in a big way by printing their own replacement ATM parts. The bank which is the largest commercial bank in Ukraine claims that they enjoy a 95 percent reduction in their costs for certain ATM replacement parts by utilizing a relatively inexpensive Chinese-made 3D desktop printer.

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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:  

ProfitStars

ProfitStars

and their client is:

Middlesex 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

For many FIs, mobile banking analytics is limited to two basic metrics:

1) app downloads

2) the number of members logging in to the app after downloading

Yet, there are many other metrics worth analyzing. FI-MOBILE, a leading mobile banking provider, suggests the following items:

  • Growth trend lines
  • Returning number of members
  • Flow (how members move around the app)
  • Geographic access
  • Service penetration (measure the success of cross proliferation of services and cross selling)
  • Promotions/shopping success rates

Slightly more than 50% of mobile bankers used remote deposit capture last year, according to the Federal Reserve. That represents an increase from 38% in 2013. To help make mobile RDC easier, a French company called A2iA has come out with a new Mobility app that allows users to capture check (or document, ID image, etc.) without interacting directly with a device or pushing its camera button trigger. A2iA`s Auto-Locate feature, a patented software toolkit dedicated to offline mobile data recognition and image analysis, automatically locates and captures the image without the presence of an abounding box or pre-defined zone. The software supports iOS 64-bit and android apps.

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Wireless World Sponsored by
Member Access Pacific (MAP)

MAP

 

The MAP App™ is the first network-branded prepaid card exclusively serving credit unions to offer mobile banking -
contact us now to learn more about this market-leading innovation for credit unions:

(866) 598 - 0698

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Security Section

AV-Test, a firm that evaluates and certifies a range of security products, recently gave SentinelOne's EPP their Approved Corporate Endpoint Protection seal of approval, Observers point out that AV-Test is a good indicator of how an antimalware system will block threats, and the fact that EPP won approval is impressive considering the fact the EPP does not use any signatures, just behavior blocking. The company uses "dynamic execution patterns" to determine whether an endpoint is being compromised, and they say that roughly 160 of those patterns catch the same amount of malware as millions of signatures. In addition to catching malware, EPP can remediate infections by quarantining files, killing processes and returning endpoints to known good states.

Internal fraud continues to be costly issue for FIs of all sizes. ACL Services, a governance, risk and compliance (GRC) and data analytics provider, notes that internal fraud often reflects what they call a fraud triangle. The three legs of the triangle are comprised of:

- Pressure (financial trouble, addiction issue, etc.)

- Opportunity (lax internal controls or poorly implemented procedures)

- Rationalization (or motivation)

In 2014, social domains surpassed traditional domains. While traditional domains are well documented when it comes to signing up and registering, social domains are laisse faire - anyone can run a social domain. Social media monitoring often starts with a comprehensive scan and audit across the open Internet and dark Web looking at blogs, Twitter, LinkedIn groups, YouTube channels, Facebook posts, etc. - basically anything that may be fraudulently perpetrated in an organization's name.

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Leaders Roundtable

Online and Mobile Banking:

Using Digital Technology to Create Value for Members


Cognizant - http://www.cognizant.com
Read Steven DeLaCastro's comments:
https://www.cunews.com/Cognizant.pdf

D+H - http://www.dh.com
Read Nigel O. Prince's comments:
https://www.cunews.com/D+H.pdf


 
IMM - http://www.immonline.com  
Read Nish Shah's comments:

Javelin Strategy & Research - http://www.javelinstrategy.com
Read Mary Monahan's comments:
https://www.cunews.com/Javelin.pdf

PSCU - http://www.pscu.com
Read Jeremiah Lotz's comments:
https://www.cunews.com/PSCU.pdf

 

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Technology and Marketing

Celent has released a new report titled “Optimizing Face-to-Face Interactions: The Missing Link in Branch Channel Transformation.” The research firm points out that the two most common drivers of branch channel investment are achieving greater sales growth and the pressure to reduce costs. Celent identifies five often overlooked technologies that achieve these two objectives:

1. Branch consumer experience surveys

2. Desktop and process analytics

3. Digital appointment booking

4. Video analytics

5. Workforce management

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Online Banking/E-Commerce/Website Design

Forrester Research is predicting that plastic EMV cards won't achieve broad adoption in the U.S. until 2020 which is partially due to the fact that digital wallets and mobile payments that use near-field communications (NFC) will complicate the EMV rollout and take market share from plastic EMV signature and chip-and-PIN card. It appears that the US will be the last region in the world to broadly implement chip-embedded EMV technologies. The sheer size and complexity of the payments ecosystem is partially to blame: the U.S. payments infrastructure represents approximately 1.2 billion credit and debit cards and 12 million POS terminals. However, the Payments Security Task Force predicts 98% of credit and debit cards issued by major financial institutions will have EMV chips by 2017.

A new Forrester study entitled “Solving the Omni-Channel Dilemma: The Digital Consumers` Path to Purchase a Financial Product” finds that consumer search patterns and the ability to attain information in an instant are changing the way consumers choose banking products. The survey found that:

- Consumers will do their research online and with their personal connections before engaging with the financial institution.

- Credit card customers prefer to research and purchase online. The commoditized nature of credit cards makes it easier to finalize the process without speaking with a representative.

- Shorter, less intensive application processes would improve pathway to purchase for all consumers. Tools and calculators play a large role in decision-making.

When choosing a checking or savings product, consumers are less reliant on interest rates and more reliant on reputation and relationships; however with larger purchases like mortgages and personal loans, interest rates matter more to consumers, as do online tools to compare and contrast among options. The study concludes that credit unions must take a needs-based, not product-based, approach, and use digital technology to support prospective members across all touch points.

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Internet Access

Many security experts believe that Microsoft Edge, the new browser in Windows 10, represents a significant increase in the security over Internet Explorer. Microsoft Edge has now integrated two widely used plug-ins into the browser itself: Adobe Flash and a PDF reader. While these represent potential attack vectors, implemented properly they can remain relatively secure. Overall. Microsoft Edge represents a clear improvement compared to Internet Explorer 11. Specifically, the improved sandbox and exploit mitigation techniques make exploiting Edge more difficult than its predecessor. Plus the removal of unused legacy features reduces the possible attack vectors into the browser to such an extent that some observers contend that Edge has reached a security parity with the Google Chrome browser.

Pulse Secure says that their Secure Appliance series helps organizations boost network access performance, while blending cloud services and data center applications. Pulse Connect Secure (VPN) and Pulse Policy Secure (NAC) are converged on a single appliance. Plus they work with existing authentication/authorization schemes including AD, LDAP, RADIUS, RSA, SAML, etc. The company offers their PSA Series High Performance appliances for Next Generation Secure Access and their MAG Series appliances for SSL VPN and NAC.

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Call Centers

Contact center outsourcing takes many forms depending on an organization's specific needs. Outsourcing implementations vary widely and can include:

- after-hours/weekends/holidays

- special promotions

- languages

- chat

- social media

- outbound

- collections

- back-office work

Essentially it can be any specific area in which organizations need expertise or resources.

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