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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.

July 13, 2015

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

 

General News  

* Corelation Announces Signings & Conversion
* Auto Financial Group Signs New CUs
* Mobilearth Signs United Heritage CU to Use MobiBranch
* CU Wallet & Relevant Solutions Form Partnership

San Diego-based core systems provider Corelation signed three more credit unions and converted another client to run its open architecture system, KeyStone, in the second quarter of 2015. They are: Northwest Preferred Federal Credit Union; Pasadena Federal Credit Union; and Reliant Community Federal Credit Union (signed), and Discovery Federal Credit Union (converted).

Auto Financial Group (AFG), a leading provider of innovative financing products for credit unions, just announced their mid-year growth figures. Some of their new credit union clients include: Sidney FCU, Miami Firefighters FCU, Trailhead CU, Pompano Beach Employees CU, First Area CU, and Bay Atlantic FCU.

Omni-channel, mobile banking provider Mobilearth has signed United Heritage Credit Union ($815 million; 56,139; Austin, TX) to use the technology company`s digital branch-expanding solution MobiBranch and its new Teller Dashboard Platform. United Heritage, who is Mobilearth`s first Symitar Episys credit union client, plans to implement the technology during the fourth quarter of 2015.

CU Wallet, a CUSO providing the industry`s first credit union driven mobile payments application, and Relevant Solutions, the leading provider of mobile in-store shopping content for financial institutions, have entered into a strategic alliance integrating merchant offers and promotions with CU Wallet`s mobile wallet. This integration gives CU Wallet member credit unions the ability to deliver promotions and offers from more than 750 national merchants, as well as local retailers directly to members.

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Hardware News

Advidia offers a line of IP network video surveillance cameras and their newest model is the B-51 5 MP Dome Camera. The B-51 can be used either indoors or outdoors, and comes with a 3x zoom lens. Other features include 30 fps at 1920 x 1080 and Day & Night capabilities via an adaptive IR LED. Plus, each network camera includes a free enterprise Video Management Software license, a 3 year warranty, and free software updates for the life of the camera.

Samsung's newest solid state drives are the 2TB 850 SSD Pro and Evo drives. They are 7-millimeter, 2.5-inch aluminum drives that come with 128 individual Samsung 32-layer 128Gb 3D V-NAND flash chips. Samsung guarantees the 2TB 850 Pro for 10 years or 300 terabytes written (TBW), and the 2TB 850 Evo for five years or 150 TBW. The 2TB 850 Evo is priced at $800, and the 2TB 850 Pro runs $1,000. 

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

 

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Software Updates

Big Data Analytics gets lot of headlines these days, but some observers think that Big Text Analytics should be just as popular. Big Text is unstructured word-based data such as call center transcripts, email/phone messages, online info (blogs, social media posts, etc.), survey results, feedback forms and much more. Some people even claim that up to 80% of an organization`s data is this type of unstructured data. Proponents of Big Text Analysis contend that it is completely complementary to Big Data Analysis and that together they can help your credit union drive revenue, improve the member experience and boost loyalty.

V-locity 6.0 is I/O reduction software for virtualized environments that delivers as much as 600% or more faster application performance without any additional hardware, according to Condusiv Technologies, the program's manufacturer. The company says that independent tests show that the latest version of IntelliMemory in V-locity 6.0 is 3.6X faster when processing 4K blocks and 2.0X faster when processing 64K blocks. By focusing on "cache effectiveness" rather than the commodity and capacity-intensive approach of "cache hits," V-locity helps determine the best use of DRAM for caching purposes by collecting data on a wide range of data points (storage access, frequency, I/O priority, process priority, types of I/O, nature of I/O - sequential or random - and time between I/Os).

 

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ATMs/Kiosks ATM manufacturer Nautilus Hyosung released its new 5200 ATM which can be operated on either the Microsoft Windows CE 6.0 or Windows 7 platform. The 5200 features a 12.1-inch TFT LCD, cash capacity up to 6,000 banknotes, a DIP-type EMV card reader with optional anti-skimming capabilities and support for cardless transactions.

Formed in late 2014, the ATM Security Association is now off the ground with its inaugural meeting. The group's goal is to bring together ATM manufacturers, suppliers, operators, financial institutions and authorities to build a neutral and secure platform for the analysis of identified threats. Working groups within the association will focus on anti-skimming efforts, software security, encryption, and cassette security.

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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:  

CDC Software

CDC

and their client is:

North Shore 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

While Apple Pay is steadily gaining traction, Gallup analysis shows enthusiasm for digital wallets is still low. Only 13% of U.S. adults with a smartphone have a digital wallet on their device, and 76% of those who have a digital wallet have never used it or have almost never used it to make a purchase from a retailer in the past 30 days. Of the U.S. consumers using a digital wallet, men and millennials use it more than the rest of U.S. adults: 11% of men and 11% of millennials use it every time or almost every time if they can to make a purchase. More than half of nonusers cite security as a primary reason they are unlikely to use a digital wallet in the next 12 months (55%). Others don't know enough about the technology (21%) or see any benefits of using a digital wallet over just using credit cards (14%), while a few don't think they are accepted at enough places to make the technology useful (5%).

iPhone users of Wells Fargo's CEO Portal are now able to use both face and voice recognition to login to the website. The bank claims to be the first financial firm to merge those types of biometrics. Wells is also testing eye scanning biometrics technology that scans the veins in smartphone users' eye to verify their identity, which should be available in 2016.

America First Credit Union's mobile app supports Android, iPhone, and iPad and is very robust in that it can handle five kinds of loan applications. Car loan applications are the most popular followed by credit card applications, but the app also supports RV, personal signature, and personal lines of credit mobile loan applications.

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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

According to a report from the US Government Accountability Office (GAO), banking regulators are sending staffers with "little or no" tech training to carry out IT examinations at smaller institutions. The GAO says that regulators (the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve, the Federal Deposit Insurance Corporation, and the National Credit Union Administration) do recognize that "some IT training is necessary for all examiners" and are working to improve the situation. The GAO says that regulators tend to focus on IT systems at individual institutions without being able to see trends across the banking system because they are not routinely collecting security incident reports and examination deficiencies and classifying them by category. Finally unlike the other watchdogs, the NCUA does not have the authority to examine third party technology vendors, a situation that Congress should address, recommends the GAO.

A Mobey Forum survey of a few hundred FI executives found that 22% of them already offer biometric services to their customers and 65% plan to offer them in the near future. More than half plan to launch fingerprint biometrics for their end users, while an additional 21% are pursuing voice recognition. In terms of obstacles to deploying biometrics, one in five respondents highlighted dependence on technology providers as an issue, and customer concerns about privacy were also perceived as problematic.

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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

Many organizations ask numerous employees to contribute to their corporate blog, but some go a step further and ask their customers to contribute as well. The theory is that your members can add a great deal of credibility to your brand and your blog, and they will share it with their friends and their entire network. Another technique to drive blog readership is to reward blog readers by informing them of new product or service releases, changes to your products or services and providing them with coupon codes and discounts on your products or services.

Farmington Hills, MI-based Community Choice Credit Union is partnering with Zagster, a leading provider of private and public/private bike sharing services, to bring public bike sharing to Brownstown, MI for the first time. The Brownstown bike share program is an expansion of the successful bike share program located in Wyandotte, which launched last summer, sponsored by Community Choice Credit Union (formerly NuPath Community Credit Union).

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Online Banking/E-Commerce/Website Design

The Federal Reserve Bank of Philadelphia is reporting that credit card use, even in merchant categories dominated by debit cards, appears to be growing quicker than debit card use. The reason behind this phenomenon appears to be the availability of credit card rewards, larger credit lines, and the reduction, and elimination in many cases, of debit card rewards.

American Express is introducing Amex Express Checkout, an alternative payment method its card members can use to more easily check out and pay on partnering websites and select merchant apps. American Express cardholders enter their usernames and passwords from their online Amex accounts and the tool auto-fills their payment information into the billing and shipping fields. However, Amex Express Checkout only allows for payment with an Amex credit card.

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Internet Access

A DNS firewall is a secure version of a DNS resolver. It prevents organizations from inadvertently creating connections to known, malicious Internet locations and can provide immediate feedback to the security teams about potential threats like botnets and phishing attacks on the networks. Verisign`s new DNS Firewall is a cloud-based solution that provides global coverage for its customers. Verisign uses real-time, in-depth country and regional threat feeds from its iDefense security services to help block access to malware and command and control sites. In addition to malware filtering and out-of-the-box content filters, users can create their own whitelists and blacklists.

Solarity Credit Union recently launched its BYOD (bring your own device) platform for their employees. The $576 million asset credit union uses Cisco-Meraki devices with a Cloud Controller to firewall off their BYOD network from their corporate network. To add further security measures, the Yakima, WA-based credit developed a detailed mobile security policies and procedures and uses a third party for a special network security audits.

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Call Centers

Smaller credit unions considering setting up a contact center have two options: outsource or go in-house. If they choose to outsource their interactions to a third party, their cost structure often includes a monthly cost per call and a contract that ensures Service Level adherence. On the other hand, on premise installations require more planning and investments. By some estimates, the high-level financial percentage breakdown of operating a contact center within your offices is:

65% = Personnel

20% = Network

10% = Overhead

5% = Equipment

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