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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 28, 2015

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

 

General News  

* Racine Municipal ECU Chooses Sharetec
* CU*Answers Offers Automated End-of-Month Toolkit
* Grow Financial FCU Implements Verian Cloud
* Smartsolution Banking System Introduced to 3 CUs

Sharetec System, one of the fastest growing core systems, announced that Racine Municipal Employees Credit Union in Racine, WI has selected the Sharetec System as their new core. Racine Municipal ECU is implementing a number of new solutions including Live EFT Processing, Integrated Credit Card Processing, Automated Daily and Monthly Processing, and eNotices.

CU*Answers, the Grand Rapids, MI-based cooperative CUSO, is now offering an automated end-of-month processing toolkit for its in-house, self-processing credit union clients on the CU*BASE core data processing suite. The service, which was designed to help streamline operational processes, leverages tools that the CUSO utilizes in its own online SaaS environment.

Grow Financial Federal Credit Union is now live on the Verian Cloud with solutions for automating purchasing, invoicing and budget tracking that are integrated with their Symitar core system. The system will enable Grow to replace manual purchase-to-pay processes with cloud-based solutions.

Smartsolution, a leading provider of financial management solutions, announced the signing of CCEC Credit Union, Vancouver Firefighters' Credit Union and Slovenia Credit Union to their Universa Premier Core Banking Suite. All three credit unions are moving to smartsolution's "SAAS – Software as a Service" bureau solution.

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Hardware News

According to a new Celent report, tablets will be used in both assisted self-service and sales/service interactions in branches, replacing desktop workstations in some cases. Lack of branch automation software support is the most commonly cited barrier to their use. A June 2015 survey found that over 60% of institutions felt that tablet usage by front line branch personnel would be "extremely likely." The August 2015 survey found that FIs will be using tablets to facilitate sales and service interactions as well as to assist self-service transactions, e.g., kiosks.

Dell has introduced Deployment Services which offers deployment of new hardware as well as migrating end users to new systems. Dell will also take care of removal of the equipment that you want to retire. The goal is to allow IT Departments to continue their day to day operations and support their end users without having to worry about installing and configuring new hardware and software. Meanwhile, Dell's Accidental Damage Service offers repair and replacement of devices located on-site as well as those of mobile employees that might be traveling or working off-site. They also provide certified data destruction and disk disposal services in the event that a device or component needs to be replaced. 

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

 

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Software Updates

Microsoft just released their new Office 2016 suite of desktop applications for both Office 365 and on-premises customers. Many observers are pointing out that Office 2016 is firmly focused on the cloud and Microsoft is concentrating its engineering investment in features that leverage Office 365. Some of the new features work on-premises, but only if you upgrade your environment with Exchange 2016, SharePoint 2016, etc. One nice feature available to on-premises customers is Outlook 2016's capability to use online searches when the client is connected to the network. To help with installations, Microsoft has also released the Office 2016 Deployment Tool.

Exabeam 2.0 helps IT teams respond to account lockouts by using machine learning to model lockout behavior and applying that logic and related rules. This software also records how many times a user has been locked out in the past so organizations can add that information to the user's behavior history. Other features of the latest Exabeam release include user watchlists, allowing admins to create arbitrary lists of employees and contractors that will require special monitoring. For example, an admin might create a watchlist of all users whose systems had malware within the past month, to detect potential re-infection.

Big Data Scoring says that their platform helps lenders harness big data to make better and more profitable credit decisions. Beyond credit bureau scores and basic information from loan applications, the company collects and analyzes thousands of additional points of data to assess an applicant`s credit risk. This data is collected and analyzed from a number of online sources such as social media, blogs, random web pages and more.

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Software Platform Sponsored by
Parascript

Parascript

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ATMs/Kiosks

Stereo skimming is an old skimming technique that records the data used on the magnetic stripe using audio technology. Criminals continue to refine the technology as evidenced by a new report from TMD Security. The firm says that they have been alerted to skimming attacks in Ireland using "next gen" stereo skimming technology. They note that it uses sophisticated new technology and it is likely that all electromagnetic jamming signals will be partially — if not completely — vulnerable to the new device.

Meanwhile, "jackpotting" or "cash-out" ATM attacks are also getting more sophisticated. A newly spotted ATM cash-out malware has been dubbed "GreenDispenser" by Proofpoint. The cybersecurity firm notes that "when installed, GreenDispenser may display an 'out of service' message on the ATM, but attackers who enter the correct PIN codes can then drain the ATM's cash vault and erase GreenDispenser using a deep-delete process, leaving little if any trace of how the ATM was robbed." Like other similar malware such as PadPin (a.k.a. Tyupkin), GreenDispenser is designed to interact with XFS which is a set of standard programming interfaces, or APIs, that are built into most ATMs. The good news is that Proofpoint believes that installing the malware requires physical access to an ATM.

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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:  

Synergent

Synergent

and their client is:

Oxford 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

Hypori is a software company that provides a Virtual Mobile Infrastructure platform that is accessible from both Android and iOS. They say that they can help solve BYOD challenges via a secure and separate OS. Their platform keeps all the apps, data and management on enterprise servers as opposed to mobile end point devices. The company states that FIs can deliver a VMI system for a TCO of around $20 per user per month, versus around $90 for a physical device.

Westpac has incorporated an order-ahead coffee feature into their mobile banking app. The Australian bank`s customers that open their app will now see an 'order ahead at cafes' tile on their mobile screens. When they tap it and link their debit card, they will receive a $5 credit to the Hey You coffee chain. They can then place an order and pay at hundreds of cafes through the Hey You app, skipping lines when they reach their destination.

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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

The Financial Services Information Sharing and Analysis Center (FS-ISAC) announced an arrangement with the Federal Reserve Banks to provide their customers with access to the Weekly Risk Summary report, designed for community institutions and delivering timely information on significant security threats to board and C-level personnel. The report provides a high level summary of threats, identifies the risk to community institutions and suggests actions that these organizations can take to remediate the risks.

Cisco Systems has released a software tool that allows IT Departments to scan their networks and discover if their routers have been compromised with malicious SYNful Knock implants. If a compromised router is found, the scanner will provide instructions on what to do next. Users are can also contact the Cisco Product Security Incident Response Team (PSIRT) for help. However while the scanner can be used to help detect and triage known compromises of infrastructure, it cannot establish that a network does not have malware that might have evolved to use a different set of signatures.

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Leaders Roundtable

Core Systems:

Supporting Omnichannel Delivery with the Core System

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

 

COtopia

 

D+H - http://www.dh.com
Read Spencer Jones' comments:
https://www.cunews.com/D+H.pdf

 

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

 

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

 

Share One - http://www.shareone.com
Read Teri Van Frank's comments:
https://www.cunews.com/ShareOne.pdf

 

 

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Technology and Marketing

A web bug is an object embedded in a web page or email, which unobtrusively (usually invisibly) allows checking that a user has accessed the content. It is also called a web beacon, tracking bug, tag, or page tag; when implemented through an embedded image they can be called a tracking pixel, pixel tag, 1×1 gif, and clear gif. They can be used to follow visitors and present offers later that are relevant to a search they may have done earlier.

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Online Banking/E-Commerce/Website Design

According to an ACI Worldwide survey, 6 out of 10 consumers say they either have not received a chip-enabled card or do not understand the use and purpose of the new cards they have received. Thirty three percent of those who had already received a chip-based card said they were unaware of the "real reason" for receiving a new card. However, millennials and Gen Xers did have a better understanding of EMV, with 78 percent of respondents saying they have knowledge on the subject. In contrast, consumers aged 65 and older showed the least awareness, with only 66 percent indicating an understanding of EMV.

A recent report from the CFI Group report indicates online and mobile banking has more influence on satisfaction than any other aspect of the credit union relationship. However, while online banking with credit unions continues to rise – with 82% of members reporting they completed at least half of transactions electronically – the importance of branch locations remains strong. Only 11% of those surveyed indicate they consider branch locations to be of little or no importance.

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Internet Access

To many analysts, "next generation” WAN (wide area networks) mean Software Defined WANs (SD-WAN). One of the key features of an SD-WAN is the ability to abstract the virtual, software-controlled network fabric from the underlying network components. This creates a tremendous amount of flexibility for WAN design and implementation. In action, credit unions will be able to mix and match connectivity options using MPLS, point-to-point Ethernet, 4G mobile, DSL, etc - whichever is most convenient, affordable and available at each branch.

Unified communications and collaboration (UC&C) implementations are experiencing double-digit growth while premise-based UC system demand has slowed. Cloud-based UC&C got its start when organizations discovered that IP-PBX and UC systems worked just as well - or better - in a remote data center when operating as a managed service. Proponents contend cloud-based UC&C frees IT resources to focus on important business projects rather than communications applications and infrastructure.

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Call Centers

Research from Gartner shows about 30% of all identity fraud attacks start out with phone calls. In response, call center agent-handled security and identification checking costs US centers $10.6 billion in 2014, according to a ContactBabel report. The report suggests between 20% and 50% of the typical authentication questions are easily circumvented by fraudsters. To try and combat this fraud, Pindrop Security's platform acoustically fingerprints phone calls and associates that data with the phone number. They say that their software knows what kind of phone is being used, the telecommunications provider, and where the call is coming from. The platform accesses multiple detection factors and notifies the call center agent of a call's fraudulent nature without alerting the caller.

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