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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 22, 2016

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

BB

 

General News  

* Port-of-Spain CU Commits to Sharetec
* Two CUs Select Fiserv's OnCU
* ID Insight Expands Fraud Platform
* Consumers CU Enlists Baker Hill`s Matrix Marketing

Sharetec System, one of the fastest growing core systems, announced that Trinidad and Tobago Fire Service Credit Union (TTFSCU) has opted to use Sharetec as their next core system provider. For over fifty years, TTFSCU has been serving Fire Fighters and their immediate families.

Fiserv, a leading global provider of financial services technology solutions, announced that Badlands Federal Credit Union, based in Glendive, MT, and Danville City Employees Federal Credit Union, based in Danville, VA, have selected integrated OnCU core account processing solution suites. Badland's OnCU suite includes Virtual Branch, CheckFree RXP, Popmoney, WireXchange, and solutions for item processing and member statements. Danville's OnCU suite includes Mobiliti, CardValet, Virtual Branch, CheckFree RXP, Popmoney, and additional solutions for item processing, member statements and Web design.

Anti-fraud technology provider ID Insight announced their most comprehensive update yet to its fraud prevention platform. The company states that their solution can help reduce fraud losses and improve compliance processes while achieving a more than 10-to-1 return-on-investment ratio through more efficient member profile change verification processes.

Baker Hill, a leading provider of technology solutions for common loan origination, relationship management and smart data analytics, announced that Oshtemo, MI-based Consumers Credit Union has selected its Matrix Marketing solution. Matrix Marketing features tools such as program mail files and call lists and as well omni-channel, multimedia fulfillments.

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Hardware News

Hewlett-Packard Enterprise (HPE) just announced two new shared storage solutions geared towards smaller organizations. The HPE StoreVirtual 3200, which starts at $6000, features a new dual-controller array based on 64 -bit ARM technology, a new RAID stack and advanced storage data services like snapshots, thin provisioning and replication. HPE claims that StoreVirtual 3200 can be deployed "in minutes," and customers can add flash as needed. The second new system, the HPE MSA 2042, is a boosted version of the firm's entry-level SAN array that offers 800 GB SSD capacity and proprietary software tools. The HPE MSA 2042 starts at less than $10,000.

Kensington has come out with a new laptop lock: the MicroSaver 2.0 Keyed Laptop Lock. It is only 10 millimeters in diameter and the company claims that it provides maximum anti-theft protection for the thinnest laptops and devices, offering tamper-resistance, reliability, and durability. Their Register & Retrieve program allows you to order replacement keys. The new lock runs $50. 

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

 

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Software Updates

Microsoft announced their plans to shift all supported versions of Windows to a monthly rollup plan. This change affects Windows 7 (SP1), Windows 8.1, Windows Server 2008 R2, Windows Server 2012, Windows Server 2012 R2 and will go into effect beginning with updates issued in October 2016. The cumulative update contains all previously released patches plus anything new for that current month. This cumulative update process month means that a freshly installed copy of any of these supported versions of Windows will only need to download the latest monthly cumulative update patch in order to be 100% up to date. Some administrators are concerned, however, that this decreases their flexibility in uninstalling specific updates that may be causing issues.

According to a report from the World Economic Forum, blockchain technology is primed for use in international payments and wire transfers, the repackaging of mortgages, and compliance reporting of FIs to regulators. The report notes that distributed ledgers "will have the greatest impact when applied to business problems involving a shared repository of information, multiple writers, minimal trust, the presence of intermediaries and interdependencies between transactions. Without these conditions, blockchain may not be the answer."

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ATMs/Kiosks

An NCR SelfServ 85 kiosk, which acts as an interactive assistant, is the heart of NCR's new "innovation experience room." German cooperative bank Volksbank eG Schwarzwald Baar Hegau is the first institution to go live with the room that is designed to help build digital literacy among employees and consumers. The room, which is also designed to drive branch traffic, features:

- a 3D printer

- a multi-copter drone

- an Amazon Echo personal assistant

- virtual reality glasses that can be used to view real estate properties in 3D

A sophisticated team of ATM hackers extracted over two and half million dollars from 41 ATMs in Taiwan recently. Some are speculating that the criminals used smartphones to extract large sums of cash at each visit. For example, Symantec researchers outlined ATM malware called Ploutus that would cause an ATM to deliver thousands of dollars in cash after being sent a command via SMS message. However, this attack would not be possible without physical access to the inside of the ATM first. Taiwanese authorities did not say that Ploutus was used by the gang, but they were quoted as saying that they suspected that malware was installed on the ATMs at an earlier date.

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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:  

CoNetrix

CoNetrix

and their client is:

FivePoint 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

The “Consumers and Mobile Financial Services 2016” report finds that 43% of adults with mobile phones and FI accounts reported using mobile banking. The report, authored by the Federal Reserve Board, states that this represents an increase of 4% from last year`s survey and 10% from the 2013 study. Of course, mobile banking use is significantly higher for those consumers with smartphones (53%). While more consumers indicated that they had installed their FI`s application on their phones in 2015 (82%) than in 2014 (71%), the increase in smartphone owners with a FI account increased only 1% during the past year, the same amount as in the previous 3 years. For smartphone owners who use mobile banking, 54% cited mobile as a top three channel, below online (65%) and ATM (62%) but above branch use (51%).

In the telecommunications world, the "last mile" is the final piece of a network required to deliver service to a home or business. This last mile can be quite difficult and expensive to lay with fiber, so Google is looking to advance its last mile efforts via wireless broadband. They plan to test Citizens Broadband Radio Service (CBRS) in twenty cities across the US. Many telecom experts think that adding a wireless option to Google Fiber will help speed deployments of the service in both densely populated areas and rural areas.

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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

Context-sensitive authentication is when systems have the ability to sense and use context information to augment or replace the traditional static security measures by making them more adaptable to a given context, and thereby less intrusive. In the event that confidence is low or risk is high, under a contextual authentication, the service will automatically require more secure two or even three factor authentication methods. In action, contextual access replaces static rules with machine learning to assess risk based on user behavior and context, thus providing a more user friendly experience.

Despite their growing use and convenience, many people distrust biometric logins, according to a survey by email portal mail.com and Yougov. Almost half of the survey respondents (42 percent) say they don`t want “companies to save and use their personal biometric data.” Only 22 percent of those surveyed said biometrics is a “good addition” to passwords, while 58 percent noted that they prefer to use traditional passwords. Perhaps some of the survey respondents are aware of the fact that police are willing to ask for warrants for phone-unlocking fingerprints, and that judges are willing to sign them, but the government cannot compel someone to turn over their PIN or passcode.

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Security Section Sponsored by
StrongAuth, Inc.

StrongAuth

 

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Leaders Roundtable

Online and Mobile Banking:

Digital Differentiation Strategies

 

Arizona Federal Credit Union - https://www.arizonafederal.org
Read Eric Givens' comments:
https://www.cunews.com/AFCU.pdf

 

 

 
IMM - http://www.immonline.com  
Read John A. Levy's comments:

 

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

 

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

 

RLR Management Consulting - https://rlrmgmt.com
Read Mitch Razook's comments:
https://www.cunews.com/RLR.pdf

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Technology and Marketing

You can purchase high quality photos for your marketing efforts many places online like iStock from Getty Images or Creative Market, but smaller credit unions on tight budgets may want to look at Google Images where you can potentially find a number of royalty free images that you might be able to use in your promotions. Simply search Google Image to find all of the images Google has catalogued for your particular search term, then click on “Search Tools” underneath the search bar. Then choose “Usage Rights” and select “Labeled for Reuse” which will display those images that are labeled with Creative Commons licenses. Click on the image that you like, then click on "View Image" and follow any attribution instructions - some say: "Free for commercial use - No attribution required."

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Online Banking/E-Commerce/Website Design

According to results from a new Gallup study, 62% of respondents said that within their lifetimes, all purchases will be made with credit cards, debit cards and other forms of electronic payments. A majority (53%) said that they were currently using cash for little to none of their purchases. Naturally, the youngest generation is the most open to the idea of a cashless future, but majorities in all age groups predicted a cashless future.

Visa is reporting good progress in the U.S. migration to EMV chip-enabled cards and payments with Visa chip cards now outnumbering U.S. residents at 326 million cards vs. 324 million people. The card giant notes that twenty five percent of dollars spent in stores with Visa was spent with a chip card used at a chip terminal, plus good news on the fraud front: counterfeit card fraud continues to decline at chip card-ready merchants, falling 35 percent in March 2016 compared with the previous year.

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Internet Access

Verizon is predicting that by the end of the year that they will be able to use SD-WANs (software defined wide area networks) to help clients detect when they need more bandwidth and automatically turn it up. Factors affecting branch application bandwidth include application performance as newer applications consume more bandwidth and the rise in cloud usage. Plus SD-WANs can help with security issues because they can: deliver the ability to segment parts of the network end-to-end, support encryption and provide robust authentication. Plus, policies to manage specific segments can then be applied to control access to particular locations.

Pricing for both MPLS (Multiprotocol Label Switching) and Internet connections varies widely depending on location and fiber access to the building, as well as the local competitive structure of service providers, but in general MPLS pricing remains very high in comparison to FIOS, cable or xDSL. MPLS typically runs in the range of $100 - $300 per Mbps per month, while Internet connectivity is more likely to range from $1 or $2 per Mbps per month. For example in some areas of the country, high bandwidth cable modem-based Internet connections are available from Comcast Business Internet for around $2 - $4 per Mbps per month , while business pricing for Verizon FiOS is about $1 - $2per Mbps per month.

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Call Centers

Many contact center experts maintain that an experienced chat agent can handle four chat sessions simultaneously, while inexperienced agents may only be able to handle two. If a contact center is having trouble meeting these numbers, it may be time to carefully review your pre-made messages to help agents insert better canned responses. It may also be necessary to perform a more in-depth analysis of incoming member chats to help tailor messages and develop training sessions. With this in mind, a well-trained, prepared, and experienced live chat agent should have no trouble maintaining four simultaneous conversations.

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