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July 18, 2016

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



General News  

* Better Branches Technology Releases Self Check-in Kiosk 4.0
* Oregon State CU Signs with Corelation
* Encentus FCU Selects Portico
* MDT Converts Helena Community CU

Better Branches Technology, a provider of branch visitor queuing, appointment handling and workforce management software for credit unions, announced the latest release – 4.0 – of their Better Lobby Kiosk 4.0 module. This package, which can be used on an iPad, Surface Tablet or touch-screen equipped PC, delivers an intuitive check-in process via visitor self check-in or by a credit union Concierge staff member.

Credit union core processing vendor Corelation announced that Oregon State Credit Union ($1 billion; 91,871 members; Corvallis, OR) has signed to use its KeyStone core processing system. The credit union will convert to KeyStone in the winter of 2017.

Fiserv, a leading global provider of financial services technology solutions, announced that Encentus Federal Credit Union, based in Tulsa, OK, has selected the Portico core account processing platform. The SaaS suite selected by Encentus includes Virtual Branch for online banking, Mobiliti for mobile banking, AccountCreate for online account opening, Mobile Source Capture for mobile deposits, Loancierge for lending automation and eFichency for document archiving.

Member Driven Technologies (MDT) announced the conversion of Helena Community Credit Union in Helena, MT. Helena Community CU converted their core processing to Symitar Episys via the Member Driven Technologies CUSO solution.




Hardware News

Samsung announced what it claims is the highest capacity consumer solid state drive, a 4TB member of its 850 EVO line, which will retail for $1,499 or about 36 cents per gigabyte of capacity. The new 850 EVO SSD uses Samsung's 48-layer high V-NAND technology and the 2.5-in. SSD form factor drive is only 7mm thick. Samsung said the list price of the 4TB 850 EVO will be $1,500 with a five year warranty.

Opengear's Remote Site Gateway offers secure remote monitoring, access, and control over distributed networks and remote sites. It provides out-of-band management of critical assets with automated response capabilities. It comes with 4 x RJ45 serial and 4 x USB console ports and is designed for branch offices, communications cabinets and harsh remote sites. The unit supports the latest versions SSL, SSH, OpenVPN, and is PCI DSS 3.2 compliant. 


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


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Software Updates

A company called ThoughtMachine has come out with a new blockchain-based banking operating system called Vault OS. The system, which was developed by ex-Google engineers, is “100% future-proof,” “hugely flexible,” and “fixes broken banking forever,” according to the company. The London-based company also claims that their platform can "scale from one customer to tens of millions without expensive in-house data-centers because it runs in the cloud as a software-as-a-service."

Cisco announced their Defense Orchestrator which is a cloud-based portal that imports on-premise infrastructure into the cloud. The Defense Orchestrator allows for security policy analysis, policy orchestration and automation, as well as monitoring and reporting to simplify policy management from the cloud. The company also announced their new Stealthwatch Learning Network License which they say is a simple software upgrade that gives organizations the ability to determine where the most advanced threats are within their network.


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Approximately 410,000 ATMs have to be upgraded for EMV compliance, according to the Aite Group. Due to the fact that EMV hardware and software upgrade costs can range from $300 to $3,000, some ATMs will simply be pulled out of service. Some observers think that as many as 10% of ATMs - predominantly retail ATMs not FI ATMs - will be decommissioned. Only about 20 percent of American ATMs have been adapted to accept chip cards, according to MasterCard estimates, but they estimate that by their Oct. 1 deadline that number will rise up to about 35 percent.

Citibank is piloting its surcharge-free ATM Community Network with twelve credit unions and four minority-owned banks in six cities: Chicago, Los Angeles, Miami, New York, San Francisco and Washington. The goal of the program - which will be available to more than 300,000 consumers - is to provide more affordable and convenient banking services to members/customers of these smaller institutions, especially those with low incomes.

According to a new report, "US Consumer Payments Trends Summary," commissioned by the ATMIA and conducted by Tremont Capital Group, "cash remains the most frequent form of consumer payment in in the United States and I suspect will remain so for a long time to come." They report states that while Americans have moved from paper payments to electronic payments over the last two decades, changes in consumer preferences have not been as sudden and dramatic as many people assume.


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:  

Adapt Telephony Services


and their client is:

Chicago Patrolmen's 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

MasterCard announced that its expanded Masterpass digital payment platform will allow consumers to use the service on their mobile phones at point of sale terminals in retail locations. Masterpass will be another rival to such mobile payment products as Apple Pay, Samsung Pay, etc. In addition, MasterCard will allow merchants and credit unions to use Masterpass as the technology backbone for their mobile payments products.

With a quarter of global consumers currently in possession of a wearable device of some type, the notion of wearable payment devices is becoming gradually accepted by consumers, according to financial services research and insight firm Verdict Financial. However, the company`s recent report revealed that only 10% of global consumers are ready to adopt any form of wearable payment device as soon as it becomes available, pointing to a market still in the very early stages of development. The key drivers of early adoption of wearable payments were found to be the range of features on offer, and the device`s price.

Newer variants of the FakeBank Android Trojan are so sophisticated that they can pilfer mobile banking details and card information and block calls to the user's bank (currently ones in Russia and South Korea). “Once installed, the new Android.Fakebank.B variants register a BroadcastReceiver component that gets triggered every time the user tries to make an outgoing call. If the dialed number belongs to any of the customer service call centers of the target banks, the malware programmatically cancels the call from being placed,” Symantec researchers have found.


Wireless World Sponsored by
Member Access Pacific (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 United States ranks second for credit card fraud out of 20 countries, according to a survey by ACI Worldwide and the Aite Group. They found that 47 percent of U.S. consumers had been victims of credit card fraud within the last five years, up from 41 percent in 2014. As for fraud involving debit cards, the United States ranked fifth, with 21 percent of consumers being victimized in the past five years.

Faraday is an integrated multi-user penetration testing and vulnerability management platform. The open source software can run on Windows, Linux and OS X. Faraday currently supports more than 50 tools, including Burp Suite, w3af, Maltego, Metasploit, Qualysguard, Nessus, Netsparker, and Shodan.

NAFCU`s regulatory compliance team has created a new, interactive version of the Federal Financial Institutions Examination Council`s (FFIEC) Cybersecurity Assessment Tool. The member-only Cybersecurity Assessment Tool Workbook will allow credit unions to self-test cyber risk and readiness in an electronic and easy-to-share format, according to the trade group.


Security Section Sponsored by
StrongAuth, Inc.



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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:



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


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


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


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


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Technology and Marketing

When launching a new product, some credit unions choose to do a multi-week soft launch in their branches and call center before committing to digital channels. The goal is to obtain invaluable face-to-face and phone data on the concerns members may have about purchasing or upgrading to the new product. This data can then be used to send out emails, tweets and posts that directly address the top specific concerns that members may have about the new products. Another option is to send out a very short in-email survey with multiple-choice answers based on the main objections that branch and contact center personnel heard during the soft product launch in order to help fine-tune the message to get members to overcome their objections to the new products.


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Online Banking/E-Commerce/Website Design

By some estimates, the alternative lending market is around $20 billion which represents only 0.6 percent of the overall consumer credit market in the U.S. According to a FICO survey, consumers who had already experienced delinquency events were the most likely to consider services from peer-to-peer lenders (48 percent). FICO notes that "our research shows that marketplace lending is suffering from sluggish adoption because of either insufficient value to switch or a lack of trust in the financial services provider."

San Francisco-based Extractable has pointed that credit unions that are designing their website must take into account “size breakpoints” which are the screen size points at which the user interface may undergo larger changes and reorganizations of the content and features. The design firm notes that some common breakpoints match the most common screen sizes currently in use:

- large desktop screen

- landscape-oriented tablet

- portrait-oriented tablet

- mobile phone


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Internet Access

Velostrata says that their software lets you move workloads to the public cloud in minutes, while controlling and automating where storage resides: on-premises, in the cloud, or a combination of both. Storage can be kept on premises or migrated over time, without interrupting application performance. Velostrata currently supports vSphere in the data center and AWS or Microsoft Azure as the cloud target, but support for additional clouds will be coming in the future. In action, Velostrata streams only the fraction of the image that is required for the workload to run and be available in the cloud. The company explains that this is conceptually similar to how streaming video applications like Netflix work - despite the length of the movie, you can start watching in minutes.

Google Fiber announced it will begin selling Internet service to businesses, a move that will widen the company's battle against established telcoms. The service, dubbed "Fiber Business," will start in Charlotte and then roll out to Google's other Fiber cities. Fiber Business offers three options: 100 Mbps for $70 per month, 250 Mbps for $100 per month, and 1,000 Mbps for $250 per month. All of the plans include up to 13 static IP addresses.


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Call Centers

Quality Monitoring Programs are usually setup to be completely random to ensure a complete picture. Some call centers might monitor every tenth call or the first three calls at the beginning of each agent`s shift, or some similarly-changing combination. However, some call center experts believe that some calls such as escalations or following up on an issue warrant recording and evaluation. They contend that monitoring these interactions will provide even more useful information that can help improve the process and indicate where agent coaching and education is needed.