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Sharetec System, a provider of both in-house and service bureau core solutions, announced that Hialeah Municipal Employees Federal Credit Union located in Hialeah, FL, has partnered with Sharetec to be their next core system. Established in 1951, Hialeah Municipal EFCU, currently serves employees of the city of Hialeah, Florida; employees of the credit union; members of their immediate families; and organizations of such persons.
PSECU, Pennsylvania’s largest credit union, conducted a major upgrade over Labor Day weekend. Through the process, the credit union successfully converted its banking system to Corelation’s KeyStone platform. To prepare for the new banking system, PSECU’s more than 850 employees also completed around 1,000 KeyStone training sessions before the upgrade weekend.
The Credit Union National Association is planning a new comprehensive, integrated compliance solutions for credit unions and has selected Woodinville, WA-based Quantivate as the provider for the new platform.
Off-brand server competitors to Dell and HPE have gained traction with Amazon and Google, but enterprise data centers are reluctant to follow, largely because of a lack of enterprise-grade service and maintenance options. But the economics are compelling. Proponents are quick to point out that the memory, CPUs, and hard drives are the same name brands the big server vendors use.
Microsoft is changing how it supports Windows 7 and Windows 10. The shake-up will allow organizations to run a stable and secure version of Windows 10 for longer without the hassle of migrating PCs to a newer release. Future feature updates for Windows 10 that roll out in the Fall, such as the upcoming Windows 10 October 2018 Update, will be supported for 30 months from release. Future feature updates for Windows 10 that roll out in the Spring will be supported for 18 months from release.
Some lenders are tapping artificial intelligence and machine learning to improve operational efficiency and enhance the borrower experience, but complexities do exist in implementing the technology. While 63% of lenders are familiar with AI and ML technology, only 27% have utilized or tested tools for their mortgage company, according to a Fannie Mae report. Anomaly Detection Automation, which helps detect fraud or defects early-on in the underwriting process, and Borrower Default Risk Assessment, which better predicts the probability of borrower default and supports lenders in taking proactive measures, are among the most appealing AI and ML concepts, as cited by lenders.
Although not a top priority, credit unions are also investing more in ATMs than global or regional banks, reveals a new FIS report, which surveyed U.S. bank and credit union executives. While CUs are more likely to prioritize investing in digital channel functionality than global, regional and community banks, more than one-quarter of CU executives believe their digital investments are "too high."
The average ATM surcharge hit a record high for the 14th year in a row, according to Bankrate’s 2018 checking account and ATM fee study. And while the average overdraft fee dipped slightly, it’s the second-highest that it’s ever been in history. The total cost of withdrawing cash from an out-of-network ATM is $4.68, on average. That’s 36 percent higher than it was in 2008.
TMD Security GMBH is showcasing its new ATM Security Controller 7000 which is a single modular solution architecture that controls a complete suite of defenses against card fraud, logical threats and physical attacks.
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:
and their client is:
Mastercard is working on a new technology platform to support bill payments via mobile banking apps, created to help FIs recover ground lost to multiple direct billing sites. The card scheme says the new real-time service, dubbed Bill Pay Exchange, will make it easier for consumers to view, manage and pay telecom, utility, rent, credit card, mortgage and other personal bills without having to set up accounts with different billers or remember multiple passwords and dates for payments each month.
802.11ax is the next standard for wireless LANs. Ax will be anywhere from 4x to 10x faster than existing Wi-Fi, but the wider and multiple channels greatly increase throughput.
The MAP App™ is the first network-branded prepaid card exclusively serving credit unions to offer mobile banking -
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Mastercard developed the biometric card, combining chip technology with fingerprints to conveniently and safely verify cardholder identity for in-store purchases. Introduced in 2017, the Mastercard biometric card has been piloted in Africa, Europe and the Middle East with additional countries being added this year. This article explains how it works and why it is secure from their point of view.
Some 90% of SMBs are purchasing cyber insurance with limits of $1-$5 million, according to data from CyberPolicy. Nearly half of all cyberattacks now target SMBs, so it makes sense that small business owners would be considering cyber insurance. Roughly 90% of SMBs are buying policies with coverage limits from $1-$5 million, the release said.
The author contends that marketing risks, when executed well, can effectively differentiate your brand. Marketing risks take many forms, like using humor in a unique way, supporting a controversial cause or using sexual innuendo, among others.
Voice offers a new way to simplify complexity for consumers – a crucial benefit for a complex business like financial services. Fundamentally, voice UIs can remove the need for a user to navigate screens and a FI-defined information architecture to find the answers to their questions. Consumers will be able to ask questions with natural language and have answers spoken back to them. Not only is this easier to use, it also improves accessibility for the elderly or the visually impaired.
Although credit card penetration rates held steady at 17.3%, credit card loan balances increased 9.1% annually. They reached a record balance of $58.4 billion as of June 30, 2018. Credit card delinquency increased 7 basis points in the past year to 1.15%. This was the highest rate since 2011; however, year-over-year increases slowed 8 basis points from this period last year. Credit card net charge-offs were also up and increased 34 basis points over the past year to 2.88% as of June 30, 2018.
In a world increasingly without plastic, the credit card company spent months building a custom sound. Knowing it won’t be able to slap its logo on every new device, Visa spent months developing ways to make sound and touch a part of the brand. The result: a two-note chirp and a distinctive vibration, plus a screen animation—all of which may be triggered on various devices when a consumer pays.
Bill Pay Exchange embraces potentially 135,000 billers, but it’s not set to launch until the middle of next year, following product integration and testing. The platform relies on processing by New York City-based The Clearing House and technology from London-based Vocalink, which Mastercard acquired in 2016.
WhiteHat Security’s new feature for dynamic single-page application scanning in the WhiteHat Sentinel Dynamic product is designed to automate the scanning for, discovery and updating of webpages, links and architecture. A single-page application (SPA) is a site that interacts with the user by dynamically rewriting the current page rather than loading entire new pages from a server. This approach avoids interruption between successive pages, making the application behave more like a desktop app than a traditional website.
What does it take to get omnichannel right? This article covers five steps.