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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.

April 1, 2019

This Week's News is Sponsored by Better Branches ~

BB

 

General News

 

MVi Honored at Laserfiche Winners Circle

Millennial Vision Inc. (MVi), a leading reseller of Enterprise Content Management Solutions to CUs, announced that Laserfiche, a leading global provider of ECM software, has recognized the organization as a Bronze Level Laserfiche Winners Circle Achiever for outstanding sales and support in 2018. This recognition marks MVi's 21st consecutive year as a Laserfiche Winners Circle recipient.

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First Nebraska CU Chooses Sharetec as Its New Core Processing Platform

Sharetec, a provider of both in-house and service bureau core solutions to over 250 credit unions, announced that First Nebraska Credit Union (FNCU), located in Omaha and Lincoln, NE, has made the decision to implement Sharetec as its new core processing solution. Sharetec is also enhancing FNCU’s reporting capabilities with a customized pricing tool to help optimize margins.

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Hardware News

 

Apple's New iPads: The Features Business Users Will Love

While Apple's new iPad Air and iPad Mini are largely just hardware updates, there are features that make the mobile devices great for business users. Apple describes the iPad Mini with an Apple Pencil as a "take-anywhere digital notebook" for those who need to take quick notes, frequently fill out digital forms, and sign documents.

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As Memory Prices Plummet, PCIe Is Poised to Overtake SATA for SSDs

Taiwan vendors believe PCIe and SATA will achieve price and market share parity by years' end. A collapse in price for NAND flash memory and a shrinking gap between the prices of PCI Express-based and SATA-based solid-state drives (SSDs) means the shift to PCI Express SSDs will accelerate in 2019, with the newer, faster format replacing the old by years' end.

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

 

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Software Updates

 

Jumio Unveils Automated AML Screening Solution

Jumio is launching a new, fully-automated AML solution called Jumio Screening. The new solution leverages ComplyAdvantage’s automated watchlist and politically exposed persons (PEPs) screening and monitoring to help streamline the compliance process.

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Network Issues Are Causing More Data-Center Outages

As enterprise computing environments grow more complex, IT system failures and network errors are bringing down data centers in greater numbers, causing more unplanned downtime. To distinguish between an outage that threatens to bring down the business and one that is merely an inconvenience, Uptime Institute has come up with a scale from 1 to 5. When Uptime Institute examined all publicly reported data center-outages (Levels 1 to 5) over the three-year period, IT system and network problems outstripped power as the primary cause.

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ATMs/Kiosks

 

Making Cash Easier for Consumers and Small Businesses

More than 27 percent of all payments are still made in cash, according to the most recent study from the Federal Reserve. Plus, 56 percent of consumers choose cash for purchases of less than $30, based on a Health of Cash 2018 Study. This article contends that FIs need to think beyond digital to expand services and reach the large underserved population who rely on cash.

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If Consumers Could Have One Thing from ATMs It'd Be This, Plus 6 New ATM Stats:

Here are some statistics from Mercator Advisory Group’s report – Omnichannel and Branch Banking: The Current U.S. Consumer Banking Environment: 1) 59% of consumers want to withdraw in more specific $ denominations from ATMs; 2) 14% of US consumers refuse to withdraw cash at an ATM, period; 3) 31% of US consumers won’t conduct any other type of ATM transaction but cash withdrawal; 4) 77% of consumers report “I do anything I can to avoid paying ATM surcharges”; 5) Half of consumers (49%) report they do not make deposits at ATMs; 6) Mostly, it seems they’re unfamiliar (11%) or never tried (27%) or untrusting (28%) of depositing at an ATM; and 7) 49% of US consumers just plain “prefer a teller.”

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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:  

Better Branches

Better Branches

and their client is:

SchoolsFirst 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

 

FIs Get More Comfortable with Mobile-Capture Risk

Slightly more than half of polled FIs are applying per-item limits somewhere between $2,001 and $5,000, compared to 49% a year ago and 46% in March 2017, according to a new poll of 105 FIs by RemoteDepositCaputre.com. And while 74% of institutions cap their per-item limits at $5,000 or less, some 19% now have limits above $10,000, have limits customized for each mobile depositor, or have no limit at all, according to the research firm.

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How 5G Will Shape Your Future

Some observers are convinced that 5G has the ability to power a full service, mobile banking center in a high-traffic retail location. It could power such services as an intelligent, video-based ATM, a telepresence pod with a financial advisor, a guest Wi-Fi network, digital signage and DirecTV. 5G could also eventually help enable advancements in ATMs such as using facial recognition to verify a user’s identity.

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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

 

Consumers Increasingly Shoulder Burden of Sophisticated Fraud Schemes

The 2019 Identity Fraud Study by Javelin Strategy & Research reveals that complex and sophisticated fraud types remain at elevated levels, despite widespread adoption of anti-fraud measures. 14.4 million consumers fell victim to fraud in 2018. This represents a notable drop from the record-breaking 16.7 million victims in 2017. But victims in 2018 shouldered a much heavier burden than those in recent years: 3.3 million victims bore some of the liability for fraud, nearly three times as many as in 2016, and victims’ out-of-pocket fraud costs more than doubled in two years to $1.7 billion in 2018.

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Technology and Marketing

 

Journey Mapping: The Long and Winning Road

The author contends that customer journey mapping represents one of 2019’s biggest opportunities for FIs to find out more about their account holders and expand relationships. Mapping generally involves three steps: how they realize they have a need, research possible services and make a buying decision. The map also includes how consumers might navigate through a company’s website or mobile app, or what might happen when they visit a branch or reach out to the call center.

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Are Your Sales and Marketing Teams Working Against Each Other?

Hilary Reed, CEO at EmpowerFi, states that “at a credit union, sales is about business development first. This means expanding into new markets and SEG development. The second step is working on the member experience. The sales team works on qualified leads, letting members know about new products and cross-selling.” She adds that the goal is “smarketing” – the perfect combination of the two departments.

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Online Banking/E-Commerce/Website Design

 

Social Media Payments: An Ally or Adversary of FIs

The latest annual World Retail Banking Report by Capgemini and banking association Efma revealed that nearly one-third of consumer participants are open to receiving financial products from tech firms like Facebook, Apple, and Google. The article recommends that FIs rapidly shift their focus to providing more seamless and secure services, whether they go it alone or forge valuable partnerships with other tech providers to maintain long-term growth. It goes on to suggest that those that choose to maintain the status quo, will lag even further behind, and ultimately face the possibility of collapse.

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Competing with Apple's New Credit Card

Apple's new credit card, which was launched in collaboration with Goldman Sachs and Mastercard, is touted more for its mobile and digital qualities than its shiny titanium finish. Despite the shine, however, many of the card’s features and offerings aren’t new. This article points out that with the help of FinTech vendors that FIs should be able to match many of Apple's features such as: Physical card security; Chat functionality; PFM; Mobile app security; Fast onboarding; and Rewards.

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Internet Access

 

SD-WAN: 10 Essential Considerations

SD-WAN is the hottest new technology in networking and many distributed organizations have already or will soon adopt SD-WAN solutions. This article covers 10 essential considerations for IT organizations weighing whether to adopt or expand their SD-WANs.

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7 Cloud Myths Debunked

Is your organization using the cloud to its full advantage? If not, this article looks at 7 myths that may be holding it back.

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Call Centers

 

Enterprise Chatbot Use Cases Increase as Technology Evolves

The technology behind chatbots--natural language processing, in particular--is evolving quickly, and some methods already allow for context understanding. The result is that well-designed chatbots are getting closer to an almost-human level of communication. These chatbots have what is called ‘augmented intelligence.’ This next generation features pattern recognition capabilities, and they can utilize the knowledge database, providing superior service compared to non-AI processes.

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