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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.

CUTT Anniversary logo 2019

April 15, 2019

This Week's News is Sponsored by Better Branches ~

BB

 

General News

 

Sharetec and ClickSWITCH Partner

Sharetec System has partnered with ClickSWITCH to help Sharetec credit unions engage more members. ClickSWITCH is a solution that helps ease the moving of a member's direct deposits and recurring payments.

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Tulare County FCU Selects Symitar

Jack Henry & Associates' Symitar division announced that Tulare County Federal Credit Union selected the Episys platform in an outsourced environment. California-based Tulare Federal will also use the Banno Platform and JHA Card Processing Solutions.

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The ID Co. Unveils Its Income Verification Solution

The identity verification specialist formerly known as miiCard has launched its new income verification solution. The ID Co. is using FI data, its own algorithms, and a comprehensive data-set to build a solution that helps enable lenders to get a better accounting of a loan applicant’s income.

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Hardware News

 

Microsoft Changes How Windows 10 Disconnects USB Storage Devices

Microsoft has modified the way Windows 10 handles the operation of disconnecting a USB or Thunderbolt storage device. This includes USB thumb drives, external hard drives, flash drives, and even USB data transfer connections established between PCs and smartphones. The change took effect with the wide deployment of Windows 10 version 1809, the October 2018 Update.

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

 

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Software Updates

 

Here's How Microsoft Can Fix Its Windows 10 Update Issues

Microsoft is also going to enable users to have more control over when and how they get both security and feature updates for Windows 10 starting with the May 2019 Update. Microsoft is also adding to its Windows Update settings a new "download and install now" option for twice-yearly feature updates. This article covers all of the changes in detail.

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ATMs/Kiosks

 

A New Breed of ATM Hacker

New sophisticated ATM attacks differ from jackpotting in that hackers are fabricating transactions and authorizing withdrawals, or impersonating account holders to drain their funds. Specifically, the scammers essentially take over the "approved list" of which card numbers in a FI's network are authorized to take out cash.

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Cash Is Resilient, So Are ATMs

As Mercator Advisory Group’s Director of Debit & Alternative Products Sara Grotta explains, the decline in cash use will be very gradual – and ATM usage will mirror a slow pace of change. Sarah continues, "ATMs are a central element of the evolution moving more banking transactions to self-service, a movement that also includes online and mobile technology. Strategies for the branch network and the ATM network are often managed in concert. ATMs are responsible for removing some of the foot traffic from branches, but they can also be a key component for customer retention when a FI closes a branch office, replacing it with ATMs with enhanced services."

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ATMs Can Become a Thing of the Past

The author contends that less than 5% of the people using ATMs use it for purposes other than cash withdrawal and with the mobile banking gaining popularity and the onset of social media channels, this percentage will further decline. He even goes so far as to claim that "With the ongoing digital disruptions in Retail Banking, ATMs will become obsolete in few years from now."

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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:  

Member Access Pacific

MAP

and their client is:

SELCO Community 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

 

Creating a Digitally Native Organization to Unleash the Power of Mobile Banking

The author states that FIs need a new lease on digital life to help harness the power of mobile banking and deliver on consumer expectations commensurate with the largest and most forward-thinking tech titans. He goes on to layout 8 benefits of this approach.

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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

 

2019 AFP Payments Fraud and Control Survey

Payments fraud continues to soar, as a record 82 percent of organizations reported incidents in 2018, according to the 2019 AFP Payments Fraud & Control Survey. Business Email Compromise (BEC) also set a record. Eighty percent of companies reported BEC fraud last year, up from 77 percent in 2017. While businesses are investing heavily in security measures, attacks against payments systems continue to persist, often shifting to the businesses’ less-protected, alternative payment methods.

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Report: Automation Largely Missing from Enterprises' Security Efforts

For the most part, organizations aren't tapping into the benefits of automation for their security efforts, according to a report sponsored by IBM. They recommend that organizations use automation across identity management and authentication, incident response platforms and security information and event management (SIEM) tools, in their security response processes.

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Technology and Marketing

 

Re-Energized Rewards, the Omnichannel Way

Because they promote direct engagement across multiple mediums, holistic rewards programs provide massive omnichannel marketing opportunities for FIs. The article states that your FI likely has multiple existing touchpoints; the key here is to maximize your efforts and streamline your message. The article concludes that according to Invesp, companies that implement an omnichannel customer engagement platform have an 89 percent customer retention rate.

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7 Ways Predictive Analytics Can Improve Consumer Experiences

"Predictive analytics help you know what might happen, prepare a response ahead of time, get ahead of the risks, and influence the outcomes," says a PwC spokesperson. "It’s like looking ahead with a telescope, not glancing through the rear-view mirror."

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Online Banking/E-Commerce/Website Design

 

3 Trends That Will Shape Digital Banking’s Future

Here are three important trends that are likely to shape the future of digital banking, and which FIs should pay close attention to: 1. Simplification; 2. Convergence of Physical and Digital Experiences; and 3. Lifestyle Banking.

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Most Millennials Open to Asking Alexa for a Mortgage: PwC

When asked by PriceWaterhouseCoopers whether there was a strong likelihood they would use voice-response technology to help complete a loan application, 51% of consumers between 18 and 34 years old said that there was. The share of consumers in the 35-54 age range who gave the same response was 40% and the share of consumers in the 55 or older age range was 21%. Plus, more than 40% of all recent and prospective homebuyers surveyed for the report would consider having technology companies like Google or Amazon as mortgage providers.

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Internet Access

 

Juniper Networks Opens SD-WAN Service for the Cloud

Juniper Networks announced its cloud-based Contrail Services Orchestration platform to improve enterprise network visibility. Juniper's new cloud-based SD-WAN service was designed to give organizations full visibility into their wired and wireless networks while also simplifying connectivity via the cloud with Amazon Web Services Direct Connect. The new service pulls together LAN, WAN and Wi-Fi across a range of topologies, including hub and spoke, partial mesh, dynamic full mesh, direct connect, and Internet breakout.

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Call Centers

 

How Automation Will Enhance the Call Center Experience

By automating basic inquiries through a voice recognition system, fewer calls have to be transferred, staff can make better use of their training and wait times for a call center agent can be slashed. Modern interactive voice response systems don’t listen for keywords and offer stock responses, but instead use AI-powered speech recognition to allow callers to speak naturally in their own words while intelligently capturing intent. By integrating voice with other channels the automated system can proactively identify callers and create a more personalized experience.

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