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 Your source for the latest technology information of interest to credit unions across America.

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August 12, 2019

This Week's News is Sponsored by Better Branches ~

BB

 

General News

 

Member Access Processing Leads New Partnership to Help CUs Expand Debit /Credit Card Services

Member Access Processing (MAP), the nation’s only aggregator of the Visa Debit Processing Service platform for credit unions, announced the formation of Payments Consultancy, a team of payment consulting firms that will develop strategies and products to help CUs deliver better credit card services to their members. The Payments Consultancy offerings will include support for vendor review and RFP services, contract negotiations, back office and operational issues, lending and collections performance, and strategy and growth services.

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Hyland Joins the Symitar Vendor Integration Program

Hyland, a leading content services provider, has joined the Symitar Vendor Integration Program (VIP). Participation in the program will provide Hyland access to Symitar's technical resources to enable OnBase to integrate with Episys.

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Bottomline Launches Open Banking API

Business payments technology firm Bottomline Technologies has rolled out a suite of services for FIs to help elevate their engagement with corporate services. They announced the launch of its Digital Banking IQ Intelligent Engagement suite, a range of products that includes payments, cash management, risk and fraud management, relationship development and client onboarding and account opening.

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Hardware News

 

Intel Ships Programmable Accelerator Card with HPE Servers

Intel announced the release of its second programmable accelerator card (PAC) that is now shipping in the HPE ProLiant DL3809 Gen10 server. The PAC D5005 will provide increased workload acceleration capacity for HPE’s server.

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Prevent Lateral Attacks Inside the Data Center with a Defense-in-Depth Hardware Layer

In an attempt to battle east-west attacks, some organizations are adding an additional security layer that binds each server’s hardware firewall to a central controller for implementing application-level network segmentation to detect, classify and mitigate threats. Equally important, the new layer delivers this protection without diminishing performance or creating an additional attack surface, as is the case with today’s software-based solutions.

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Toshiba's New XL-FLASH Product

Toshiba Memory America introduced a new storage-class memory (SCM) product, putting it head-to-head with 3DXPoint, which is sold by Intel under the Optane brand name, and marketed by Micron as QuantX. Toshiba's XL-FLASH offering is essentially a high speed, super-dense, single-level cell NAND—bringing with it the nonvolatile properties and higher densities inherent to NAND, but with access times and write endurance closer to traditional DRAM..

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

 

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Software Updates

 

CUs Remain Apprehensive, yet Excited, About Open Banking's Potential

The open banking framework allows third-party service providers access to financial transaction data. The ultimate purpose is to make it easier for consumers to manage their financial lives. A 2019 survey from Finastra found that the top three drivers of the adoption of open banking were the need to stay relevant to new and existing customers, the need to compete at a global level and the need to compete with neobanks and emerging FinTechs.

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Windows 10 Release Information

Feature updates for Windows 10 are released twice a year, around March and September, via the Semi-Annual Channel. They will be serviced with monthly quality updates for 18 or 30 months from the date of the release, depending on the lifecycle policy. This site offers detailed info on Windows 10 updates.

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ATMs/Kiosks

 

How Safecrackers Can Unlock an ATM in Minutes—Without Leaving a Trace

Over the last two and a half years, security researcher Mike Davis has found techniques to crack a Kaba Mas high-security electronic combination lock that Switzerland-based lock giant Dormakaba has sold for securing ATM safes. Davis found that he could open many of those ATM locks in as little as five minutes with nothing more than an oscilloscope and a laptop. The technique also leaves no physical trace—other than the safe's contents disappearing.

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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:  

Continuity Control

Continuity Engine

and their client is:

First Service 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

 

Three ‘Es’ to Easy Mobile Deposit Adoption: Engagement, Experience, Education

Mobile deposit costs just 8 cents per transaction, versus 80 cents at an ATM and $8 via teller. Across all ages, Harland Clarke survey respondents ranked deposit as a valued mobile banking feature. It’s no surprise that younger consumers use it more: Nearly 60 percent of respondents ages 18 to 24 use and value mobile deposit, closely followed by other age groups. Of respondents age 65 and over, a full 36 percent utilize mobile deposit.

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49% of All Risky Online Transactions Come from Mobile Devices

About half of all risky online transactions appear to be coming from a mobile device, according to iovation. Specifically, in the first half of 2019 49% of all risky transactions came from mobile devices, up from 30% in 2018, 33% in 2017 and 25% in 2016.

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Mobile Contactless Payments Will Account for Less than 2% of US Retail Sales This Year

The push for mobile contactless payment adoption in the US has been a decade-long journey entailing a multibillion-dollar investment in wallet development, POS hardware and consumer marketing. To date, the results have been underwhelming, with payment methods like Apple Pay and Google Pay forecasted to account for just 1.6% ($78.6bn) of US brick-and-mortar retail sales this year, according to 451 Research. The article goes on to cover the numerous reasons mobile contactless payments have yet to become a breakout success.

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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

 

Looking for Answers at Black Hat: Important Cybersecurity Issues

At Black Hat 2019, some of the cybersecurity topics top of mind were network security platforms, threat detection/response services, new cloud security strategies, and clarification around security analytics.

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Which Are the Most Capable Breach Prevention Systems?

NSS Labs recently released its Analysis of Breach Prevention Systems (BPS) – solution suites, involving endpoint, network, sandbox, cloud, and other integrated protections. The report listed 5 companies that were rated as Recommended based on comparative scores for overall Security Effectiveness and TCO per Protected Mbps, and this article lists the companies and their products.

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Technology and Marketing

 

Don't Alienate Boomers While Obsessing Over Millennials

The author argues that marketing that's skewed too heavily to younger generations will cause FIs to lose ground with the wealthiest generation of all – Baby Boomers. Even though Boomers hold more wealth than any other generation and have their own distinctive set of banking needs, many FIs fail to implement programs and services specifically designed for older consumers. She goes on to layout a few concrete ways to help meet their needs.

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Start Cross-Selling Again

In the face of regulatory concerns, and reputational risk, many FIs have pulled back cross-selling efforts. The author states that they have grown less aggressive about their sales goals, and he admonishes that this is the wrong approach. He states that there are three strategies critical to deepening relationships and fulfilling what “cross-sell” was meant to accomplish: 1) Improving capabilities to deliver meaningful advice; 2) Managing the customer journey; and 3) Appropriately aligning incentives.

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Online Banking/E-Commerce/Website Design

 

Federal Reserve to Develop New 24x7 Payments, Settlement Service

The Federal Reserve Board has announced Federal Reserve Banks will develop a new round-the-clock real-time payment and settlement service, called the FedNow Service, to support faster payments in the United States. The Federal Reserve said it is now requesting comment on how the new service might be designed to most effectively support the full set of payment system stakeholders and the functioning of the broader U.S. payment system. The Board anticipates the FedNow Service will be available in 2023 or 2024.

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A Fast Loan When Members Need Money Now

Digital Federal Credit Union ($8.9B, Marlborough, MA) offers Quick Loan, a pre-approved short-term personal loan members apply for solely through online or mobile banking. The credit union automatically approves the loan — up to $1,000 — in minutes without a credit check.

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The Risk of Weak Online Banking Passwords

Scammers are constantly probing FI websites for accounts protected by weak or recycled passwords. This story is about how crooks increasingly are abusing third-party financial aggregation services like Mint, Plaid, Yodlee, YNAB and others to surveil and drain consumer accounts online.

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Internet Access

 

Cisco SD-WAN Case Study

This article describes how Cisco SD-WAN technology has positively changed the network for one of its customers.

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Call Centers

 

Analytics Offer a Smarter Approach to Collections and Outbound Calling

A new approach to debt collection at Washington State Employees Credit Union ($3.0B, Olympia, WA) is cutting contact center costs by $8,000 a month and identifying borrowers that need early intervention. WSECU is employing analytics and machine learning to make smarter, more efficient use of member solutions department resources, reducing costs related to its third-party collections partner and improving collections results across its loan portfolio in the process.

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2 Small Changes That Cut One Contact Center’s Agent Ramp-up Time by 75%

Since new agents tend to learn the most during “on-the-job training,” one contact center Training Manager rewrote her center's classroom training curriculum to include scenarios that agents would experience while on the floor. To do this effectively, she focused on doing two things: 1: Building the right support materials and 2: Improving training activities.

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