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

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August 19, 2019

This Week's News is Sponsored by Better Branches ~

BB

 

General News

 

19 CUs Partner with Jack Henry in Fiscal Year 2019

Jack Henry & Associates announced that 19 credit unions chose to move from competitive platforms to its core platforms during the fiscal year 2019, ended June 30.

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Corelation Signs Mobility CU

Corelation announced that Mobility Credit Union ($200M assets; 14,700 members; Irving, TX) enter into a contract to use its flagship KeyStone core system.

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MDT Named a 2019 Cool Place to Work in Michigan

Member Driven Technologies (MDT), a CUSO that hosts the Episys core platform from Symitar to provide a private cloud alternative for core processing and IT needs, has been recognized as a 2019 Cool Place to Work in Michigan by Crain’s Detroit Business. MDT ranked no. 5 among medium sized companies and no. 21 overall on this year’s list of 100 Cool Places to Work in Michigan, up from no. 55 overall on the 2018 list.

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Hardware News

 

8 Dark Secrets of Cloud Hardware

Long ago, a server was something that you could touch, and check that the LED was burning bright. Now you might not have anything to do with your hardware. The disconnection with our hardware is growing even deeper as the “serverless” buzzword grows more common. This article goes on to explore cloud hardware.

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Intel and Lenovo Partner on HPC and AI Initiatives

Intel and Lenovo announced a new partnership aimed at accelerating artificial intelligence (AI) and high-performance computing (HPC) products by bringing together their respective technologies. The collaboration will integrate Lenovo's TruScale Infrastructure and Lenovo Neptune liquid cooling technology with a variety of Intel technologies, including its Optane DC persistent memory, Intel oneAPI programming framework, and current and future generations of its Xeon Scalable processors.

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

 

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Software Updates

 

How Community FIs Are Leveraging Open APIs

The article states that community FIs "want partners that are enablers and accelerators of innovation that can help them execute transformation strategies.” It goes on to predict that innovating account opening services is the next step in the digital journey.

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Microsoft's Threat & Vulnerability Management Service

Microsoft's new Threat & Vulnerability Management service (TVM for short) tries to make it easier to roll out fixes to address the highest-priority vulnerabilities. Office 365 and Microsoft 365 already give you a Secure Score for your organization, based on the controls and configuration you have set. TVM takes some of the same signals from Defender that the Microsoft Defender Advanced Threat Protection service already uses to look for issues on your network and uses them to calculate a dynamic Exposure Score to tell you what you are exposed to right now.

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ATMs/Kiosks

 

Say No to the “Cashless Future” — and to Cashless Stores

The author, Jay Stanley who is a Senior Policy Analyst for ACLU's Speech, Privacy, and Technology Project, argues that cashless stores, and a cashless society more broadly, are a bad idea. He strongly believes that such stores are: * Bad for Privacy; * Bad for low-income communities; * Bad for people of color; * Bad for the undocumented; * Bad for many merchants; and * Less resilient.

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Small Purchases Survey: Cash, Debit Reign over Credit

Consumers prefer to use cash for purchases of less than $10, despite other more convenient options, according to a new CreditCards.com poll. In fact, 49 percent of U.S. adults usually pay with cash, 35 percent with debit cards and 16 percent with credit cards. And the same pattern held with only those who owned rewards credit cards: 43 percent said they preferred cash, 31 percent debit and 26 percent credit.

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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:

Abilene Teachers 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

 

Wearables: A New Opportunity in Banking

The market for wearable digital technology is taking off. Market revenue was expected to reach $8.3 billion in 2018 and grew at an estimated compound annual growth rate (CAGR) of more than 17% from 2013 to 2018. It shows no signs of slowing down, with 31.4% growth in quarter four of 2018 and 27.5% more devices shipped than in 2017. The author believes that wearables represent an enormous opportunity in banking and are likely to revolutionize the industry over the next decade.

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How FIs Can Prepare for the 5G Revolution

5G boast wireless speeds 100 times faster than we have now - offering “fiber-like speeds without the cable.” Some observers posit that 5G will move the needle in migrating from a physical, in-person experience to a completely digital experience, while enabling FIs to drive real-time consumer engagement in many ways.

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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

 

Perimeter 81 Provides a Near Plug-and-Play Network Security Service

Starting with the concept of zero trust, VPN tunneling and secure network access as a service, Perimeter 81 is now providing an almost plug-and-play solution for more elements of cybersecurity served through the cloud and on demand. Locally, Perimeter 81 is installed on a network as a management console and a series of software agents. Everything else exists in the cloud as a secure service.

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Technology and Marketing

 

A Danish Bank Is Offering Mortgages with Negative Interest Rates — Why You Shouldn’t Wish for That to Happen in the U.S.

U.S. interest rates are highly unlikely to go into the red any time soon — but if they did, it would have a major effect on Americans’ financial lives. Denmark’s Jyske Bank is now offering a 10-year fixed-rate mortgage at negative 0.5%. When a mortgage rate is negative, a borrower still must make monthly payments toward their principal, but they ultimately pay back less than they originally borrowed. They would, of course, still have to pay other costs and fees.

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3 Easy Ways for CUs to Get Started with Marketing Automation

According to the Digital Growth Institute, more than two-thirds of community FIs don’t currently take advantage of automated marketing technology. The article recommends these 3 approaches: 1. Begin building and segmenting your email list by leveraging in-person events; 2. Incentivize website visitors to give you their email address; and 3. Send triggered email series to welcome new members.

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Online Banking/E-Commerce/Website Design

 

Digital Machines, Flesh-and-Blood Digits: Putting the Human Touch in Mobile and Online Banking

Automation and machine learning can drive efficiencies, but they still can’t deliver the long-term value people can. A report by The Financial Brand released in conjunction with BAI on humanizing the digital banking experience found that many FIs fall short of delivering what consumers really want. This article states that throwing human elements into the digital mix can drive value and produce a competitive advantage.

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A Rising Tide of Digital Payments Will Bring New Fraud Threats, Says Forrester

As payment companies expand ways for consumers to make digital payments, 62% of North American merchants, bankers, and fintech providers expect more such payments within the next two years, says Forrester Research in its “Understanding the Evolving Payments Landscape” report. Yet, with additional merchants accepting digital payments, acquirers and FIs will face new fraud threats, the report suggests. To battle the fraudsters, Forrester recommends adopting artificial intelligence and machine learning to analyze payment data and fraud, using tokenization, and integrating fraud-management systems and research interface to make it easier to track potential fraud.

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Internet Access

 

DDoS Attacks: Getting Smaller, Sneakier - and More Dangerous

Long considered something of a blunt instrument, DDoS are becoming smaller but more sophisticated. Security company Neustar has seen a significant increase -- more than a doubling -- in the number of attacks of 5Gbps or under. These accounted for 75% of all attacks mitigated by the company. These smaller and more carefully targeted attacks can aim to disable specific parts of an organization's infrastructure without the victim noticing.

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Call Centers

 

Empowering Agents with WFO Portals Helps Improve Contact Center Performance

Workforce optimization (WFO) portals for agents are like individual dashboards that plot real-time KPIs for each agent, such as average handle time, the number of calls taken, schedule adherence, quality evaluations, and Voice of the Customer (VOC) analytics. The author goes on to lay out 5 benefits of these portals.

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