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

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CUTT Anniversary logo 2019

December 2, 2019

This Week's News is Sponsored by Better Branches ~

BB

 

General News

 

FIS Adds IBM Fraud Detection to P2P Payments Service

FIS announced that it has integrated the IBM Safer Payments solution with its P2P (person-to-person) services to better help CUs prevent fraud on real-time P2P payment services. The enhanced offering uses artificial intelligence and machine learning to monitor high-volumes of P2P transactions and provide real-time detection and decisioning.

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CU Members Mortgage Launches New Mortgage Intelligence Tool

CU Members Mortgage has launched a new mortgage intelligence tool on cumembers.com that they say includes innovative mortgage analytics and enhanced features that will help enrich the credit union mortgage professional’s experience and help them strategically grow their mortgage department.

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Hardware News

 

AMD Epyc Processors Continue to Gain Momentum

Sales of AMD's Epyc server processors grew more than 50% over the second quarter of this year, thanks in part to the second-generation “Rome” platform. Dell, HPE and Lenovo have more than doubled their AMD-powered server offerings.

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

 

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Software Updates

 

How to Build a Windows Disaster Recovery Toolkit

Microsoft’s System Monitor (Sysmon) provides detailed information about process creations, network connections, and changes to file creation time. It remains resident in the system after and during reboots. Another tool you might want to bookmark, but not necessarily download is the Microsoft Safety Scanner, which finds and removes malicious files from systems. The article goes on to look at more Windows tools to help with disaster recovery.

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Active vs. Passive Cloud Management Tools

Most cloud computing management tools are passive. Passive tools provide you with information about issues within the cluster of cloud systems, and will perhaps even recommend a course of action, but they do not actually take corrective action. Active cloud management tools seem to be where the market is going - analytics-oriented active tools are similar to analytics-oriented passive tools, but they can take steps to carry out corrections or temporary fixes. Event-oriented active tools can capture simple events just as event-oriented passive tools can, but active tools can take automated corrective action, while self-correcting or self-healing tools may offer more viable and scalable options because these tools need to layer into some pretty specific cloud-native technology.

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Digital Transformation Doesn't Always Require a Core Conversion

The GAFAs (Google, Amazon, Facebook, Apple) of the world have launched their assaults on the financial services industry. This article states that what the banking industry truly needs is a modern, digital-first core that can handle today’s marketplace and be deployed quickly compared to legacy cores. It also notes that there is another road to consider when mapping your digital transformation strategy: digital partnerships.

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ATMs/Kiosks

 

White Paper on Dual Migration to Windows 10 & Next Gen ATM Architecture

The ATMIA says that the global ATM industry is at a crossroads. This White Paper looks at migrations to next generation ATMs and their blueprint for a new API App model for ATMs.

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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:  

Sharetec Systems, Inc.

Sharetec

and their client is:

LorMet Community 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

 

KBC Invites Non-Customers to Use Its Mobile App

KBC is opening up its mobile app to the wider public beyond its customer base, providing access to a range of third party non-banking services. Taking the banking-as-a-service model to its natural conclusion, the KBC app will provide non-accoutholders with an array of services beyond the usual account management and transactional options.

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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

 

The Top Cybersecurity Mistakes Companies Are Making (And How to Avoid Them)

This article posits that one of the worst things that you can do is to try and stop every single attack, but that's a fairly typical mistake. It recomends that you not dedicate the bulk of your cybersecurity resources toward addressing a single area or deploying a specific technology. Once you've identified your crown jewels and the path of least resistance, focus on adding economically efficient obstacles to that path.

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Check Fraud Remains Pervasive with New Scam Channels Evolving

New check fraud tactics, along with new technologies and software, have made fake checks cheaper and easier to produce than ever. Last year, 70% of U.S. organizations (according to the Association for Financial Professionals 2019 payments fraud and control survey) reported check fraud, which was responsible for more than $18 billion in losses.

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Leaders Roundtable

Core Systems:

Core Systems as Multilayered Data Management Systems


Celent - http://www.celent.com
Read Stephen Greer's comments:
https://www.cunews.com/Celent.pdf

Corelation - http://www.corelationinc.com
Read Theresa Benavidez's comments:
https://www.cunews.com/Corelation.pdf

Enhanced Software Products - https://www.espsolution.net
Read Matt Lefler's comments:
https://www.cunews.com/ESP.pdf

Member Driven Technologies - http://www.mdtmi.com
Read Matt Baaki's comments:
https://www.cunews.com/MDT.pdf

Share One - http://www.shareone.com
Read Teri Van Frank's comments:
https://www.cunews.com/ShareOne.pdf



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Technology and Marketing

 

Amex Issues Card That Rewards Users for Physical Activity

American Express has teamed up with life insurance and investment outfit Vitality to launch a credit card that rewards participants for being physically active. To earn points, Vitality members track their activity on a compatible device, which then syncs with their Vitality app. Users earn points for activities such as completing 7000 steps in a day, visiting the gym or taking part in a run. The more activity they record, the more cashback they can earn.

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How to Boost Member Business Lending

Credit unions’ approval rate for small business loans was 39.8% in October 2019 – up slightly from the previous month’s record low of 39.7%, according to the Biz2Credit Small Business Lending Index. The article states that in order to be successful at business lending, it’s important for credit unions to focus on areas they do have control over: Processes. Digitizing and automating the business lending process allows for credit unions to drastically improve time- and cost-savings. The article also points out that a unique aspect of the SBA and NCUA partnership is that SBA small dollar loans do not count against credit unions’ business loan cap.

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Online Banking/E-Commerce/Website Design

 

TCH Gives FIs an Open Banking Template

The Clearing House (TCH) has released a template designed to help FIs link with FinTech firms, connect to APIs and shorten the journey to financial services innovation. Known officially as the Model Data Access Agreement, this sets forth a common foundation of generally accepted contractual terms as a starting point for these bilateral data agreements. Part of TCH’s Connected Banking Initiative, this agreement includes a technical component (the FDX API) that provides a consistent and secure protocol to connect FIs and FinTech firms.

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The Fastest-Growing Debt Category Is Not Student Loans or Credit Cards

Personal loan balances now exceed $300 billion, as of the second quarter of this year, according to Experian, a whopping 11% yearly increase. Some borrowers with excellent credit may qualify for loans with interest rates as low as 5% or 6% with some lenders. On the other hand, borrowers with poor credit may encounter rates higher than the average credit card, sometimes exceeding 30%.

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SMBs' Digital Banking Demands Add KYC Pressures

One of the largest challenges FIs face today in providing digital experiences to small businesses is enabling a seamless onboarding experience. And when businesses seek to open a new account from their mobile phone or computer, KYC and AML – critical components of the onboarding process – must be approached with a digital-first strategy, in a significant disruption to the status quo of verifying identities in-person at the branch.

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Internet Access

 

Looking into an Intelligent Cloud Future

The author states that US businesses currently have about 20 percent to 30 percent of workloads and data migrated to the public cloud. He has two major predictions for the cloud future: 1) we will have self-balancing deployment models and 2) hopefully we will have punitive security automation in place in the near future.

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How Cloud Providers' Performance Differs

ThousandEyes periodically collected bi-directional network performance metrics—such as latency, packet loss and jitter—from 98 user vantage points in global data centers across all five public cloud providers over a four-week period. Additionally, it looked at network performance from leading U.S. broadband internet service providers (ISPs), including AT&T, Verizon, Comcast, CenturyLink, Cox, and Charter. Some high level benchmark findings from this research by ThousandEyes are provided here: https://www.thousandeyes.com/press-releases/second-annual-cloud-performance-benchmark-research

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Call Centers

 

How to Use AI Chatbots to Connect with Consumers

In the first Chatbot Trends Report, Intercom reports that customers expect to encounter a chatbot on websites but still prefer working with humans. The survey asked 1,000 consumers and business leaders about opinions on chatbots and the most common uses for the communications platform. The survey found that 87% of consumers would rather talk to a human, while only 15% of respondents preferred a bot. According to the Intercom survey, companies most often use chatbots to take care of administrative tasks such as routing questions to the right team, booking product demos, qualifying sales leads, and engaging website visitors.

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