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December 21, 2020

This Week's News is Sponsored by Better Branches ~



General News


Sharetec Celebrates Success with Several 25-Year CUs

Sharetec System announced that it is celebrating 25-year partnerships with several successful CUs. Among the CUs that opted to partner with Sharetec in 1995 were Akron Fire Police Credit Union, Brewster Federal Credit Union, and Common Roots Federal Credit Union.



5 CUs Sign with Bankjoy

Digital banking provider Bankjoy has signed five more CUs: 1. ISU Credit Union; 2. Trius Credit Union; 3. Lone Star Credit Union; 4. Streater Onized; and 5. Taunton FCU.





Hardware News


Aruba Launches New Switch Line

Aruba announced a new line of switches that offer port configurations ranging from 12 to 48 ports and scale from 1 Gb/s to 100 Gb/s. Like the rest of Aruba’s CX line, the new switches are running on the company’s AOS-CX network operating system and feature an embedded network analytics engine.



Dell’s Storage Charge in 2021 Is ‘All Around PowerStore’

PowerStore is Dell’s midrange all-flash storage platform built from the ground up with a container-based architecture and end-to-end NVMe support. The storage offering has a machine-learning engine to help optimize performance and reduce cost by automating labor-intensive processes like initial volume placement, migrations, load balancing and issue resolution. PowerStore also recommends where to best place data.



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


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Software Updates


A Primer on Using AI for ID Document Verification

Through the use of document verification AI, the author claims that FIs can reduce their total end-to-end KYC process time to just a minute or two, with a very high degree of fraud-detection accuracy. He describes a typical onboarding workflow that can trim minutes off ID processing times—without sacrificing security.



Core Banking Pricing Paradigms Are Changing with the Times

The author posits that FIs are beginning to move away from the traditional banking technology paradigm of big bang “license plus maintenance” contracts and implementation projects; instead opting to steadily replace legacy, monolithic systems with highly adaptable service-style offerings from technology partners. He argues that forward thinking FIs increasingly want to select from a menu of services and be able to pick and choose when and how they consume those services.



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Paysafe Launches Paysafecash to Enable Online Cash Payments

Paysafe has launched Paysafecash which is an alternative payment method for consumers who want to pay online easily and safely using cash. Consumers favoring cash can use Paysafecash at participating websites by selecting the brand as the payment method at the online checkout, producing a barcode that can be stored on their mobile device or printed. Cash payments can then be made at more than 60,000 U.S. retail locations.



Advanced ATM Software Is Becoming More Important

RBR’s Global ATM Market and Forecasts to 2025 shows that at the end of 2019, the vast majority of ATMs were monitored remotely, with a high proportion also covered by cash management software. The consulting firm points out that the number of ATMs installed worldwide has been falling since 2018, and is set to continue decreasing, making a high quality of service at the remaining machines crucial.



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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:  

Enhanced Software Products (ESP)


and their client is:

Ukrainian Selfreliance New England FCU

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


How 5G Is Going to Transform Digital Banking in 2021

Digital banking is inextricably linked to mobile phones – and when it comes to mobile money and wallets, many analysts think that the biggest shift in service offerings will come from the next generation of mobile communication. Some believe that 5G will provide faster and simpler payment options, which will make mobile and digital payments even more appealing to the masses and merchants alike, further boosting usage. The article goes on to cover other potential 5G impacts in 2021.



Wireless World Sponsored by
Member Access Pacific (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


Synthetic ID Fraud: Fighting an Invisible Enemy

Rough estimates suggest that FIs are losing billions of dollars each year due to synthetic ID fraud, and the numbers appear to be growing. Synthetic ID fraud began escalating when the Social Security Administration started randomizing the issuance of Social Security numbers in 2011. Randomized issuance enabled criminals to commit a new type of fraud by using any nine-digit number combination that did not have credit on file. Another issue is that the financial industry doesn’t have an agreed-upon definition of synthetic ID fraud, and there is further ambiguity in the various subsets of synthetic ID fraud, which include first- and third-party.



Phishing Emails: More than 25% of American Workers Fall for Them

Terranova Security's Phishing Benchmark Global Report looks at the impact of phishing attacks on the remote workforce, citing an increase in phishing simulation clicks, as well as compromised data. In the three months of 2020, according to the report, remote workers were hit with 30,000 more "suspicious messages," and a 667% increase in COVID-related spear phishing.



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Leaders Roundtable

Core Systems:

Integrating Digital, Payments and the Core

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

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

Member Driven Technologies - http://www.mdtmi.com
Read Gary Lee's comments:

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

Sharetec - http://www.sharetec.com
Read Sharetec Partners' comments:

Symitar - http://www.symitar.com
Read Shanon McLachlan's comments:

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Technology and Marketing


Using Social Media Principles to Better Meet Consumer Expectations

In order to meet the standards set by social media, financial services providers need to engage the four key principles of social media – fun, choice, discoverability and ease of use – across their digital capabilities, according to the author. She recommends that FIs start by identifying their engagement challenges and recognizing that consumers are demanding more digital banking capabilities. She goes on to cover numerous ways that FIs can enhance their digital marketing efforts.



4 Leading Business Intelligence and Analytics Tools

This article highlights 4 business intelligence and analytics tools can help organizations to better position themselves as a leader in 2021: 1) Sisense; 2) SAP BusinessObjects; 3) Oracle Business Intelligence 12c; and 4) and MicroStrategy.



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Online Banking/E-Commerce/Website Design


Why the Digital Experience Matters More than Ever

The author recomends that FIs closely evaluate their digital channel and consider making the following 4 modifications: 1) Increase remote-deposit dollar limits to make it easier to deposit checks without having to visit a branch or ATM; 2) Provide multiple options for convenient disbursement of loan funds; 3) Use e-signatures and touchless loans to facilitate remote document completion; and 4) Offer a convenient digital chat feature to quickly resolve previously tedious issues like duplicate charges.



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Internet Access


Webex Gets Major Updates Including Chat and Real-Time Translation

Webex is getting a host of new features for meetings, plus a discreet chat functionality. It also features transcriptions and closed captioning, enhanced video layouts and Webex Huddle.



Cisco Takes Additional Steps to Fight Counterfeit Network Gear

Network hardware counterfeiting presents serious risks to network quality, performance, safety, and reliability. Unfortunately, there is an increase in volume and sophistication when it comes to counterfeit gear and software. To help battle counterfeiting Cisco recently added a component it calls Identity Counterfeit Platform—a system of secure labels and other technologies such as label scanners designed to detect counterfeit products and thwart fake product sales.



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Call Centers


How to Build an Effective Training Program

One of the things that contact center managers regularly face is how to keep their staff up to date on current processes, technology, or business knowledge. This article examines how different strategies can impact the type of training needed.