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December 9, 2019

This Week's News is Sponsored by Better Branches ~

BB

 

General News

 

Scott & White Employees CU Selects Sharetec

Sharetec System announced that Scott & White Employees Credit Union, based in Temple, TX, has successfully converted to the Sharetec Core. The CU will also implement Sharetec's Remote E-Sign, integrated Document Manager, and mobile banking.

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Jack Henry & Associates Introduces near Real-Time Card-Funded Bill Payments

Jack Henry & Associates announced iPay CardPay, an enhancement to its consumer bill pay product that enables CUs to provide near-real-time card-funded bill payments using credit and debit cards as an alternative funding option.

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Hardware News

 

Seagate Doubles HDD Performance with Multi-Actuator Technology

Seagate has taken the wraps off its Exos 2X14 enterprise hard drive. It's the first to integrate Seagate's MACH.2 multi-actuator technology, which is a method of turning one hard disk into two and doubling performance. The 14TB Exos 2X14 connects via a SAS interface and appears to the server as two 7TB volumes rather than as a single 14RB drive. With two actuators, double the data can be read and write within a single HDD.

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Top Gadgets for the Security and Privacy Conscious

This article covers some gadgets to help keep your data and personal information safe. Some examples include: Mic-Lock microphone blocker; Lindy USB port locks; Webcam covers; Faraday fabric for EMI/RFID shielding; Panasonic call blocker; PortaPowUSB data blocker; Tableau forensic bridge kit; Lowell Destruct hard drive eraser; and more.

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Juniper Expands Branch Switching Options

Juniper expanded its branch switching options to include the NFX350 family that features eight 10G and eight 1G interfaces and, depending on the configuration, up to 2TB of storage, 128GB of RAM and 32 vCPUs. Meanwhile, the SRX380 comes with several key performance features, including 1Gbps IPsec performance, four 10G ports, 16 PoE+ ports for greater wattage and density, AES256 MACsec encryption and four mini-card slots for expanded connectivity. Finally, a new Wi-Fi card for branch SRX boxes that lets customers deploy Wi-Fi with zero-touch configuration alongside LTE, Ethernet and other traditional network transport options.

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

 

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Software Updates

 

How to Answer the Core Question

More than 600 CUs have converted core processors in the past five years. There are two primary ways to look at market share: number of clients and assets under management. Through either lens, Fiserv and Symitar dominate. Fiserv claims 31% of the CU market with 1,709 of 5,425 U.S. CUs running on one of the tech giant’s 16 platforms. Meanwhile, there are 625 CUs — 11% of the industry total — on the Symitar platforms from Jack Henry & Associates. Of those, 498 are on Episys and 127 are on the CruiseNet solution for smaller CUs.

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Role of AI and ML in Financial Fraud Prevention and Detection Grows

Many observers are convinced that fraud detection is one of the classic applications of AI and ML. One of the main ways that organizations use AI to detect fraud is through anomaly detection. Some systems combine two predictions: what is fraudulent and what is severe enough to be worth going after - AI can quickly do a cost-benefit prediction to save an organization time and money, taking fraud detection beyond merely finding the activity.

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ATMs/Kiosks

 

2019 ATM Benchmark Market Report: The Enduring Use, for Now, of Cash and ATMs

A new research report from Mercator Advisory Group titled 2019 ATM Benchmark Market Report finds that despite continued pressure from digital payment products, particularly person-to-person (P2P) applications like Zelle and Venmo that are used to pay back other individuals or to send a gift electronically, ATMs remain a fixture in the banking market. Consumer data supports the finding that individuals who have adopted newer payment technologies still rely on cash and ATMs for their day-to-day transactions.

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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:

First 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

 

Mobile Banking for Small Business Heats up as Fintech Rivalry Grows

A key requirement for survival, according to Forrester, is that FIs must improve their digital services for small to mid-sized businesses or lose them to disruptors. “Lots of small business owners — such as builders, electricians, and decorators — spend their days on the road and run their businesses from their mobile phones,” Forrester states in The Digital Disruption of Small Business Banking. “Although 77% of U.S. small business owners and their employees use their mobile devices to help run their businesses, far fewer use these devices for banking transactions: Just 29% pay bills using mobile banking, and even fewer make transfers through their bank’s app or mobile site.”

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Security Standard Released for Contactless Payments on Off-the-Shelf Mobile Devices

A new standard unveiled Wednesday by the PCI Security Standards Council could pave the way for more acceptance of contactless payments with no more hardware needed than a merchant’s off-the-shelf mobile phone or tablet. The standard is dubbed Contactless Payments on COTS (commercial off-the shelf devices), or CPoC. It spells out security requirements governing applications that enable a mobile device to accept contactless payments from customers using EMV chip cards, smart phones, or wearables.

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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

 

Thales Study: U.S. FIs Have Highest Rate of Data Breaches Despite Strict Compliance Mandates

A new global study from Thales, with research from global market intelligence firm IDC, reveals that U.S. FIs have the highest rate of data breaches compared to other industries. In fact, nearly two thirds (62%) have experienced a breach in their history, and 41% had one occur in the last year alone.

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2020 Fraud Management Trends

Fraud is continually evolving, and Javeline Strategy & Research is predicting the following changes in 2020: 1. Strong Authentication Enters the Browser; 2. Faster Payments, Faster Scams; and 3. AI-Powered Fraud Emerges as a Threat.

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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

 

Account Ability: Deposit Growth Gears up for 2020

The sudden shift in interest rate direction—realized in less than three months—pressures FIs to scrutinize their strategies for growing deposits in the year ahead. One strategy is that they can offer a high-yielding checking account in exchange for a minimum number of debit card transactions per month—typically about 10. The article looks at other marketing steps to help ramp up deposits.

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Online Banking/E-Commerce/Website Design

 

Debit Cards Overtake Cash as the Most Popular Payment Type

In October 2018, consumers made more payments with debit cards than with any other payment instrument (28% of payments), according to the 2018 Diary of Consumer Payment Choice. Cash, in all prior diary years the most-used payment instrument, followed with 26% of payments. Together with credit cards (23%), these instruments accounted for slightly more than three-quarters of the number of payments. On average, U.S. adults made 43 payments for the month (rounded, 34 purchases and 10 bill payments), up by two from 41 in 2017 but still lower than the 46 researchers found in their 2016 survey.

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3 Major Roadblocks to Blockchain Adoption in Banking

Since its invention back in 2008, blockchain technology has been trying to disrupt a number of industries with varying degrees of success. This article concludes that three major blockchain limitations for banking are: 1) the lack of governance, 2) non-scalability, and 3) regulatory compliance risks.

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Internet Access

 

Juniper SD-WAN Now Handles SD-LAN

Juniper Networks expanded its SD-WAN management console to now include its SD-LAN service that provides organizations with a simplified approach to managing their SD-branch deployments. The SD-WAN enhancements allows users to now provision Juniper’s EX Series switches to manage LAN fabrics and configure LAN virtualization and security policies similar to how they control their SD-WAN environment. This should reduce the cost and complexity of managing those environments.

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Why the Banking Sector Should Consider Going Cloud

The article points out four banking security concerns addressed by cloud: 1) Extensive encryption; 2) Invest in reliable and certified hardware; 3) Regulatory management tools; and 4) Security as a service. It then discusses the benefits of cloud computing in banking.

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How DNS Filtering Works and Why Businesses Need It

From domain hijacking and cache poisoning to Denial of Service attacks, DNS is no stranger to being attacked or even scarier, being an attack vector. Fortunately, this crucial component of the Internet can be used defensively as well. DNS filtering can prevent users from downloading malware without also blocking legitimate files by accident. The author explores how this process works and why it’s a useful tool for IT and security teams.

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Call Centers

 

Reality Check: Most Contact Centers Aren't Really Omnichannel

Contact centers are becoming increasingly responsive in channels such as chat, email, and social media. Even though "omnichannel" has become standard vocabulary in the world of customer service, most modern contact centers aren't quite there yet. Most contact centers are still genuinely multi-channel. Contact centers will only become omnichannel when conversations with consumers are translated across formats according to the consumer’s profile and needs and with all relevant information and background knowledge traveling with the inquiry.

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