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

Subscribe to our weekly e-mail newsletter and/or our monthly newsletter and stay on top of the latest technology trends in Hardware, Software, ATMs, Biometrics, Wireless, Online Banking, Marketing, Security, Internet Access and Call Centers.

CUTT Anniversary logo 2019

October 7, 2019

This Week's News is Sponsored by Better Branches ~

BB

 

General News

 

Better Branches Technology Releases Better Lobby Online Queuing Module

Better Branches Technology, a provider of branch visitor queuing and appointment handling software for CUs, announced the release of a new module for their Credit Union industry-leading Better Lobby visitor management system: Better Lobby Online Queuing Module. The new software module enables branch visitors to reduce their wait time in the branch lobby by joining the service queue remotely - using their mobile phone, desk-top computer or (optionally) the CU’s banking app - prior to arriving at the branch.

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Southwest Airlines FCU Sees Success Since Launching Ace Jr.

HT Mobile Apps announced that Southwest Airlines FCU has seen significant growth since launching Ace Jr. which is an app that provides free financial education to SWACU members and their children through a mobile application.

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Hardware News

 

Intel Announces Optane for Workstations, Higher Capacity NAND

Intel announced a new generation of Optane memory codenamed "Alder Stream," which it said has a 50x lower failure rate than 3D NAND and also triples the transfers per second compared to the current generation of Optane on the market today. Optane runs in three modes: App Direct mode, where it is used as persistent storage; Memory Mode, where it functions as DRAM; and Mixed Mode, where portions of the memory are partitioned for both use cases.

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

 

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Software Updates

 

8 Ways Your Patch Management Policy Is Broken (And How to Fix It)

Not appropriately patching your software and devices has been a top reason why organizations are compromised for three decades. In some years, a single unpatched application like Sun Java was responsible for 90% of all cybersecurity incidents. The author goes on to highlight some of the common ways patch management policy is broken.

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Can AI Detangle the Spaghetti of Banking Systems?

Some observers highlight conversational platforms through chatbots, next-best-action decision making in consumer engagement and fraud prevention analytics as the three areas with the most demand for AI-driven solutions in financial services.

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ATMs/Kiosks

 

Watch These Hackers Crack an ATM Machine in Seconds

This demonstration comes from the recent Black Hat Conference.

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Cardless ATMs Are Here, and so Are Cardless ATM Scams

While cardless ATMs are considered to be safer than using your physical card, the security of this method is still a bit of a mixed bag. The article covers some cardless scams and how to avoid them.

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ATM Fees Hit a Record High

Consumers are paying an all-in average fee of $4.72 to withdraw from ATMs outside of their FI’s network, according to Bankrate.com. This charge is up 33% over the last 10 years.

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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:  

OnBase by Hyland

OnBase

and their client is:

Provident 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

 

Taking Mobile Banking to the Next Level with Innovation & Design

According to the author, FIs still have some work ahead of them before mobile banking plays the central role that it could and should. As a report by Entersekt states, “On mobile, we’re not quite there yet.” Presently, according to research by Forrester among a large sample of Americans, online banking still outpaces banking on mobile devices by a wide margin. The author goes on to recommend what FIs should be offering in terms of mobile banking functionality.

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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

 

MasterCard Introduces Threat Scan to Help FIs Assess Fraud Exposure

Mastercard has launched a snew ervice, called Threat Scan, to help FIs proactively identify potential vulnerabilities in their authorization systems. Mastercard's new offering is designed to complement card issuers' existing fraud tools by simulating known fraudulent attacks on issuers and pinpoint authorization security weaknesses. Issuers can see the scan results immediately and take action to shore up their weak links.

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Is Your Organization Suffering from Security Tool Sprawl?

The author contends that tool sprawl — the use of too many one-off specialized solutions — for both virtualized and point solutions hurts IT productivity, resulting in troublesome management workflows and high costs. This also creates many other issues, including everything from licensing costs to reduced productivity and increased chances of missing or mishandling critical patches and bug fixes. The author has 5 suggestions to help battle tool sprawl.

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Tripwire Unveils New Version of Tripwire Connect

Tripwire announced the next generation of Tripwire Connect, which consolidates data from both Tripwire Enterprise and Tripwire IP360 to help provide a single view of security and compliance states, and can be deployed both on-premises and as a software-as-a-service (SaaS) application.

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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

 

How to Build Banking Products Consumers Will Love

The elements in banking product design that moved consumers the most in the five areas studied in Raddon's recent report entitled Building a Better Product: Tradeoffs in Designing for Consumer Preferences — savings, checking, certificates, credit cards, and home equity products — were some of the most basic. Branches ranked more importantly than some might have expected — though not always for anticipated reasons. In another surprise, one of the big takeaways from the study was that consumers are pretty fee averse.

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The Race Is on in the High Interest Savings Game

This article offers a run-down of the players in the high interest earning accounts game thus far: MaxMyInterest; Simple; WealthFront; T Mobile in partnership with Bank Mobile; Betterment; Green Dot; Coinbase; and Credit Karma.

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4 Ways to Foster Social Media Engagement

By some estimates, there are 3.2 billion social media users worldwide today. Content is king, but producing excellent content requires time — a precious resource for credit union marketers across the nation. The author offers 4 examples and 4 ways to foster social media engagement: 1. Offer Expert Insight; 2. Put A Twist On Contests; 3. Put The Power In The People; and 4. Shine The Local Spotlight.

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Online Banking/E-Commerce/Website Design

 

What FIs Should Know About PFM Development in 2020?

Conventional PFM systems are mostly focused on showing numbers to users without analyzing them or turning them into actionable recommendations. And that’s exactly what should be changed according to the author in order to build exceptional financial management experience and to stand out from the crowd. He goes on to provide a side-by-side spotlight of the differences between Conventional PFM and Updated PFM.

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5 Ways FIs Can Digitally Transform Loan Origination

In the Rocket Mortgage and FinTech era, traditional lenders face unprecedented challenges to meeting expectations of borrowers for speed and an efficient, seamless experience. This article looks at five specific practices that FIs should implement in order to meet their accountholders’ evolving expectations.

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Internet Access

 

Adtran Cues up SD-WAN for SMBs and Mid-Sized Organizations

The Adtran SD-WAN platform is designed to help small-to-medium businesses and distributed organizations take advantage of cloud-based networking while keeping existing voice and security solutions in place in order to help make the transition faster and more affordable. Their solution is designed as a managed service and can be deployed and managed from Adtran’s cloud, or by one of their service provider partners using their cloud infrastructure.

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4 Reasons to Choose On-Premise vs. Cloud for Modern Workloads

Early on, advice about why it might be better to choose on-premise vs. cloud for a given workload tended to center on two things: 1) data security and compliance concerns and 2) cloud migration required a lot of effort. While the author is convinced that these 2 traditional arguments against moving workloads to the cloud no longer make sense, he notes that there are more modern reasons why a given workload may not mesh well with cloud infrastructure. Those are: 1. Lots of ingress and egress; 2. Low-latency workloads; 3. High volumes of data; and 4. Lack of organizational oversight and governance.

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Call Centers

 

The 10th Characteristic of the Best-Managed Contact Centers: They Are Effective, Engaged, and Open to Change

The most successful contact center teams continually review and reassess how they do things and the results they are achieving. What can be improved? What should be scrapped? What assumptions no longer make sense? What can be done differently? The author goes on to cover these questions and answers in the article.

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A Career Path for Call Center Employees

Northwest Community Credit Union created a certification program that makes sure new call center employees receive consistent training. If they do see a career at the credit union, they can work toward level two certification, which includes self-paced learning and one-on-one time with the department’s certifiers covering more advanced skills.

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