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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.
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.
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.
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.
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.
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.
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.
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.
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:
and their client is:
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.
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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.
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.
Integrating Digital, Payments and the Core
Technology and Marketing
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.
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.
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.
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.
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.
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.