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February 17, 2020

This Week's News is Sponsored by Better Branches ~

BB

 

General News

 

Filene Launches Diversity Research Center

The Filene Research Institute has launched its Center of Diversity, Equity and Inclusion, the first of six research centers it will debut over the next year and a half. The center will work alongside industry groups such as the Credit Union National Association and the African-American Credit Union Coalition in addition to individual CUs.

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NACHA Is Building Phixius, a Trusted Conduit for Payment-Related Information

Phixius is a platform to help ensure payments are made to the proper entity is preparing for a May debut. The NACHA -developed platform will provide a way to enable the secure sharing of payment-related information.

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Hardware News

 

Adtran Tackles Small Business with SD-WAN Hardware

Adtran is offering an SD-WAN appliance aimed squarely at the small to midsize business segment. The Adtran 934 SD-WAN edge appliance is the company’s first based on Intel’s x86 architecture, but unlike many CPE-based appliances, Adtran says most of its software is running in the cloud and backed by a dedicated network backbone build upon redundant circuits in multiple points of presence (PoP).

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Hardsec Could Help Dumb Devices Protect Against Smart Hackers

Hardsec, or hardware security, now resonating with some major international financial institutions, could eventually help CUs. Hardsec is an emerging security architecture. Instead of central processing units, hardsec uses lower-complexity non-Turing-machine (basic abstract computational devices) digital logic to implement security, avoiding a software weak point. One example is Garrison’s secure browsing solution which is based on two technologies: Field programmable gate array (FPGA) chips and silicon assured video isolation (SAVI).

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

 

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Software Updates

 

What’s Next for Serverless Architecture?

The driving force behind an evolution towards a new way of programming, serverless offerings come in all forms and shapes including application hosting platforms, serverless databases, CDNs, security offerings, etc. This article takes a look at serverless computing and Infrastructure as a Service (IaaS).

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ATMs/Kiosks

 

Winning the ATM Security Arms Race

Establishing effective ATM defense mechanisms marks just the first step; the value of hardened ATM security demands that ATM deployers remain vigilant of new criminal schemes every day. This article covers these trends: 1. Network compromise (“man in the middle”); 2. Skimmers; 3. Jackpotting; and 4. Multi-factor cardholder authentication.

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Cash Recycling, Interactive Teller Machines Are the Future of Banking

New ATM technologies, including cash recyclers, interactive teller machines and other devices that drive more efficient management of funds, are helping transform branches by saving considerable time and resources, according to experts at the recent ATMIA conference. One speaker noted that cash-recycling technology has demonstrated results, with cash-in-transit visits down 10% to 20% and service calls down anywhere from 25% to 30% due to reduced error rates. Another touted the benefits of ITMs, which allow FIs to offload up to 75% of their transactions to ITMs that would normally require a teller.

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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:  

BAE Systems

BAE

and their client is:

Gas and Electric 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

 

Payments Power SMBs' Mobile Banking Adoption

Many small business owners are seeking tools that are more sophisticated than traditional, consumer-focused mobile banking solutions. One observer pointed to SMBs’ need for consolidated data across a range of financial and operational processes, with the mobile device an optimal platform to offer a holistic view of more than their account balances. Plus, the aggregation of multiple finance processes — from applying for equipment financing to managing cash flow — presents the mobile device as a platform that may drive the adoption of Open Banking frameworks in the small business financial services market.

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MoneyGram Debuts Streamlined Transfer Service FastSend

FastSend, which was developed as part of MoneyGram's strategic partnership with Visa and uses Visa Direct's rails, results in the receiver getting a text that they have funds available, at which point they can log in to MoneyGram, add their debit card, and have the funds added to their account "within minutes." FastSend has a $10,000 maximum per transaction and charges a $1.99 fee.

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How to Leverage Mobile Banking to Boost User Satisfaction

If you want to convert your app into a go-to mobile banking solution, the author suggests that you enhance it with cutting-edge functionality that would correspond to the most burning needs of your mobile bankers. She goes on to offer some suggestions such as beacon technology, location-based alerts, a GPS-enabled list of all branches and ATMs, in-app AR navigation toward a particular branch as well as present information about the needed facility in the form of smart 3D displays, and cutting-edge personal finance management.

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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

 

Farsight Security to Debut Real-Time Security Solution

Farsight Security has introduced a Newly Active Domains data feed together with SIE Batch, as an easier way to consume real-time data via its Security Information Exchange platform. They say that this data is very useful to detect, block, and investigate domains used by threat actors who acquire new or reuse expired domains.

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ZeroFOX Launches AI-Powered Advanced Email Protection for Google and Microsoft Platforms

ZeroFOX announced it has extended its artificial intelligence (AI) powered platform to now include advanced protection capabilities to help solve challenges in the cloud email security market and complement existing email security. The ZeroFOX Advanced Email Protection suite includes capabilities that address Business Email Compromise Protection for Google’s G Suite and Microsoft’s Office 365 platforms, and also includes Email Abuse and Phishing Protection, which helps detect brand abuse, phishing and campaigns targeting consumers and employees.

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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

 

The Slow Death of Checking Accounts

The author contends that checking accounts have become paycheck motels—temporary places for people’s money to stay before it moves on to bigger and better places. He states that the successor to the checking account will be service-focused, not just transaction-focused. Examples include subscription cancelling, bill negotiation, and purchase protection services.

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Making Saving as Easy as Spending

Automatic saving tools that allow users to contribute to savings goals on a regular basis using microtransfers have been around since the dawn of the new millennium. Some take a randomized approach to the contributions, transfering under $10 a few times a week from a user’s checking account to their savings account. Other tools round up the amount of everyday purchases and contribute the “spare change” to a savings account. This article explores six autosave programs.

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Online Banking/E-Commerce/Website Design

 

Central Bank Digital Currencies: Towards a Global Approach

According to recent research, at least 18 central banks are currently developing digital currencies. This year we are seeing more collaboration between central banks, aimed to think about the impact of such a digital currency for monetary policy and financial stability and what could be the optimal design of such a currency. While central banks recognize digital money may be an improvement over physical money, a central bank designed digital currency will not resemble a decentralized cryptocurrency. The article goes on to look at various collaboration initiatives among central banks.

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Three CUs Make List of Best Online FIs

In the second edition of MagnifyMoney’s Best Online Banks roundup, three credit unions made the cut: The $1.2 billion, Boulder, CO-based Premier Members CU (No. 1) and the $1.2 billion, Durham, NC-based Self-Help CU (No. 4), under the best online “banks” for money market accounts category; and the $1.3 billion, Lake County, IL-based Consumers CU (No. 3) for checking accounts.

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Internet Access

 

esCLOUD Extends Managed Detection and Response to Cloud Platforms

eSentire announced the availability of esCLOUD which extends their MDR capabilities and elite threat hunting expertise to include support for Amazon Web Services (AWS), Microsoft Azure, Google Cloud Platform (GCP) and Microsoft Office 365 with support for Google G Suite, Salesforce, ServiceNow, Dropbox and Box to follow this year.

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How SD-WAN Can Improve Your Security Strategy

SD-WAN introduces new security options, not previously available with legacy networking technologies, that make it easier to manage and secure network traffic. This article outlines four areas where SD-WAN offers new security benefits.

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Call Centers

 

Here's How Far We've Come with Voice AI

Voca implements an AI that has been trained by listening to an organization’s recordings of successful agents. Voca not only imitates the representatives’ responses, it also uses a human-sounding cadence and adds pauses and filler words such as “um.” The company claims that their virtual agent leverages information from the call such as speech rhythm, tone, and the speed of the conversation to identify the caller’s intent and emotion.

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Future of Finance: Digital Banks Are “100% Human”

While commercial chatbots have improved at speech recognition, one observer states that they are still “lacking in social skills, at recognizing your anger or satisfaction or that you’re surprised.” Even as chatbots become more refined, some people could have a cultural aversion to trusting a machine’s advice when making a big decision about a mortgage or sharing personal data. The author suggests that a service agent equipped with AI could perhaps handle questions more quickly and precisely.

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