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January 27, 2020

This Week's News is Sponsored by Better Branches ~



General News


Bankjoy and Zogo Partner to Help CUs Reach Gen Z

Online and mobile banking provider Bankjoy and financial literacy to Gen Z provider Zogo have partnered to help credit unions provide a better member experience – especially to the up-and-coming Generation Z group. They will be tying two of their products together: Zogo’s financial literacy program and Bankjoy’s online account opening product.



QuantyPhi Releases 2 Videos Explaining Details Around Loan Participations

QuantyPhi has released two videos explaining how loan participations can help credit unions. One video offers ideas about how credit unions can better manage liquidity with loan participations and the other explains how to work with the company.





Hardware News


After the Windows 10 Rush Ends, This Is What Happens to the PC Next

Taking into account desktops, notebooks and workstations, the global PC market recorded its first full year of growth in eight years in 2019. Lenovo is the biggest PC maker with nearly 65 million devices shipped; HP comes second with 63 million, with Dell in third. However, there is no monolithic 'Windows 11' due to arrive in a few years (Windows 10 will simply get rolling updates from now on), which means there isn't another big upgrade deadline ahead to prompt a big boost in PC sales.



Micron Expects Significant Improvements in Bandwidth and Performance for Business Servers

At CES 2020, Micron announced it is now sampling next-gen DDR5 RAM. This is the next generation of DDR, DRAM memory that will go into servers and compute platforms. It offers something like 85% performance improvement over the prior generation of DRAM (dynamic random-access memory).



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


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Software Updates


Applying AI to Staff Training

CaixaBank is using AI to help its staff find and access the most relevant training resources. Their Virtaula training portal uses AI to profile staff and identify what training they might benefit from. A chatbot, which communicates using natural language, will also assist staff accessing courses if they want to take up suggestions. There are courses in languages, executive skills, digital skills, finance and risk management, among others.



VMware Targets SD-WAN Management with Nyansa Acquisition

VMware said their newly purchased Nyansa technology will be targeted at boosting monitoring and troubleshooting for LAN/WAN deployments within its SD-WAN package – VMware SD-WAN by VeloCloud. Nyansa’s primary technology is a cloud-based network management package called Voyance that employs AI to automate the discovery of devices on the network and identify unusual behavior.



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Genmega Introduces New Features to Universal Kiosk

Genmega has introduced its new and improved Universal Kiosk 2. New options include cryptocurrency, check-cashing, and an integrated topper, eliminating the need to add additional signage for advertising.



Cash Is Here to Stay - Cards Are the True Dinosaurs

Far from sounding the death knell for cash, the rise of digital payments will instead lead to the extinction of the plastic card, according to Deutsche Bank research on the future of payments. The paper takes a contrarian view from the popular assumption that the days of notes and coins are numbered, instead forecasting that cash will be around for decades to come due to a deep-rooted trust in its value during uncertain times. They predict that digital payments will lead to "the extinction of the plastic card", and mobile payments will come to comprise two-fifths of in-store purchases in the US, quadruple the current level.



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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:  



and their client is:

Valley Gas Employee's 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


Remote Tokenization Scales Up

A new report from Juniper Research found that annual revenues from tokenized mobile payments, where account details are replaced with data useless to fraudsters, will exceed $40 billion by 2024, growing from an estimated $17 billion in 2019. Of this, over $30 billion will be through remote eCommerce, rather than contactless payments at the point of sale.



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:

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Security Section


2020 Fraud Trends: Are You Prepared for What the Future Holds?

Fraud scenarios that increased in 2019 include: identity theft, account takeover (ATO), card not present, and authorized push payment scams. The article covers 7 fraud trends to prepare for in 2020: 1) Authorized push payment fraud; 2) SMS spoofing; 3) Deepfakes and voice biometrics; 4) Social and voice banking; 5) Breaching 2FA; 6) Institutional disruption; and 7) More ATM fraud.



This Year, Prioritize the Critical Challenge of ID Verification

In general, ID verification today remains a slow, manual process. In the coming years, the author says to expect to see an increased focus on generating fast, frictionless agreement processes that result in increased conversion and consumer satisfaction while maintaining security and compliance. She goes on to discuss key opportunities to build a robust identity platform.



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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:

Corelation - http://www.corelationinc.com
Read Theresa Benavidez's comments:

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

Member Driven Technologies - http://www.mdtmi.com
Read Matt Baaki's comments:

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

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Technology and Marketing


Alternative Lending Key to Growing Membership, Loans in 2020 and Beyond

There are 100 million consumers who are restricted by the traditional credit scoring methods used today either because they have a subprime score or they lack a traditional credit history. This article posits that by harnessing the power of new credit score models that go beyond traditional credit data and incorporate an expanded set of data sources, credit unions can not only increase their member base but also do so responsibly by minimizing risk in 2020 and beyond.



110 Million Consumers Could See Their Credit Scores Change Under New FICO Scoring

Fair Isaac Corp., announced the launch of its latest FICO 10 model that will start incorporating consumers’ debt levels into their scoring model. This comes as total household debt in the U.S. has steadily increased for about two years, and currently sits at about $13.95 trillion as of last September 2019. FICO estimates that about 110 million consumers will see a change to their score under the new credit score model, with most people seeing less than a 20 point swing in either direction. Roughly 40 million will see a shift upward over 20 points and another 40 million will see a shift downward, FICO says.



Helping Students Build Their Credit Scores

University of Pennsylvania Students FCU has introduced a new credit builder product aimed at helping students build their credit scores. The CU’s new credit builder loan is designed to help borrowers increase their UltraFICO score. UltraFICO was launched by Fair Isaac in January with a goal of helping those with little credit history or with low scores. It complements the traditional FICO score. Credit Builder allows the credit union’s members to take out a low-interest loan with their account savings acting as the collateral if the borrower defaults on their loan. The loan also allows students to begin building or improving their credit score.



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Online Banking/E-Commerce/Website Design


Gesa CU Launches Uni, an AI-Powered Search Solution

The $3.6-billion Gesa Credit Union has launched what it is calling an industry-first AI-powered Amazon-like search experience for its members. In the initial phase Uni is helping members find information on the website instantly. In the next phase, Uni will expand to transactional insights, goal-setting, reminders and also to recommend the right products and services.



Former U.S. Regulator Leads Effort to Create Digital Dollar

The former chair of the Commodity Futures Trading Commission (CFTC) has partnered with Accenture to create the non-profit Digital Dollar Project, which plans to explore the creation of a U.S. Central Bank Digital Currency (CBDC). The purpose of the Digital Dollar Project is to encourage research and public discussion on the potential advantages of a digital dollar, convene private sector thought leaders and actors, and propose possible models to support the public sector.



Central Banks Form Group to Explore Digital Currency Creation

Six of the world's central banks have come together to share their knowledge and experiences in assessing the potential cases for central bank digital currency (CBDC) in their home jurisdictions. The group - comprising The Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the Sveriges Riksbank and the Swiss National Bank, together with the Bank for International Settlements (BIS) - will assess CBDC use cases; economic, functional and technical design choices, including cross-border interoperability; and the sharing of knowledge on emerging technologies.



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Internet Access


Verizon Exec Launches Privafy, Challenges Firewall, SD-WAN, VPN Vendors

Privafy, a security startup founded by former Verizon executive Guru Pai and NXP Semiconductors CEO Rick Clemmer, launched a platform that integrates a host of security services as the company looks to win market share from firewall vendors like Palo Alto Networks and SD-WAN providers including VMware’s VeloCloud. Privafy claims its cloud-native product secures data in motion as it moves across networks, private and public clouds, and mobile and IoT devices. It does this by integrating the capabilities of several point products — encryption systems, VPNs, firewalls, DDoS protection, IDS, IPS, data loss prevention, and deep content inspection technologies.



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Call Centers


Why Is Video Banking an Exciting Trend to Watch?

This article states that combining digital capabilities with a live human video connection provides consumers with a near-branch experience on their mobile banking platform. Plus, by gathering employees into a centralized video call center environment, FIs can make their best employees available, regardless of their physical locations. The article also points out that the potential of video banking to provide multilingual support from anywhere at any time offers a huge advantage for contact center staffing and scheduling.



Genesys and Microsoft Serve up New Cloud Service for Contact Centers

Microsoft took the wraps off of a new cloud service for Azure via its partnership with Genesys. Scheduled for release later this year, Genesys Engage will run on Microsoft Azure to help offer contact centers a unified customer experience solution, according to the companies.