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July 20, 2020

This Week's News is Sponsored by Better Branches ~

BB

 

General News

 

Better Branches Technology Announces Flexible Branches

Better Branches Technology, a provider of branch visitor queuing and appointment handling software for CUs, announced the release of the Flexible Branches module that expands the Better Lobby Service Queue to enable members inside or outside a branch to be served by branch staff using video meetings. CU staff can be working remotely (i.e. home) or at a branch different from the visitor. Members have the option of connecting remotely through the CU’s website or visiting a branch location that is video equipped.

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Hyland Releases PII Compliance Solution

Hyland, a leading content services provider for CUs, has launched a PII Compliance Solution. Using intelligent document redaction functionality the solution automates redaction processes to help save CUs time, preserve accuracy and improve compliance with ever changing mortgage regulations and redaction requirements.

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Maui Teachers FCU to Convert to CU*Answers

CU*Answers, the Grand Rapids, MI-based cooperative CUSO, announced that Maui Teachers Federal Credit Union will be joining its cooperative network following an early 2021 conversion to the CU*BASE core data processing suite.

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Hardware News

 

The Notebook and Smartphone Need to Merge

The author argues that notebooks now need the connectivity a smartphone has, and the smartphone needs the screen size and productivity enhancements offered by notebooks - it’s time to merge both into a new blend that addresses this new Pandemic normal. He says that you should be able to integrate the camera, modem, and screen on the smartphone with the PC, and if your network drops then it should automatically fail over to 5G.

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

 

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Software Updates

 

What Is the FICO Resilience Index and How Does It Work?

The FICO Resilience Index measures the likelihood a consumer will default on payments during times of economic difficulties. This credit score is specifically designed to measure a consumer's risk of not being able to keep up with bills during a regional or national economic downturn. The new credit-scoring model may be helpful for some potential borrowers, but it may take time before the new model is adopted by a wide number of lenders.

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Core Conversions Go Virtual Amid Pandemic

Technology vendors normally send personnel to a CU for different on-site activities, including training for staff members prior to a conversion and then again when the actual switch happens. Having someone physically on site can be comforting for the CU changing to a new system, sources said. The vendor’s employees can quickly answer a question or review a report if they are there in person and a problem arises. But the coronavirus has upended normal procedures, and now some CUs and their vendors have moved to completing these transitions virtually.

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ATMs/Kiosks

 

Coin Shortage Continues While Decline in ATM Cash Withdrawals Slows

Consumers have been spending considerably less in most stores over the past four months, but that hasn’t prevented a shortage of coins from developing. But in one sign of a nascent revival of cash usage, the number ATM cash withdrawals by CU members has finally broken a 15-week streak of 20% or greater year-over-year declines.

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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:  

Adapt Telephony Services

Adapt

and their client is:

Chicago Patrolmen's Federal 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

 

As Contactless Gains, Will QR Codes Win over NFC Adherents?

With consumer and merchant preferences shifting towards contactless payment methods in the wake of the Covid-19 pandemic, payments activated by Quick Response codes are gaining more attention. That’s because they are a low-cost way for merchants without NFC (near-field communication)-based applications, such as Apple Pay and Google Pay, to add contactless payment, experts say. Also making QR-code payments an attractive alternative to NFC payments is that there are few technical barriers for merchants to install the technology.

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Mobile App Fraud Jumped in Q1 as Attackers Pivot from Browsers

One of the most significant developments in online fraud for consumer-facing organizations last quarter was a sharp increase in fraudulent transactions originating from mobile applications instead of mobile browsers. In the fourth quarter of 2019, 72% of fraud activity that RSA tracked involved the mobile channel. Of that number, 59% originated from a mobile browser and 13% from mobile apps. In the first quarter of 2020, mobile app-related fraud soared to 26% while fraud originating from mobile browsers fell by a corresponding 13%. This represents the highest percentage of fraud involving mobile apps in nearly two years and underscores a broader shift away from fraud involving Web browsers on PCs.

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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

 

Fresh Options for Fighting Fraud in Financial Services

The author contends that sharing data between all parties involved – from third parties and merchants to consumers themselves – is essential for a digital strategy that is based on robust security measures aimed at consumer engagement. Open communication and data sharing mean that FIs receive real-time data that improves their authentication models by more effectively evaluating the risk of a card-not-present transaction.

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U.S. Secret Service Creates Cyber Fraud Task Force

The United States Secret Service has announced the launch of a Cyber Fraud Task Force (CFTF), created through the merger of the Electronic Crimes Task Forces (ECTFs) and Financial Crimes Task Forces (FCTFs). Mainly aimed at improving data sharing, interoperability, and the development of investigative skills, the CFTF will be focused on the prevention, detection, and mitigation of financially motivated cyberattacks. The CFTF’s goal, the Secret Service notes, is to arrest and convict cybercriminals.

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Technology and Marketing

 

5 Things Your FI Needs to Know About Gen Z

Gen Z ranges in age from 23 years old to babies born today. This article notes that they value diversity, they’re pursuing higher education in higher numbers, they use social media all the time, but they’re not so sure that’s a good thing, and they’re on the cusp of adulthood — and facing an uncertain future.

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Predictive Analytics in Play at BCU

BCU is focused on getting ahead of an anticipated surge of delinquencies and defaults that would follow the expiration of deferrals, pay skips, and mortgage forbearances as well as the end of increased unemployment benefits paid out as part of the CARES Act. They are also working to strengthen predictive models they already have for early-stage delinquencies rolling to advanced collections and for recovery likelihood of charged-off loans.

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Online Banking/E-Commerce/Website Design

 

Coronavirus Crisis Plays to the Strengths of Secured Credit Cards

The author insists that with the COVID-19 health pandemic wreaking havoc on jobs, investments, consumer debt and lending, secured credit cards can address a vital need for people who may not have considered the product in the past. Even though card-issuing institutions and lenders have a lot on their plates in dealing with the economic fallout of the pandemic, the secured credit card market has remained stable and could be poised for positive growth, said Brian Riley, director of card services for Mercator Advisory Group. Secured credit cards work as a counteroffer after an application for another card is declined, as a vehicle to advance to beyond a prepaid card program, or for targeting specific market segments under specific terms.

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ACI Worldwide Offers New Digital Overlay Services

ACI, through collaboration with Mindgate Solutions, is offering value-added digital overlay services through its UP Real-Time Payments solution. They say that the new services enable FIs to add a range of real-time digital overlay services to support a high-volume, data-rich digital payments ecosystem for consumer, corporate and merchant accountholders.

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Visa Pilots Installment Payments

Visa is getting ready to pilot an offering that lets eligible customers pay in installments by simply using their existing Visa credit cards at checkout. Installment payments occur when shoppers at the point-of-sale are given the option to pay off the bill in a set number of payments.

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Internet Access

 

Mozilla Launches VPN Service to Help Protect Your Privacy

Mozilla, the maker of the Firefox web browser, just announced that its virtual private network service is now available on Windows. The $4.99 monthly service will be available initially in the US, Canada, the UK, Singapore, Malaysia and New Zealand. Mozilla, which has been beta testing the service for nearly a year, says the VPN service promises a faster browsing experience because of its leaner structure.

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Google Cloud Unveils New Features to Enhance Security and Compliance for Sensitive Data

Google Cloud is introducing two new capabilities aimed at organizations struggling to ensure the security and regulatory compliance of data stored in the cloud. The two features are Confidential VMs and Assured Workloads for Government, both of which aim to simplify and strengthen the security management of cloud-based data, especially for industries that have to grapple with tight compliance regulations. Confidential VMs is the first product in Google's Confidential Computing lineup, one that uses memory encryption to isolate cloud-based operations and workloads.

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Call Centers

 

Chatbot Use Surges Amid Pandemic

Due to the coronavirus, organizations around the globe have been forced to reinvent their traditional workflows on short notice. As a result of these logistical shifts en masse, COVID-19 has accelerated digital transformation, from artificial intelligence systems to cloud-based software solutions, across industries. An increasing number of organizations are leveraging AI chatbots to engage with users during the pandemic. This article features an interview with a Salesforce representative about this trend and the new normal in AI-enhanced consumer engagement.

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A Better Member Experience Is Only a Text Message Away

Text messaging, which was a part of many communication plans before the pandemic, has become even more urgent as branch interactions and other more traditional access points have become limited. In this article, Central Willamette CU, Generations CU, Interra CU and Georgetown Kraft CU share the ways they use text messaging today, the strategies supporting their future plans, and the advice they have for other cooperatives considering a push to text.

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