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October 5, 2020

This Week's News is Sponsored by Better Branches ~

BB

 

General News

 

Huntington County FCU Converts to Sharetec

Sharetec System announced that Huntington County Federal Credit Union has converted to Sharetec with great success. The Huntington, IN-based CU has also has taken on new products like Mobile Banking, BillPay, and Electronic Signatures.

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Catalyst Corporate to Offer Mobile P2P Payment Services

Corporate said it will soon begin offering mobile P2P (person-to-person) payment services to credit unions. The P2P service will allow credit union members to send money to anyone, anytime, using any mobile device with Aptys Solutions’ PayMoli app.

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Hardware News

 

Should You Upgrade Tape Drives to the Latest Standard?

Tape drives are a very reliable way to write data to storage, and are very good at holding onto data for multiple decades. This article discusses the linear tape–open 9 (LTO-9) standard, and three reasons that could justify upgrading your tape drive.

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

 

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Software Updates

 

Forget Rip and Replace, Digital Is the New Core

The author points out that the advantages of legacy system upgrades are clear, including a more holistic view of accountholder relationships, as well as greater compatibility with the digital solutions consumers want to use. But what if many of the same results could be achieved quicker, giving more time to the dreaded core system evaluation and transition process? He argues that to gain a digital advantage, many FIs are opting to layer the core over the rip-out-and-replace approach.

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Cohesity SiteContinuity

Cohesity announced Cohesity SiteContinuity, an automated disaster recovery solution that is integrated with the company’s backup and continuous data protection capabilities. The company claims that with Cohesity SiteContinuity organizations can recover a single file, critical business application, or an entire data center with just a few clicks, automating recovery operations spanning across application tiers and on-premises and public cloud environments.

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ATMs/Kiosks

 

Americans Don’t Want to Give up Their Paper Money, but They Should

A Genesis Mining study called “Perceptions and Understanding of Money 2020” indicates that a significant majority of Americans are not psyched about parting with their paper money on a permanent basis. They found that 60% of respondents are opposed to the idea of paper money being replaced with “digital-only money.” The article disagrees with these views and goes on to tout the advantages of "cashlessness."

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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:

DFCU Financial

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

 

The Rise of the Mobile Wallet

Mobile wallets are still pretty dire in most of Europe and America and, by comparison with card and cash, relatively unused. Payments with the two most popular American mobile wallet systems - Venmo and Zelle - amounted to around 0.25 percent of the total payments processed in America. The mobile wallet has been rising for a decade but, for all the efforts in Europe and America, the system struggles. However, in other parts of the world mobile wallets have succeeded due to these 4 factors: infrastructure, ease-of-use, incentives and ubiquity.

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Best Mobile Banking Features

Functions like mobile deposit have become standard, but newer features allow you to send money to a friend by voice command, set up an ATM withdrawal remotely or get a reminder when a big expense is about to clear. According to this article, here are 5 of the best mobile banking features: 1. Cardless ATM withdrawal; 2. Virtual assistants; 3. Advanced account insights; 4. Geolocation services; and 5. Automatic savings.

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5G Technology & the Opportunities for CUs

The Financial Health Network, MDC and the Foundation released research on 5G Networks and how the enhanced capabilities will aid in the member experience. Their research found the 3 greatest CU opportunities to be as follows: 1. AR/VR: 5G will enable CUs to become more efficient and flexible in how they engage with members including augmented and virtual reality. 2. Enhanced Security: With cyber breaches emerging as one of the greatest threats to the banking industry, 5G enables CUs to detect fraud by improving authentication measures. 3. Mobile Performance & Payments: The lower latency 5G provides will make mobile apps smaller in size, allowing CUs to enhance their features.

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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

 

Is Passwordless Authentication Actually the Future?

While passwords may not be going away completely, 92 percent of respondents believe passwordless authentication is the future of their organization, according to a LastPass survey. Technologies such as biometric authentication, single-sign-on (SSO) and federated identity can streamline the user experience for employees within an organization, thus leading to a passwordless experience. The top three frustrations for IT teams include users using the same password across applications (54 percent), users forgetting passwords (49 percent) and time spent on password management (45 percent). For employees, the issues lie in convenience. Their top three frustrations are changing passwords regularly (56 percent), remembering multiple passwords (54 percent) and typing long, complex passwords (49 percent).

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Account Takeover Fraud Rates Skyrocketed 282% over Last Year

Account takeover (ATO) fraud attempts to steal from consumers and e-commerce merchants swelled 282% between Q2 2019 to Q2 2020, new data from digital trust and safety provider Sift finds. ATO attacks also create significant and lasting brand damage, Sift said. In surveying 1,000 consumers, the company said it found that more than one-quarter (28%) of respondents would completely stop using a site or service if their accounts on that site were hacked.

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Leaders Roundtable

Core Systems:

Integrating Digital, Payments and the Core


Celent - http://www.celent.com
Read Stephen Greer's comments:
https://www.cunews.com/Celent.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 Gary Lee'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

Sharetec - http://www.sharetec.com
Read Sharetec Partners' comments:
https://www.cunews.com/Sharetec.pdf

Symitar - http://www.symitar.com
Read Shanon McLachlan's comments:
https://www.cunews.com/Symitar.pdf


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Technology and Marketing

 

4 Ways for CUs to Use Content Marketing

Content marketing is defined by the Content Marketing Institute as a strategic marketing approach focused on creating and distributing valuable, relevant and consistent content to attract and retain a clearly defined audience, ultimately to drive profitable customer action. The article lists four ways you can implement content marketing to create new relationships with potential members: 1. Start a Podcast; 2. Write Blogs; 3. Create and Distribute Infographics; and 4. Release Case Studies.

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Relationship Banking Makes a Comeback

The article states that most consumers seek strength, reliability, and security in their FI, while convenience, service, and innovation are differentiators. It goes on to say that the definition of relationship banking has been rewritten and offers numerous examples of how this has happened.

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Online Banking/E-Commerce/Website Design

 

While Momentum Builds for Real-Time Payments, Research Tags the U.S. Market as a Laggard

Real-time payments are gaining momentum in the United States, but recent research indicates the U.S. market remains a laggard. The total value of so-called instant payments (transactions complete within 10 seconds) will reach $18 trillion in 2025, but the U.S. share of that market will total just 8%, or $1.4 trillion.

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X1 Card Is a Credit Card Based on Your Income, Not Your Credit Score

X1 cardholders can expect limits up to five times higher than what they would get from a traditional credit card - and that limit can move up if you get a promotion at your job, for instance. Behind the scene, X1 Card is built by Thrive, the company that created ThriveCash, a loan platform that lets you get a credit line based on offer letters for an upcoming summer internship or your first full-time job after college. Depending on your creditworthiness, you’ll get a variable APR of 12.9 to 19.9% and a balance transfer fee of 2%. There’s no annual subscription fee and X1 Card doesn’t change any late fee or foreign transaction fee.

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NACHA Amends ACH Rules in the Face of New ‘Channels’ and ‘Technologies’ for Payments

NACHA has approved eight amendments to its operating rules governing the use of ACH payments. The new rules are intended to define explicit scenarios for reversal of ACH payments as invalid and enhance NACHA’s authority to enforce penalties for egregious rules violations. Two amendments—Reversals and Enforcement and Limitation on Warranty Claims—are expected to play a key role in providing businesses, financial institutions, payment providers and technology companies with a framework for authorizing consumer ACH payments that can be applied to myriad new channels and technologies consumers and businesses are using to transact digitally.

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Internet Access

 

VMware Amps up Security for Network, SASE, SD-WAN Products

VMware boosted security for remote and mobile workers by extending its partnerships with zScaler and Menlo for its secure-access service edge (SASE) offering, VMware SD-WAN Zero Trust Service. VMware's SASE technology melds its Workspace ONE platform with its SD-WAN package. Another component of a SASE offering is a cloud access service broker (CASB), and for that VMware is partnering with Menlo for its cloud-based CASB service, which enforces access and security policies and controls for cloud applications.

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Call Centers

 

Reshaping Contact Center Roles

The author posits that every contact center role will need to be reshaped to fit evolving technological and societal realities. He looks at 4 different roles in this article: Agents, Supervisors, Research Team, and Management.

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Verizon Business Debuts Contact Center Hub for SMBs

Verizon Business announced its Contact Center Hub which is designed to help SMBs connect with consumers though its cloud-based solution. It provides multichannel support for voice and SMS text messaging, with plug-ins to over 60 leading CRMs and help desk applications. Contact Center Hub enables organizations to build interactive voice response menus and smart routing rules to direct callers to the right agent. Agents can also collaborate on calls through a shared inbox, apply tags or comments, and assign follow-ups to specific teammates.

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