Your source for the latest technology information of interest to credit unions across America.
Subscribe to our monthly newsletter and stay on top of the latest technology trends in Hardware, Software, ATMs, Biometrics, Wireless, Online Banking, Marketing, Security, Internet Access and Call Centers.
This Week's News is Sponsored by Better Branches ~
Member Driven Technologies (MDT), a CUSO that hosts the Episys core processing system from Symitar, announced the launch of its data analytics division to help CUs better organize their data and make it more actionable. MDT has hired a team that is specifically focused on hosting Symitar’s Advanced Reporting for Credit Unions (ARCU) for its clients.
Apto Payments announced the launch of its Instant Issuance platform, a self-serve, developer platform that allows CUs to issue debit cards. The platform can switch from development to production, customize cards, onboard users, and track sign-ups and revenue.
Samsung has unveiled a new RAM module that shows the potential of DDR5 memory in terms of speed and capacity. The 512GB DDR5 module is the first to use High-K Metal Gate (HKMG) tech, delivering 7,200 Mbps speeds — over double that of DDR4.
Dell has unveiled the PowerStore 500, a lower-cost model of its enterprise storage system aimed at a broader range of organizations and use cases desiring enterprise performance and features as they grow their use of storage appliances.
VMware has unveiled expanded cloud workload protection capabilities to deliver security for containers and Kubernetes. The new solution will help increase visibility, enable compliance and enhance security for containerized applications from build to production in public cloud and on-premises environments.
Zerto announced the availability of Zerto for Kubernetes (Z4K) and previewed Zerto 9.0. Zerto’s Z4K applies its continuous data protection (CDP) technology to next-generation, containerized applications. Additionally, Zerto 9.0 will add backup?to S3-compatible?storage?such as?Cloudian,?introducing cloud tiering?for AWS and Azure.
While no legislation has been introduced or passed to prohibit cash acceptance, a growing number of merchants, such as restaurants and bars, are banning cash acceptance. To ensure consumers have a payment choice, some states, such as MA, RI, and NJ, and cities, such as New York, San Francisco, and Philadelphia, have adopted laws that prohibit retailers from refusing cash. A letter, signed the by Secure Cash Transport Association, Independent Armored Car Operators Association, ATM Industry Association, and Davis Bancorp, has been sent to Congressional and state leaders asking them to support legislation that protects payment choice, including cash.
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:
5G fixed wireless service is now on the table for AT&T business customers. Plan options include service with up to 50 Mbps or 100 Mbps, with access to AT&T’s 5G low-band network, 5G+ using millimeter wave, and LTE for data. Customers will need to have 5G-capable devices and be in areas where 5G+ service is located if they want AT&T’s high-band flavor of 5G - which at this point is only available in very limited parts of specific cities.
83% of Ivanti survey respondents stated that they used a QR code to make a payment (or complete a financial transaction) for the first time ever. Of those respondents, over half (54%) used a QR code for a financial reason for the first time in the past three months alone. However, 31% of respondents claimed that they had scanned a QR code that did something they were not expecting or were taken to a suspicious website. Plus only 37% were aware that a QR code can download an application.
About half of the companies polled by Arkose Labs said they had lost customers over the past year due to account-takeover attacks, and 90% of all businesses surveyed agreed takeovers adversely impacted the user experience, which in turn damaged their brand reputation. Other costs include refunding accountholders the funds pilfered from their accounts; resetting passwords, which runs about $70 per account; increased manual reviews; and manual tuning of fraud-detection systems. Of the ways in which consumers are impacted by account takeovers, 40% of respondents cited compromised credentials, 32% cited transaction fraud, 14% cited stolen payment details, 8% cited loss of funds, and 3% cited time spent to reclaim their accounts.
A Sophos analysis of malware samples observed during the first three months of 2021 showed that 46% — or nearly half — of all malware that communicated with a remote system over the Internet used TLS for that purpose. Sophos' analysis showed that attackers are using TLS to exfiltrate data, to carry out command-and-control communications, and to evade detection systems when distributing malware. Of that activity, a vast majority of the day-to-day malicious TLS traffic came from malware droppers, loaders, and malware tools downloading additional malware on already compromised systems.
Technology and Marketing
Social media platforms today frequently update their algorithms to make branded content less visible. The following steps can help FIs skirt tricky algorithms to get in front of the right audiences: 1) Don’t avoid organic altogether; 2) Pay to play; 3) Provide value with content; and 4) Think strategically about retargeting.
OnPoint Community Credit Union has launched a promotion for electric vehicles and solar panels as a way to promote a healthier planet. OnPoint announced special discounts under its Green Horizons initiative on home equity lines of credit for solar panels and loans for electric and hybrid vehicles. For electric and hybrid vehicle loans, borrowers get a discount worth 0.25% APR. With those discounts, the rates are now 2.49% to 3.34% APR on new or used electric or hybrid vehicles. For solar panels, the discount is available when homeowners apply for the credit union’s “EquityFlex Line of Credit” for home improvements.
A Censuswide survey, commissioned by Mambu, found that more than half (52%) of consumers have never heard of open banking and 61% have never used it, in spite of 80% of respondents using one or more mobile finance apps. When exploring what consumers want from open banking, the survey shows that nearly half of respondents want instant digital money transfers; more than a third want aggregated account balances at a glance; a third want tips on better money management and a quarter want money-saving suggestions for their bills.
One eye-opening statistic from a recent Celent report is that 5,400 FIs – one-third of lenders in the US – are supporting almost three million borrowers with a lending product that simply did not exist a few months ago. Another staggering fact is that 14 years’ worth of loans were processed in just 14 days at one point last year. The Celent Covid-19 Banking Insight Panel also found that the majority of FIs have maintained (44%) or increased (39%) their IT budgets in order to facilitate this digital transformation.
IBM is the latest cloud company to outline a new set of capabilities for hybrid cloud management with news of new and enhanced security services aimed at helping customers manage security strategy, policies and controls across hybrid clouds. The company announced immediate availability for its expanded IBM Security Services for Cloud portfolio that leverages AI and automation to assess cloud security posture and identify and prioritize security risks and related issues - all within a strategy based on zero trust principles.
VMware has unveiled an integrated package of cloud security, access control and networking software aimed at addressing the key needs of today's COVID-19-driven remote workforce. VMware Anywhere Workspace brings together the company’s core enterprise software products, including its Workspace ONE unified endpoint management, Carbon Black Cloud cloud-native endpoint security, and secure access service edge (SASE) components, into a single system to support a widely distributed workforce.
According to research from Cornerstone Advisors, heading into 2020, just 4% of mid-size FIs had deployed a chatbot. By the end of the year, that percentage had more than tripled to 13%. Cornerstone’s research says another 16% intend to invest in chatbots in 2021. The author contends that there are three requirements driving the need for chatbots in banking: 1) The need for speed; 2) The need for data; and 3) The need for personalization.