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Your source for the latest technology information of interest to credit unions across America.

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November 8, 2021

This Week's News is Sponsored by Better Branches ~

BB

 

General News

 

Two East Coast CUs Successfully Convert to Sharetec

Sharetec System announced that LM Federal Credit Union in Baltimore, MD, and Community Credit Union of New Milford, CT are both now live on Sharetec. The two CUs will also be using Sharetec products like Online Member Services, ACH Origination, Remote Deposit Capture and more.

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IMM and CSPI Form Partnership

IMM has partnered with Missouri-based Computer Service Professionals Inc. (CSPI) to offer CUs IMM’s flagship eSignature platform, IMM eSign. IMM’s integration with CSPI will offer real-time integration enabling CUs to offer eSignatures for all document types.

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Hardware News

 

The Best Desktops of 2021

Many have predicted the demise of the desktop computer, but it's death hasn't arrived and it's entirely likely that desktops will be around for years to come. This guide to the best desktops of 2021 makes recommendations based on the type of work role a desktop will fill. For example for the best basic workstation, they recommend Dell's Optiplex Micro line of computers.

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

 

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Software Updates

 

Artificial Intelligence Will Fuel Future Banking, Data Suggests

Some observers believe that the concept of ‘ubiquitous banking’ fuelled by AI will be a vital part of our future banking culture. They say ubiquitous banking will likely be the next stage of digital finance because consumers continue to demand constant, personalized digital financial services after the pandemic. This strategy entails embedding AI tech to “hyper-personalize the user experience.”

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NETSCOUT Omnis Cyber Intelligence Helps Detect Suspicious Activities in Real-Time and Retrospectively

NETSCOUT has released Omnis Cyber Intelligence (OCI) which they say detects and investigates suspicious activities in real-time and retrospectively, identifies threats early in the attack life cycle to prevent infections from spreading, stops future attacks, and identifies compromised assets. The solution consists of an analytics stack and cyber security software sensors called Omnis CyberStreams.

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ATMs/Kiosks

 

ITMs See Major Growth

ITMs (interactive teller machines) can deliver more banking tools to consumers than most ATMs. Depending on the machine, an ITM might offer anything from money orders to video calls with staff to account opening tools and more. By one estimate, 25% of all FIs currently use ITMs, and 60% plan to deploy them within the next three years.

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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:  

Next Level Group

NextLevel

and their clients are:

Hawaii First & Hawaiian Telephone CUs

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

 

Mobile Phones: Connecting Physical and Digital

This article states that over the past 18-20 months, the pandemic and ever-growing “everything now” culture has accelerated the transformation of traditional consumer interactions and replaced many of the remaining physical touchpoints – including branch visits, paper account statements and card activation – with digital equivalents. In response to these rapid changes, mobile banking apps have helped to simplify and streamline many processes that once required a trip to the branch.

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Security Section

 

NCUA Launches New Cybersecurity Resource Center

NCUA just launched its new Cybersecurity Resource Center, including an updated Automated Cybersecurity Evaluation Toolbox (ACET) for CUs to use as a resource for assessing their cybersecurity maturity. ACET acts as a downloadable app developed to be a “holistic cybersecurity resource” for CUs of all sizes, the agency said. According to NCUA, CUs can use the tool to identify and determine their level of cybersecurity preparedness.

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Graylog Unites SIEM, AI-Based Anomaly Detection in New Security Suite

Graylog is extending its SIEM (security information and event management) software with anomaly detection and user entity behavior analytics (UEBA) to help provide organizations with a software suite that combines and streamlines security techniques designed to handle a wide range of risks related to insider threats, credential-based attacks, and other cyberthreats. The features in Graylog's new consolidated package — called Graylog Security — include AI and automation techniques and are meant to simplify risk management and make security teams more productive.

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Leaders Roundtable

Core Systems:

Optimizing Your Core System


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 Matt Baaki's comments:
https://www.cunews.com/MDT.pdf

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

TCS - http://www.tcs.com
Read TCS BaNCS Global Banking Team's comments:
https://www.cunews.com/TCS.pdf

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Technology and Marketing

 

4 Crucial Banking Trends for 2022 FIs Can't Ignore

EPAM’s Consumer Banking Report 2021 reveals that despite all the new competition and all the digital FinTech uptake by consumers, traditional FIs in many respects still have the upper hand. This article offers insights to marketing teams in these 4 areas: 1) Personalization; 2) Branching trends; 3) Gen Z's preferences; and 4) ‘Unbundled Banking’.

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Digital Banking Industry Leaders Forum

Thought Leadership From Around the Industry by Credit Union tech-talk and Finopotamus:

Benchmarking Your Digital Banking Strategy


Humanizing Digital: Increasing Account Holder Loyalty and Exceeding CU Goals with Smart, Flexible Solutions

Alogent
 

Digital Transformation: A Credit Union Imperative

The Digital Banking Market Is Heating Up

Three Present-Day Goals to Revolutionize Your FI’s Marketing

eSignatures Are Now a Top Priority Across the Nation

Fight Fraud by Better Understanding Your Financial Data

It’s Always About the People: 5 Rules for Digital Banking and Beyond

 

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Online Banking/E-Commerce/Website Design

 

Why Is Automated One-Stop-Shop Online Banking the Future of Business Banking?

The author is convinced that FIs can greatly improve their small business accountholders’ journey with an online banking experience that provides access to automated accounting, cash flow forecasting, tax-ready financial reporting, an efficient invoicing system, as well as personalized financial advice; all in real time, and together in one place. He states that digital banking needs to be entirely modified and automated so that SMBs can not only manage their business accounts from their banking portal, but also organize their overdrafts, loans and credits in just a couple of clicks with real-time visible data. He thinks that the need is urgent since FinTechs such as Square are becoming FIs and others like Google Pay are offering new ‘pay-now’ methods.

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8 Important Facts to Understand About Digital Banking

Digital Banking is more than Online Banking. This article dives into 8 facets of Digital Banking to help you understand some aspects of this type of banking that you might not be familiar with right now.

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Internet Access

 

Lumen, Cisco Debut New Cloud-Based Unified Communications Offering

Lumen Technologies turned to longtime partner Cisco to offer Lumen Solutions for Cisco Unified Communications Manager Cloud (UCMC) which delivers Cisco’s enterprise-grade calling and collaboration services over Lumen’s global fiber network. Features include calling, messaging, Cisco Webex integration, instant messaging, mobile and remote access, collaboration phones and endpoints, network connectivity options and emergency call handling, among others.

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Microsoft Azure Updates

Microsoft announced several new capabilities to its hybrid and multicloud products: Azure Arc on VMware vSphere and Azure Stack HCI; Azure Arc-enabled Machine Learning capabilities updates; Azure Arc-enabled SQL Managed Instance updates; Azure Virtual Desktop for Azure Stack HCI; Microsoft Defender for multicloud scenarios; and Azure Migration and Modernization Program (AMMP) to support Azure Arc scenarios.

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Network as a Service Is the Key to Preventing Future Disruptions, Says Cisco

According to Cisco, Network as a Service (NaaS) is "a cloud-enabled, usage-based consumption model that allows users to acquire and orchestrate network capabilities without owning, building or maintaining their own infrastructure." Cisco goes on to describe NaaS as an alternative consumption model that can cover network elements like wired and wireless LANs, WANs, VPNs, branch networks, data center networking, edge computing, multi cloud and hybrid cloud environments. It can also "deliver new network models such as SASE; it can enable shifts in organizational models, such as the move to hybrid work.

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Call Centers

 

Why You Should Have an After-Hours Contact Center

This article states that investing in a good after-hours answering contact center service is a wise move. It points to the following reasons for their recommendation: 80% of all business affairs continue to be handled over calls; despite the ubiquity of emails, 80% of callers prefer to talk on the phone than type out a saga over email; and 69% of consumers will stop conducting business with an organization that does not have the requisite levels of phone service.

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Is the Picture Bright for Video?

Video has long had promise in the contact center by providing information-rich and personal face-to-face interactions between individuals. But it took the COVID-19 pandemic to bring video to the fore. What will be the picture for video in the contact center post-pandemic? The author offers some video predictions in this article.

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