Your source for the latest technology information of interest to credit unions across America.
Subscribe to our weekly e-mail newsletter and/or 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 ~
Financial Plus Credit Union said it is now offering the “Greenlight Loan,” which it is describing as a unique quick-funded loan solution packaged with financial education. The loan was developed in conjunction with CU NextGen, a CUSO that provides technology and automation solutions.
Finastra has formed a Banking-as-a-Service (BaaS) collaboration with Microsoft to provide access to finance for business members using Microsoft Dynamics 365. Finastra says the ability to provide CUs with additional information, including AR and AP records, will improve lending decisions and time to cash for business members.
Microsoft has announced the public preview of its new Azure virtual machines powered by the Arm-based Ampere Altra server processors. The VM series includes the general-purpose Dpsv5 and memory-optimized Epsv5 virtual machines, which Microsoft claims can deliver up to 50% better price-performance than comparable IBM x86-based VMs. The new VMs have been specifically engineered to efficiently run scale-out workloads, web servers, application servers, open-source databases, cloud-native and rich .NET applications, Java applications, and more.
Cisco is introducing a new payment scheme to encourage customers to recycle its hardware. The Cisco Green Pay payment scheme will see customers offered a 5% incentive on Cisco hardware at the outset of their purchase and a predictable payment strategy over five years. Once the term is up, the product is recovered by Cisco free of charge and the customer receives a certificate confirming that it has entered the circular economy.
The author is convinced that Microsoft's master Windows plan is to move you to a cloud-based Desktop-as-a-Service (DaaS) model. As evidence he says that Windows 11 is nudging us towards Windows as a Service (WaaS). He claims that it is impossible to pretend that Microsoft isn't moving users from the old-style PC-centric desktop to a cloud-based desktop, and goes on to discuss upcoing DaaS-friendly features.
An ATMIA survey shows an overwhelming majority of respondents support the adoption of Universal Cash Deposit at ATM networks. They think that most of the demand for Universal Cash Deposits will come from members of the public and end-users, and secondarily from merchants and small businesses.
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:
NorthEast Alliance Federal Credit Union
While carriers have been planning the closure of 3G since 4G LTE took the reins (and the prospect of 5G being another catalyst) the agenda took a pause during the pandemic. Here is the shutdown timeline for the major US carriers: * AT&T closed its 3G network on February 22, 2022; * T-Mobile has pushed its 3G shutdown to July 1, 2022; * Sprint, now merged with T-Mobile, will close its 3G network on May 31, 2022; and * Verizon's 3G network will shut off on December 31, 2022.
The author is convinced that you can create a mobile banking app that meets high security standards without forcing your users to do the equivalent of filling out a ten-page form every time they want to change their details. In a 2020 study by digital identity firm Signicat, 63% of consumers said they had abandoned digital banking product applications because they were too complicated. Plus 32% said they wouldn’t even consider applying for a banking product or service if it entailed going into a branch to present their ID. He states that complexity isn’t an essential feature of security, and that if you use the right approach and the right technology, security can be simple without losing any of its effectiveness. He continues with an in-depth discussion on the relationship between security and UX.
Nebulon unveiled Nebulon TimeJump, a solution architected to address key ransomware mitigation challenges. The company claims that their solution provides four-minute restore capabilities not only for critical application data but also infected operating systems, so application infrastructure can be brought back online near-instantly.
SASE platform provider Cato Networks has introduced a new risk-based application access control for combatting security threats and productivity challenges posed by remote working and bring your own device (BYOD). The vendor said that with its new control, organizational policies can consider real-time device context when restricting access to capabilities within corporate applications, as well as Internet and cloud resources.
Security Section Sponsored by
Connect with industry leaders and your peers on the latest cybersecurity strategies and trends for CUs focusing on Risk Management, Regulatory Compliance, Audit, and Information Technology with an innovative look to the future!
Mark Your Calendars:
October 12th – 14th at the TradeWinds Resort in St. Petersburg, FL
Register Today: https://redzoneprotects.com/online-registration/
Technology and Marketing
This article states that actions and conversions can now take place inside interactive emails. It details these six types of interactive emails: 1. Interactive In-Email Customer Feedback Forms; 2. In-Email Net Promoter Score Surveys; 3. In-Email Event Registration; 4. Interactive In-Email Abandoned Cart Recovery & Checkout; 5. In-Email Demo Booking Functionality; and 6. In-Email Review & Rating Forms.
The Maine Credit Union League has joined with Good Shepherd Food Bank and New Ventures Maine to launch a financial literacy pilot program with two community food pantries. The two food pantries, Kaydenz Kitchen Food Pantry in Lewiston and Friends Helping Friends in Easton, will help to distribute a series of educational brochures to food pantry clients to help them improve their money management skills.
Benchmarking Your Digital Banking Strategy
Access Softek - http://www.accesssoftek.com
Read Chris Doner's comments:
Humanizing Digital: Increasing Account Holder Loyalty and Exceeding CU Goals with Smart, Flexible Solutions
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
The author contends that adding more channels for your accountholders to interact and transact increases the cost to serve even as these technologies come with the expectation of greater self-service for consumers and lower support costs. He points out a Gartner study that found that 30% of the consumers who used a live or agent-assisted channel to get help were able to get resolution in that channel, compared to only 9% of the consumers who used only self-service. He goes on layout some tactics that optimize the 70% of self-service initiated experiences and improve their first-contact resolution rate.
Website monitoring software repeatedly tests whether your website is available. If it is, the system simply records that everything is okay. If your site doesn’t respond as expected, the system can alert you of the outage. This article states that the three most important factors to consider as you select a website monitoring service are: 1) the number of test locations, 2) the frequency of tests and 3) the available alert methods.
Cisco announced Cisco SD-WAN release 17.8, which adds support for new business and customized cloud applications, analytics and security features. Specifically, the company upgraded the SD-WAN Cloud OnRamp for SaaS service, which links branch offices or individual remote users to cloud applications such as Cisco’s Webex, Microsoft 365, AWS, Google, Oracle, Salesforce and more. In addition to the new cloud application support, Cisco has bolstered the cloud-based vAnalytics package that works to provide performance insights for the SD-WAN and its applications.
NICE announced that its next generation NICE NTR-X solution is now available for compliance recording capture for communications done via Zoom, including Zoom Meetings and Zoom Phone, a feature-rich cloud phone solution. Participating as a select early adopter partner, NICE worked with Zoom to create and utilize new APIs for financial markets compliance recording.