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

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December 19, 2022

This Week's News is Sponsored by Better Branches ~

BB

 

General News

 

IMM and Compliance Systems Form Partnership

IMM and Compliance Systems announced a strategic partnership to provide CUs a more streamlined, digital-first banking platform with embedded compliance. IMM’s eSignature platform, IMM eSign, will be integrated with Compliance Systems’ compliance document technology solution.

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Jack Henry Adds New Policy Management Solution to Governance, Risk, and Compliance Suite

Jack Henry has launched a new policy management solution to its Governance, Risk and Compliance (GRC) Suite. It will help streamline policy creation, review, approvals, attestations and exceptions with workflows, documentation, and storage.

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Hardware News

 

Ransomware Is Coming for Your Backup Servers

Backup and recovery systems are at risk for two types of ransomware attacks: encryption and exfiltration – and most on-premises backup servers are wide open to both. In response, teh author insists that backup servers should be the most updated and secure systems in the data center. They should be the hardest to login to as Administrator or root. And they should require jumping through the most hoops to login remotely.

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WatchGuard Boosts Security with New Appliances

WatchGuard released its Firebox NV5 VPN gateway tabletop appliance and the AP332CR, a new Wi-Fi 6 access point for rugged or outdoor deployments. Combined with WatchGuard Cloud to deliver one platform for centralized security management, they claim that both the NV5 and AP332CR are easy to deploy, configure, and report on through WatchGuard’s Unified Security Platform framework.

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

 

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Software Updates

 

QuantyPhi Releases Enhanced Mortgage Servicing Rights Valuation Model

QuantyPhi has released an enhanced Mortgage Servicing Rights (MSR) valuation model offering. The company said that they built the “sophisticated model to calculate the value of a credit union’s mortgage loan servicing income on loans that have been sold, but for which the servicing rights are retained as an income stream.”

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AI in Fintech: 4 Ways AI Impacts on Financial Industry

AI can help reduce unnecessary expenses and streamline financial management. The author states that these are the most prominent ways AI impacts finance: 1) Improved service levels; 2) Cost reduction and workload optimization; 3) Enhanced security; and 4) Data-driven decision making.

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Software Section Sponsored by
Aurora Advantage (A Product of CSPI)

Aurora Advantage

 

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ATMs/Kiosks

 

Facial Recognition: A Top Challenge/opportunity for ATMs

Facial recognition has found its way into our lives and is growing in popularity. According to industry data, the facial recognition market in 2020 was valued at a whopping $3.8 billion. Self-service kiosks with facial recognition have also been implemented at airports and border crossings. This article goes on to look how it can be applied to financial services kiosks and ATMs.

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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:  

Vysym

Stirling

and their client is:
NorthEast Alliance 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

 

Are Mobile Banking and Payments Capabilities the Answer to Your Cardholder Acquisition Problem?

A security Boulevard survey discovered that over half of respondents choose to engage with their FI on their mobile phone via a banking application rather than at a branch or via a website. Additionally, respondents who opened a new checking account within the last 18 months, 43% did so via a mobile application, while 27% opened one at a branch and 26% did so via a website. They conclude that the results are clear: American consumers have come accustomed to the speed and simplicity their mobile device provides and FIs should plan accordingly.

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Contactless Payments to Reach $164B

The contactless payments market will reach $164.15 billion by 2030 and adoption of payments technologies, such as host-based card emulation and near-field-communication, are driving growth. Those are research data points from Grand View Research Inc. which also predicts the market will also grow at a compound annual growth rate of 19.1% during the forecasted period.

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Security Section

 

Report Reveals Surge in Fraud as Digital Transactions Dominate the Global Marketplace

Nearly 10% of all new account openings and 5% of password resets represent a fraud attack, according to a new LexisNexis report. Pandemic-driven digital transaction growth continued to attract fraud attacks, with global businesses recording a 32% jump in the human-initiated attack rate over the past 12 months, while high-velocity automated bot attacks were up 38% YoY.

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Leaders Roundtable

Core Systems:

Enabling Innovation with the Help of Core Systems


Aurora Advantage (A Product of CSPI) - http://www.auroradigitalbanking.com
Read Brian Dougherty's comments:
https://www.cunews.com/Aurora.pdf


Enhanced Software Products - https://www.espsolution.net
Read Matt Lefler's comments:
https://www.cunews.com/ESP.pdf




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Technology and Marketing

 

Wings Financial Scores Major Points with Its Amazon-Loving Members

Members at Wings Financial Credit Union ($7.9B, Apple Valley, MN) have redeemed more than 10 million points in the first weeks after the Twin Cities CU launched its Shop with Points rewards program with Amazon.com. Members can use their credit card reward points to shop for any of the more than 12 million products Amazon sells on its site, which now accounts for more than half of all e-commerce sales in the US. This article details how the program works.

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3 Ways Digital Signage Can Improve Branch Design

Digital signage is a display that delivers content on a loop (or for more advanced deployments, trigger-based content based on time of day, weather, consumer data or other information). This article looks at how digital signange offers three specific tools: 1) Delivering the brand message; 2) Guiding the branch visitor; and 3) Training employees.

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Online Banking/E-Commerce/Website Design

 

Mastercard Focusing on 5 Key Areas to Turn Crypto into 'An Everyday Way to Pay'

Mastercard has outlined five key crypto areas it is working on in order to “turn cryptocurrencies into an everyday way to pay.” A Mastercard executive opined: “Someday soon, the ability to own and spend a digital currency could be as seamless as making a contactless card payment.” The author reveals the 5 ways that the card giant plans to incorporate crypto into their offerings.

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Zventus Intros 'FinTech-in-a-Box-' Solution

ventus has launched FinTech-in-a-Box, a consumer lending solution to help FIs compete with fintechs. They claim that the solution supports lenders interested in entering new markets by eliminating the costs of infrastructure, technology, people, and processes, providing all the capabilities they need in these areas wrapped up in a box.

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Internet Access

 

How to Create Hybrid Cloud and Edge-Cloud Consistency with Azure

If you are running part of your system in a public cloud and other business-critical operations on-premises, on the edge, or in a private cloud, you are operating a hybrid cloud environment. This article explores the steps and guides on how to create cloud consistency with Microsoft Azure.

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Call Centers

 

Zoho Combines Bots & Human Intervention

SaaS provider Zoho has launched several new tools for Zoho Desk, the principal application in the company's service platform, including so-called blended conversation—a combined human-driven and bot-powered conversational service—as well as several refinements to its user interface to better support people with accessibility needs. One new tool is blended conversations, which combines Zoho's Instant Messaging (IM) Framework and its guided conversations tool to balance human intervention with bot-powered automation. The guided conversations feature was launched by Zoho in 2021 and functions as a low code, self-service platform that allows organizations to create virtual agents to guide consumers through the initial stages of inquiries.

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