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Jack Henry & Associates announced a new next-generation, cloud-native technology strategy which they have been working on for more than two years. Jack Henry will continue to evolve and support its existing core systems and complementary solutions as it builds new core component services on the cloud, including new account opening, wire processing, deposit processing, and account servicing over the next several years.
CUSO Payment Systems for Credit Unions, a payments-focused CUSO, is working with the FinTech EnaComm to support dedicated prepaid card offerings for CUs. They say that they are responding to the rise in the demand for prepaid cards and any lingering consumer squeamishness over handling physical currency that accompanied the COVID-19 pandemic.
NVMe arrays are the highest performance storage solutions available, offering a massive speed boost for organizations willing to make the investment. NVMe storage arrays have been widely available from the usual storage vendors since the middle of the last decade. While the speed benefits are clear, the cost of purchasing a fully loaded NVMe array should not be underestimated. This article covers what to look for when selecting one, along with some of the key vendor product lines to consider.
The Federal Reserve has released a Synthetic Identity Fraud Mitigation Toolkit to provide FIs, consumers and businesses with an online repository of insights and resources on synthetic identity fraud. Synthetic identity fraud, where fraudsters create an identity out of pieces of real and/or fictitious information, continues to grow and resulted in an estimated $20 billion in losses for American FIs in 2020. The initial release of the toolkit includes downloadable resources that focus on the following 4 areas: 1) Synthetic Identity Fraud: The Basics; 2) How Synthetic Identities are Used; 3) When Synthetics Become a Reality; and 4) Detecting a Synthetic Identity.
Microsoft is preparing an update for OneDrive that will embed the cloud storage service more deeply into its ecosystem of productivity and collaboration apps. In OneDrive, they are adding a ‘Your Teams’ section to the ‘More Places’ page to allow you to easily find and work with your files in Teams.
As some FIs pull ATMs from underperforming off-premise locations, it is creating an opportunity for independent ATM deployers to fill the void, says a report for RBR, a London-based research and consulting firm. Independent ATM deployers in the U.S. have deployed more than half of the country’s 425,000 ATMs, according to RBR. One way independent ATM deployers lower their operating costs is through a so-called merchant-fill strategy, which relies on the merchant to re-stock the ATM with cash as needed.
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:
Nearly 20% of all in-person Visa card transactions in the US are now contactless. In addition, the card network identified growth in the buy now, pay later (BNPL) sector with “BNPL FinTechs increasingly using Visa virtual cards to settle with merchants, driving triple-digit payments volume growth year-over-year in the United States,” according to a recent breifing from Visa's CEO Alfred Kelly.
AT&T hasn’t detailed their exact plans for introducing Wi-Fi 6E capabilities to its broadband customers, but the benefits of Wi-Fi 6E are clear particularly as the 6 GHz band triples the amount of spectrum available for Wi-Fi. Aside from client devices, one area the company highlighted as particularly interesting is the use of 6 GHz for in-home/small business wireless backhaul to connect multiple extenders or boosters, which help provide whole-home/small business coverage with a mesh network setup, to the gateway router.
InterVision announced its new offering, Ransomware Protection as a Service. They claim that their solution is the first and only complete solution available to help organizations tackle the growing threat of ransomware through cyber threat protection, detection, recovery, and strategic support. The InterVision RPaaS solution includes 3 components: 1) Security Operations Center as a Service (SOCaaS); 2) Ransomware Response as a Service (RRaaS); and 3) Strategic Support from a Virtual CISO.
Menlo Security said that they have identified a surge in cyberthreats, termed Highly Evasive Adaptive Threats (HEAT) that bypass traditional security defenses. HEAT attacks are a class of cyber threats targeting web browsers as the attack vector and employs techniques to evade detection by multiple layers in current security stacks including firewalls, Secure Web Gateways, sandbox analysis, URL Reputation, and phishing detection. The firm recommends that organizations should focus on 3 key tenets to limit their susceptibility to these types of attacks: 1) Shifting from a detection to a prevention mindset; 2) stopping threats before they hit the endpoint; and 3) incorporating advanced anti-phishing and isolation capabilities.
Technology and Marketing
Generation Y has now surpassed baby boomers as the largest adult population group in the U.S. and within a few years, they are expected to be a majority of B2B decision makers. The author is convinced that in the battle for better, faster and smarter small-business banking solutions, they hold the keys to your success. Small business banking options are so important when targeting millenials because nearly one-third (30%) of millennials reported owning a small business in 2020, and 60% self-identify as entrepreneurs.
Alkami Technology announced the launch of Alkami Activate, a new marketing service that helps FIs engage digital banking users through end-user awareness and explainer videos, targeted propensity lists, and competitive benchmarking. They claim that their new marketing service is designed for FIs who are looking to maximize digital banking engagement with their digital users.
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
MarketWise Advisors has released an independent study of the impact of eClose with Remote Online Notarization (RON) via Notarize, finding that lenders can save up to $444 per loan and title agents up to $100 per loan. MarketWise found that any form of eClosing produced positive ROI, as they can be closed faster, with fewer errors, and with more money saved than with in-person or legacy paper processes.
Central banks are increasingly pondering whether to issue their own digital currencies to the general public, so-called retail central bank digital currency (CBDC). The majority of International Monetary Fund (IMF) member countries are actively evaluating CBDCs, with only a few having issued CBDCs or undertaken extensive pilots or tests. IMF's new paper shines a spotlight on the handful of countries at the frontier in the hope of identifying and sharing insights, lessons, and open questions for the benefit of the many countries following in their footsteps.
In the latest release of its Edge beta, Microsoft introduced a new way for IT admins to better secure the Chromium-based browser against web-based attacks. The release notes for Microsoft Edge Beta Channel describe the new security features as employing several techniques to guard against so-called zero-day exploits; Zero-day exploits are software or network vulnerabilities developers are unaware of, and so they’ve not been patched. Microsoft’s new Edge feature enables admins to configure certain Group Policies for end-user desktops to help protect against zero-day vulnerabilities.
Cisco has released a new version of it SD-WAN software that adds the ability to reinforce links between remote users and Microsoft Office 365 applications and better support voice and video networks. The new features are part of the latest release of Cisco’s core SD-WAN software that can control the connectivity, management, and services between data centers and remote branches or cloud instances. This release further integrates support for Microsoft’s Informed Network Routing technology that lets customers share Microsoft 365 app feedback telemetry with networking vendors and to receive network link telemetry from them.
Current chatbots tend to be awkward and even agonizing to use, limited to answering a set of simple queries -- often incorrectly. But what if a chatbot could be designed to support more complex and multistep tasks, such as organizing a daily schedule? Conversational AI technology promises all of this and more. This article goes on to take a deep dive into conversational AI.