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Pure IT Credit Union Services announced an investment of $6.8 million. The funding came from Lone Star CU, Union Sq. CU, DEXSTA CU, Individuals’s Belief CU, Linn Space CU, Ardent CU, and fellow CUSO Envisant.
Raisin and SkyOne FCU announced the launch of a new partnership that will enable SkyOne to offer its savings products. Raisin’s U.S. platform includes Raisin’s proprietary direct-to-consumer online savings marketplace called SaveBetter.
Arcserve announced it has expanded its N Series range, offering organizations integrated backup, recovery, and ransomware protection to help protect their digital assets. The new N Series appliances, named N1100-4, and N1200-4, combine orchestrated recovery using Arcserve UDP, the scale-out design of Nutanix, and ransomware protection of the backup system with Sophos Intercept X Advanced cybersecurity.
Zoom has unveiled Zoom One, a new offering that brings together chat, phone, meetings, and whiteboarding capabilities in a single, purpose-built environment. Users of Zoom One will be able to access Zoom's collaboration and communication tools and perform actions such as starting phone or video calls from a chat message or collaborating on a whiteboard from a Zoom desktop or Zoom room.
Web 3.0, blockchain, and decentralization are charged ideas, with vocal supporters and critics. Blockchain has yet to really take hold in the enterprise, in part because it is less expensive, and better understood, to build with traditional cloud services. This article explores some of the reasons that blockchain has yet to expand much beyond the financial realm of cryptocurrency, and also looks at some future blockchain uses.
According to the author, the XFSIoT SP-Dev workgroup has made significant progress in its mission to jumpstart the latest XFS4IoT API standard for ATMs. Some of the items being addressed by the group include: a card reader framework for processing commands, sending command responses and events; a cash dispenser framework supporting all dispenser commands; and complete end-to-end security supporting end-to-end device authentication.
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:
Digital (AKA mobile) wallets are an increasingly competitive space for card issuers. In fact, without 'top-of-wallet' status cardholder activity can plummet. In theory, any number of credit and debit cards can be loaded into a digital wallet. Significantly, however, most consumers tend to only keep a few in there. A majority (61%) of consumers reported that they had just one to two cards in their mobile wallet. The article concludes that given that consumers will typically spend four times more on their top-of-wallet card choice than other payment methods, this could represent a significant potential drop in some issuers' revenues.
The author contends that FIs must continue to enhance their mobile apps to keep up with consumer experience expectations set by other industries’ apps. She states that innovation is particularly essential as mobile channels are rapidly becoming the first place consumers shop for financial products and open new accounts. She recommends particular focus on these 3 areas: 1) Personalizing the Digital Experience; 2) Intelligent Virtual Assistants on the Rise; and 3) Humanizing Customer Service Channels.
Cato Networks is offering a new capability for network-based ransomware protection on the Cato SASE Cloud. The Cato cloud will use new machine-learning heuristic algorithms, combined with the platform's network insights, to help detect and prevent the spread of ransomware across an organization without having to deploy endpoint agents. The basic principle used in the new network-based ransomware protection capability includes inspecting all server message block (SMBs) flows with Cato's algorithms for ransomware activities.
Hillstone’s new ZTNA solution takes a zero-trust philosophy and applies it to network infrastructure protection. It works on the concept of least privilege and allows for the user identity, device status, environmental context, as well as user behavior and other risk attributes to be taken into account in making the access decisions.
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Technology and Marketing
This article looks at how traditional FIs are attempting to micro-personalize (for a single individual) while the new challenger banks are macro-personalizing (for a segment of the market). The author predicts that it will take a long time for FIs to win the micro-personalization game because being good at micro-personalization requires: 1) Access to many different types of data and 2) The ability to put data to use. He proposes a new definition of personalization: "Having conversations with customers tailored to each interaction, channel, and the type of relationship they have with the company.”
Sales of new light-duty electric vehicles (EV), both hybrids and fully electric, doubled in the United States from 2020 to 2021. CUs of all sizes are offering special loans for EVs. Some are combining marketing with a mission to offer financing within the context of their CU's ideals. This article looks at two EV lending programs from Express CU and Clean Energy CU.
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
Insights from Experian’s annual Global Identity & Fraud Report found that more than half of consumers surveyed globally have been a victim of fraud or know someone who has – where identity theft has surpassed credit card theft as their biggest security worry. Despite these concerns, most consumer respondents say their online activity will increase in the next three months.
Startup Kasheesh has launched a free digital platform that lets users split payments for online purchases across multiple credit, debit and gift cards. Users can upload up to 10 cards to the extension, with proprietary AI helping to suggest the best combination to use per purchase. The company claims that they "maximize rewards versus maxing out cards."
Neustar Security Services has launched an open and abridged version of its UltraDNS Health Check site. They claim that the tool can help organizations in assessing the hygiene of their domains and help keep them secure, optimized and in compliance. The tool runs more than 20 validations, such as checks for mail exchanges (MX), start of authority (SOA) and DNS Security (DNSSEC).
Chatbots can enhance human interactions by reducing workload and providing staff with the data-driven insights needed to deal with complex financial issues. As of early 2020 13% of FIs had a chatbot, but another 16% were planning to introduce one in 2021, according to Cornerstone Advisors. This article points out that greater use of natural language processing technology — a form of AI — has advanced chatbot performance to where they can recognize hundreds of user “intents.” However, even the best have not replaced human advice, nor do they yet have the ability to answer nuanced, complex banking questions.
Amazon Web Services (AWS) has added a new case management feature, dubbed Amazon Cases, to its Amazon Connect cloud-based contact center service. Amazon Cases is expected to aid agents in tracking, collaborating and resolving cases faster, especially the ones that require multiple interactions and follow-up tasks. After deployment of the feature, any new issue raised via a call or message is registered as a new case and any further interaction on the same issue is attached to this case file, making it easier for any agent to see the entire case history and take necessary action. However, capabilities such as Cases are not new and pitch AWS in direct competition with companies such as Salesforce, Service Now, SAP, and Google, which already offer Unified Communications as a Service (UCaaS) and Contact Center as a Service (CaaS) solutions.