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 ~
Member Driven Technologies (MDT), a CUSO that hosts the Episys core processing system from Symitar, has been named by NACUSO as the 2022 CUSO of the Year. Candidates for the award are evaluated based on thought leadership and critical thinking; innovation in organization design; value created through the use of collaboration; implementation and execution; and results, outcomes and performance.
Four Minnesota-based credit unions have launched a new CUSO that will enable numerous credit unions to collaborate on lending opportunities for public and private commercial and infrastructure projects in Minnesota and the Upper Midwest. The four founding members of the new CUSO, named United Financials Capital, are: 1) Affinity Plus FCU; 2) Hiway CU; 3) SPIRE CU; ad 4) TopLine FCU.
Cisco is encouraging users of its popular Catalyst 2960X/2960XR switches to upgrade their IOS operating systems in an effort to combat counterfeiting. Because of the pervasiveness of these switches on the gray market, it’s imperative that customers enable the latest software release – IOS release 15.2(7)E4 or later – to validate the authenticity, security, and performance of their Catalyst 2960X/2960XR 24/48 port Gigabit Ethernet switches, Cisco stated. The counterfeit warning comes as Cisco says it has seen an increase in gray market and counterfeit activity, likely due to industry-wide supply chain issues.
Lenovo revealed a new generation of “Slim” laptops. These new models share a sleek design, impressive specs, and high-res displays. At the top of the stack is the flagship Lenovo Slim 9i, followed by the mid-range Lenovo Slim 7/7i Pro X and the lower end Lenovo Slim 7i Carbon.
Microsoft is focusing on using a hardware root-of-trust to manage its secured-core platform, starting with familiar TPM-based systems. The Trusted Platform Module is either hardware- or firmware-based, providing a secure environment to store encryption keys, certificates and other digital signatures, and checksums and hashes. Secured-core systems need a second generation TPM. This article details the many aspects of configuring a secured-core Windows server.
Microsoft has announced the stand-alone version of Microsoft Defender for Business, which aims to bring enterprise-grade endpoint security to SMBs, including endpoint detection and response capabilities to protect against ransomware and other sophisticated cyberthreats. The solution comes with built-in policies to get customers up and running quickly. The automated investigation and remediation capabilities in Defender for Business help automate the type of work handled by dedicated SecOps teams, by continuously detecting and automatically remediating various threats.
The share of payments made in cash dropped sharply from 2019 to 2020 and then increased slightly in 2021, implying that cash use hit its lowest point in the first pandemic year. In contrast to cash use, consumers’ cash holdings remained elevated in 2021 when compared to 2019 and prior years, indicating that consumers continued to demand cash in the uncertain environment of the pandemic’s second year. Overall, the Fed's research results showed that a substantial portion of the population continued to use cash to make everyday purchases and to hold cash as a store of value.
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:
89% of Americans use mobile banking in some form, according to a study by Insider Intelligence — with even 79% of Baby Boomers using it. This article highlights the “must haves” that FIs need to deploy in order to compare favorably to fintechs: #1: Early Wage Access; #2: Temporary Advances and Liberal Overdraft Policies; #3: Multiple Means of Building Better Credit; #4: Providing Places for App Users to Deposit Cash; and #5: Helping Consumers Hold to Budgets and Improve Their Finances.
Nacha's Payments Innovation Alliance has created a legal and risk mitigation resource guide for FIs seeking to implement voice payments capabilities and applications (skills) through smart devices, such as the Amazon Echo and Google Nest. Voice Payments Contractual Considerations for FIs provides background on the importance of Terms and Conditions (T&Cs) when offering voice payments services and how terms may be modified to best fit their skill. This guide also offers an overview of use cases, best practices for risk mitigation and a glossary of terms.
Zero trust – which essentially dictates that any person or device trying to access the network should not be trusted and needs to go through a strict authentication and verification process – will be foundational for organizations moving forward, but it has to be more than simply buying and deploying products. This article states that "It's one thing to have technology that is capable in a zero-trust environment. It's another to have the right processes and procedure to behave in a zero-trust model. That's the next iteration of learning. It's sort of a new discipline and it does cause you to re-examine everything from physical access to identify management to things like secure device onboarding."
Trying to provide business-oriented board members with technically oriented cybersecurity data at a strategic level is challenging.The author suggest that your IT Department attempt to answer these top five questions during their board presentations: 1) Are we secure?; 2) Are we compliant?; 3) Have we had any (significant) incidents?; 4) How effective is our security program?' and 5) How efficient is our security program?
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
Dog ownership is skyrocketing among young people, even more so during the isolation of the pandemic. The author notes that this presents an opportunity for you to connect with your members in branches. He mentions one example of a branch that features retractable walls that open to the sidewalk, and located just outside is a bottle filling station and water fountain – with a low-height fountain just for dogs. He notes that these interactions help to build an authentic brand that embraces the local community and drive engagement.
The growth of FinTechs and digital-only banks with personalization strategies and products catering to specific market niches has created a serious challenge to traditional marketing approaches. To be successful, FIs must offer products and services specifically geared to the niche market delivered with new technologies, and have leadership that has a personal connection to the specialized market. This article covers four keys to success with a niche banking strategy.
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 Federal Reserve has started onboarding pilot participants for its new real-time payment system, FedNow, ahead of a full launch next year. The Fed says that a few organizations have already successfully connected and delivered test messages over a pilot version of the service. Over the next few months, more will onboard, establishing connectivity and performing technical and operational tasks that will lay the groundwork for full-scale, end-to-end testing later this year.
A long-awaited U.S. "open banking" rule that could dramatically boost consumer finance competition and increase Americans' access to financial services is being held up by privacy concerns, according to this article. Government agencies are trying to balance three issues: 1) how to scrutinize the influence of Big Tech in the marketplace; 2) how to protect the security, privacy and effective consumer control over their data; and 3) how to best advance competition.
Most open banking systems only address data held by FIs. These open banking and open finance systems often do not begin to address the vast amount of personal financial information held by investment firms, payroll vendors, utilities, crypto exchanges and many other entities that collect this data regardless of whether the consumer is aware. However, the author argues that open finance is a better solution since it explicitly collects the entirety of a consumer's financial data accessible securely with their permission. He goes on to look at open banking and open finance access types and the reasons behind them.
CloudBolt Software updated its cloud management portfolio with a new framework release designed to help organizations manage and optimize hybrid as well as multi-cloud deployments. The CloudBolt framework is a superset of capabilities that the company is offering, including its cloud management platform, and cost management and integration capabilities. The framework provides new capabilities, including cloud governance, testing and assurance, automation, and machine learning trend analysis.
Cisco took the wraps off a new cloud-based predictive artificial intelligence (AI) engine it plans to incorporate across its suite of software-as-a-service products later this year. The system works by pulling in data from multiple telemetry points and analyzing those to learn and make forward-looking predictions. The idea is to apply the AI technology across multiple kinds of connectivity – everything from WAN, SD-WAN, optical and hybrid networks – to help improve the user experience.
Pindrop announced a new partnership with Google Cloud that will enable it to build and offer new authentication solutions to enhance call center experiences for customers on Google Cloud’s platform. Pindrop will also make its suite of fraud detection and voice security solutions available on Google Cloud Marketplace.