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This Week's News is Sponsored by Better Branches ~
Three Oregon CUs Win CUNA Excellence in Technology Award for Digital Identity Authentication
Advantis CU, Rivermark Community CU, and Unitus Community CU have been recognized as winners of the CUNA Technology Council’s Excellence in Technology Award, Best of Show, for their implementation of Cozera’s id-go biometric identity verification solution. The adoption of id-go has helped improve member experience for the 3 CUs, providing a secure, fast way to verify member identity without the need for out-of-wallet type questions.
SkyPoint FCU Launches SkyPoint Pay
SkyPoint FCU announced the launch of their new product, SkyPoint Pay, which provides their members with security when transferring funds between FIs or to individual payees. While members still need only an email address or mobile phone number to find the payee, SkyPoint Pay adds another layer of security. The payer devises a security question that is unique for each transaction, answers the question, and sends the answer to the payee, who simply supplies the answer when prompted to claim the funds.
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Microsoft Brings Zero Trust to Hardware in Windows 11
Microsoft requires a Trusted Platform Module (TPM) 2.0 chip to be installed on both new and upgraded Windows 11 machines. The company had required TPM 2.0 capabilities on all new Windows 10 machines, but the latest version of Windows won't even run if the PC doesn't have a TPM 2.0 security chip. To provide TPM 2.0 protection directly on the motherboard, Windows 11 machines include the Microsoft Pluton security processor on the system-on-chip.
SSD Could Hasten Demise of HDD as Price Parity Looms in 2023
Teamgroup, with its SATA-based AX2, and Leven are the first to have breached the $50 per TB barrier, and it is likely that many more will follow in the incoming weeks/months. Some observers think that 2TB seems to be the sweet spot at which price parity between hard disk drives and SSD could happen. SSDs are usually faster, far more resilient, lighter, have a longer warranty and consume less energy than traditional hard drives.
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CUs Connect Members to FinTechs
This article discusses how Pyramid FCU utilized ASA's SafeGuard solution that allows members to share anonymized data with FinTechs. Since the data is tokenized, they claim that members don't have to worry about any private information going to Fintechs.
Microsoft Viva Enhancements Address Employee Disconnect in Hybrid Work Environments
Microsoft announced two new apps, Viva Pulse and Viva Amplify. Viva Pulse is designed to enable managers and team leaders to seek regular and confidential feedback on their team’s experience, using smart templates and research-backed questions to help managers pinpoint what’s working well, where to focus, and what actions could be undertaken to address team needs. In comparison, Viva Amplify is meant to improve communication between leaders and employees. The app centralizes communications campaigns, offers writing guidance to improve message resonance, enables publishing across multiple channels and distribution groups in Microsoft 365, and provides metrics for improvement.
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Software Section Sponsored by
Aurora Advantage (A Product of CSPI) |
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Next-Generation ATMs: Innovations and Updates
Despite the growth of digital payments, cash remains a vital payments instrument. In this article, payments risk experts from the Atlanta Fed discuss the latest technologies that are being incorporated into next generation ATMs.
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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:
Community Resources 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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Contactless Payments Transaction Values to Surpass $10 Trillion Globally by 2027
A new study from Juniper Research has found that the value of contactless payment transactions will reach $10 trillion globally by 2027; from $4.6 trillion in 2022. It anticipates that investment in the underlying contactless payments ecosystem, such as contactless-enabled POS (Point-of-Sale) terminals and device-level support, will be the key driver of contactless transactions value growth over the next 5 years. Mobile and wearable contactless payments are anticipated to grow by 221% between 2022 and 2027.
Banking Will Be Centered Around the Smartphone by 2030
The omnipresence of smartphones has accelerated the adoption of digital wallets such as Apple Pay, Google Pay and Samsung as a payment option. The pandemic also spurred the adoption of mobile payments as a convenient, contactless alternative to cash. GlobalData predicts that the popularity of social commerce will drive the development of super-apps that offer a diverse range of services, including finance, social media, and ecommerce.
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Illumio announced Illumio Endpoint, a reimagined way to help prevent breaches from spreading to clouds and data centers from laptops. Illumio Endpoint lets your policy follow your teams’ laptops wherever they work, whether at home, or in the office. It includes the ability to control application access so users can only reach the necessary applications from their device, not the entire data center and cloud, minimizing the organization's risk from vulnerable or compromised endpoints.
Office Exploits Continue to Spread More than Any Other Category of Malware
While overall malware attacks in Q2 fell off from the all-time highs seen in previous quarters, over 81% of detections came via TLS encrypted connections, according to WatchGuard. The Q2 Internet Security Report shows that Office exploits continue to spread more than any other category of malware.
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Enabling Innovation with the Help of Core Systems
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Aurora Advantage (A Product of CSPI) - http://www.auroradigitalbanking.com
Read Brian Dougherty's comments: https://www.cunews.com/Aurora.pdf |
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Enhanced Software Products - https://www.espsolution.net
Read Matt Lefler's comments: https://www.cunews.com/ESP.pdf |
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CUProdigy - http://www.cuprodigy.com
Read Amber Harsin's comments: https://www.cunews.com/CUProdigy.pdf |
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4PJ Consulting - http://www.4pjconsulting.com
Read Howard Bufe's comments: https://www.cunews.com/4PJConsulting.pdf |
Technology and Marketing
Accelerating Growth with the Right Digital CX & Brand Strategy
This article states that for FIs that have fallen behind the digital transformation curve, the opportunity cost of not modernizing now is a matter of survival. It provides an overview of how a few FIs have pursued their digital initiatives and the results they achieved, along with key considerations for executives tasked with determining the best course of digital channel action.
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Benchmarking Your Digital Banking Strategy
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Access Softek - http://www.accesssoftek.com
Read Chris Doner's comments: https://www.digitalbankingleaders.com/access-softek |
Humanizing Digital: Increasing Account Holder Loyalty and Exceeding CU Goals with Smart, Flexible Solutions
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Alogent - http://www.alogent.com
Read Jason Schwabline's comments: https://www.digitalbankingleaders.com/alogent |
Digital Transformation: A Credit Union Imperative
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Bankjoy - https://www.bankjoy.com
Read Michael Duncan's comments: https://www.digitalbankingleaders.com/bankjoy |
The Digital Banking Market Is Heating Up
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CUBUS - http://www.cubussolutions.com
Read John-Ashley Paul's comments: https://www.digitalbankingleaders.com/cubus |
Three Present-Day Goals to Revolutionize Your FI’s Marketing
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DeepTarget - http://www.deeptarget.com
Read Preetha Pulusani's comments: https://www.digitalbankingleaders.com/deeptarget |
eSignatures Are Now a Top Priority Across the Nation
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IMM/eSign - http://www.immonline.com
Read Michael Ball's comments: https://www.digitalbankingleaders.com/imm |
Fight Fraud by Better Understanding Your Financial Data
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It’s Always About the People: 5 Rules for Digital Banking and Beyond
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Tyfone - http://www.tyfone.com
Read Dr. Siva Narendra's comments: https://www.digitalbankingleaders.com/tyfone |
Humanizing Digital Channels Is All About Empathy
The author is convinced that empathetic service in both human and digital channels is a critical differentiator in a time of growing faceless automation and commoditization in the banking industry. He states that advanced technologies like the cloud, AI and machine learning help deliver a sensitive and seamless experience across all channels. He lays out four steps to create empathy through your digital channel: 1) Listen; 2) Understand and predict; 3) Act; and 4) Learn.
Get Set for a Virtual Card Tsunami
Virtual payment cards have been around for more than a decade, but now they appear to be poised for big growth with the rise of e-commerce and the wide availability of digital wallets. Indeed, the volume of transactions arising from these cards will balloon from 28 billion worldwide this year to 121 billion by 2027, according to research released by Juniper Research. The U.S. is poised to loom large as a virtual card market. It alone will claim 72% of all revenue generated from virtual cards in 2027, Juniper predicts, a share that will come to some $71 billion.
How FIs Can Leverage the Power of APIs to Enhance Digital Innovation
Understanding the importance of APIs — application programming interfaces — to improved digital functionality is critical to seeing how the banking industry can continue to evolve. This article recommends that FIs standardize the processes being delivered through multiple systems of record (SORs) and banking channels, while at the same time having control of the user experience (UX) delivered through each channel. It concludes that open APIs, coupled with agile product manufacturing, allows FIs to implement their own unique products, business processes and accountholder-facing layers that differentiate them in the market.
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Key Considerations for Organizations Moving to Multicloud
The author contends that there are substantial short term benefits to migrating to a multicloud environment, including significantly improved scalability, security, and disaster avoidance and recovery. He recommends starting from the ground up with a transit network that provides enterprise-grade speed, stability and security. Then, identify and deploy cloud-agnostic tools that give you high availability single-interface management panes providing complete visibility across your entire network.
Google Fiber Hits 20 Gbps in Field Trial as It Plots Multi-Gig Step Up
Google Fiber will “dramatically expand our multi-gigabit tiers” in the coming months. Ultimately, the company is aiming to provide symmetrical speeds of 100 Gbps, though didn’t provide a timeframe for doing so. The news comes as Google Fiber plots expansions into five new states over the coming years. In addition to Arizona, it is eyeing Colorado, Idaho, Nebraska and Nevada.
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Stop the Churn of Agent Turnover at Your Contact Center
By some accounts, call center agent attrition was 60% higher in 2021, with 58% more available jobs. It costs between $25,000 and $100,000 to replace a $50,000-per-year salaried employee. So, purely by the numbers, it’s cheaper to retain disengaged employees than to replace them. This article recommends using AI tools make it easier than ever to give agents flexibility and offer a hybrid work model. Plus flexibility could be one of the best ways to set yourself apart as an employer of choice. Here are five additional tips to help you reduce employee churn: 1. Create a two-way feedback street; 2. Support your managers; 3. Improve agent onboarding; 4. Tap into each agent’s sources of motivation; and 5. Set a retention intention throughout the agent life cycle.
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