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

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June 19, 2023

This Week's News is Sponsored by Better Branches ~

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General News

 

Canvas CU Selects Total Expert

Canvas Credit Union ($4.3B, 300,000+ members) has partnered with Total Expert to help streamline loan officer workflows. The Colorado-based CU was looking for a SaaS platform to empower their loan officers to be proactive and efficient when serving members and managing their experience.

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Fox Communities CU Selects CURevl’s Colleging Suite

Fox Communities Credit Union has selected CURevl's Colleging Suite as its platform for helping members finance their college educational needs. The suite includes an online marketplace for private student loans, a loan origination system for in-house loan officers, and a tool to help make it easier for schools to comparison shop for student loans.

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Hardware News

 

AMD Unveils AI Processor, Looks to Challenge Nvidia

AMD has unveiled an artificial intelligence (AI) processor, called the AMD Instinct MI200, that is designed to challenge Nvidia's dominance in the AI market. The processor is touted as having the largest and most powerful package of computing capabilities and features on the market, with a total of seven silicon dies fused together to deliver up to 19.5 teraflops of FP64 performance and up to 47 TOPS of mixed-precision performance. It is expected to support more advanced applications, such as machine learning, deep learning, and data analytics.

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Software Updates

 

Support for These Microsoft Enterprise Products Ends in 2023

Microsoft is ending support for several of its enterprise products in the coming months, including Office 2013, Exchange Server 2013, SharePoint Server 2013, Windows 10 Mobile, Visual Studio 2015, Dynamics AX 2009, and more. This means that customers using these products will no longer receive updates, security fixes, or technical support.

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Lucinity Unveils Generative AI-Powered Financial Crime Compliance Copilot

Lucinity, a financial crime prevention and compliance monitoring company, has launched a new product called Copilot, which uses generative AI to help compliance teams more effectively handle financial crime risks. Copilot works by creating scenarios based on real-life examples of financial crimes, allowing compliance teams to better anticipate and detect potential risks. The product also allows for more efficient communication between compliance officers and management, with risk alerts and mitigation strategies presented in an easy-to-understand manner.

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Innovation, Opportunity, and Ethics: The Role of Generative AI in Financial Services

Generative AI is an advanced form of artificial intelligence that is capable of creating its own solutions and making decisions that are not explicitly programmed by humans. The author notes that the use of generative AI in financial services can lead to faster and more accurate decision-making, but it also raises questions about data privacy, transparency, and accountability. The author and his guests look at what unique services will Generative AI make possible and what are the ethical concerns about the use of Generative AI in financial services.

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ATMs/Kiosks

 

Why Cash Recycling Can Pay Off

Cash recycling, a process where an ATM accepts cash deposits and then dispenses that same cash to other users, is attractive since it can reduce the cost of cash handling and transportation. Additionally, recycling increases ATM availability and reduces cash-outs. This article concludes that although there are some costs associated with implementing cash recycling, it can be a profitable investment for FIs in the long term.

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Gen Z Is Embracing Cash

A study commissioned by Credit Karma and conducted by the Harris Poll found that inflation has impacted consumers to the extent that they are using more cash to better manage their finances. The survey’s findings highlighted that cash usage is particularly high among Gen Z, with 69% of this demographic group using more cash than they did a year ago. That’s because this group is embracing cash and keeping themselves accountable when it comes to budgeting their money. They’ve found that doing so also leads to them spending less, and overall, gives them the feeling of having more control over their spending.

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KAL Intros ATM Software-on-Standby

KAL has launched new software as a backup in case of unexpected interruptions in ATMs. The service can match FI's specific requirements and supports any ATM hardware. With the Software-on-Standby (SoS) offering, ATM deployers can keep Kalignite running on a small number of ATMs with no license costs, and the readiness to deploy network-wide at any time using remote-reimage technology.

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Wireless World

 

Consumer Confidence in Embedded Finance and Digital Banking Providers on the Rise

A new survey conducted by Marqeta showed that 57% of Americans are now more likely to use digital banking and 64% of Americans are more inclined to use of FinTechs over traditional FIs. Eighty-six percent of US mobile wallet users now make purchases directly through a retailer’s mobile app, with a stronger payment rewards system being a driver for the uptick. Almost three-quarters (72%) of mobile wallet users shared that they would feel confident enough to leave their wallet at home, and only rely on their phone for making payments, up from 61% in 2022.

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Transforming Banking: 10 Must-Have Mobile Banking Features for a Modern World

In this blog, the author looks at 10 cutting-edge mobile banking features. These include easy onboarding, biometric authentication, personalization, real-time notifications, embedded analytics, budgeting tools, P2P payments, digital account opening, chatbots, and AI-powered financial coaching.

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Security Section

 

Guardz Releases AI-Powered Phishing Protection Solution

GuardZ has launched an AI-powered phishing protection solution designed to identify and block phishing and social engineering attacks in real-time, detecting any suspicious link in an email or message. GuardZ's solution automatically sends suspicious links to a sandbox environment, isolating them from the network, collecting malware and analyzing their behavior. GuardZ is offered as a cloud-based service, with users paying for a subscription and deploying a lightweight agent on endpoints to be protected.

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Business Email Compromise Scams Take New Dimension with Multi-Stage Attacks

Business Email Compromise (BEC) scams are becoming more complex with multi-stage attacks. Recent BEC incidents have involved multiple stages, including impersonation of suppliers or contractors, social engineering and spear-phishing to dupe employees into revealing login information and eventually infiltrating email accounts.

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Experian’s New Launch Helps Prevent Money Mule Account Fraud

Experian has unveiled the Experian Mule Score in the UK. The “mules” are people that allow criminals to use their legitimately obtained accounts in exchange for cash. This lack of visibility makes it difficult to identify and investigate accounts being used by money mules.

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Technology and Marketing

 

Credit Union of Atlanta Offers 2 Approaches to Affordable Housing

Credit Union of Atlanta is introducing affordable housing initiatives to help address the housing crisis. Working with Credit Union Financial Services (CUFS), CUA’s mortgage CUSO, the CU is now approximately a year into offering a down payment assistance (DPA) program and a ground lease program, each of which makes homeownership more affordable in its own way.

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Engagement Is Your Prime Goal

The author defines “customer engagement” as the ongoing process of building and maintaining a relationship with someone through proactive, continuous and value-driven interactions. He states that the sum of many positive experiences through ongoing engagement is the holy grail of growing and retaining relationships. He goes on to suggest ways in which FIs can foster engagement, such as through personalized communication, loyalty programs, and community involvement.

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Online Banking/E-Commerce/Website Design

 

Digital Prepaid Card Usage to Surge

Juniper Research predicts that the value of transactions conducted through digital prepaid cards will surge by 650% globally by 2028. The research firm expects this growth to be driven by the increasing popularity of short-term loans and the need for flexible financial services. They conclude that advances in digitalization, smartphone availability, and the ease with which vendors can now issue prepaid cards digitally and instantly, mean that financial inclusion is within near reach of a growing number of users.

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SmartMetric to Embed AI into Biometric Credit Card

SmartMetric, a biometric card tech company, is planning to embed AI into its credit cards to enhance their security features. SmartMetric's biometric credit cards have a fingerprint sensor that enables users to authenticate transactions without a PIN or signature. The AI technology will help enable the card to learn user behavior and detect any anomalies in their spending patterns, thereby blocking any fraudulent activities.

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Internet Access

 

Fingerprint Launches Smart Signals to Fight and Prevent Fraud

Fingerprint has launched Smart Signals which is a new platform that uses AI and ML algorithms to analyze transaction data in real-time and identify fraudulent behavior patterns. It also provides organizations with alerts for suspicious transactions and recommends actions to mitigate potential fraud.

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Cisco Jumps into SSE Arena, Boosts Application Security

Cisco is introducing a number of application and security features through its new Secure Application Service Edge (SASE) platform, designed to improve the performance and security of cloud-based applications. The solution includes features such as encrypted traffic analysis and cloud-based URL filtering, which can help identify and block malicious traffic and prevent data losses. The SASE platform is also bolstered by Cisco's "Zero Trust" security, which requires users and devices to pass through identity verification and authentication before access to any network resources is granted. Cisco intends to integrate SASE into its broader portfolio to offer more advanced security, networking and management solutions.

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Call Centers

 

Strategic Implementation of ChatGPT in the Contact Center

The author recommends investing in ChatGPT customization to help ensure that ChatGPT understands and reacts appropriately to your specific queries and subtleties. Fine-tuning involves conditioning the models on prior data from your contact center, allowing ChatGPT to comprehend better the context, consumer preferences, and intended outcomes. This customization process improves the accuracy and relevancy of ChatGPT responses. He concludes that analyzing patterns and trends in your data enables you to uncover typical questions, pain points, and effective resolution tactics.

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The Basics of Bringing Automation to the Contact Center

Contact centers are increasingly leaning into an automation technology, also called robotic process automation (RPA). It’s used to digitize common, reproducible agent tasks that extend the life of many of the older applications that permeate contact centers. The author goes on to discuss two common forms of RPA that are available: 1) Your agents likely would use RPA bots working in "attended" mode and 2) Unattended RPA bots autonomously execute scheduled back office tasks which are picked from a work queue.

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