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October 9, 2023

This Week's News is Sponsored by Better Branches ~

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General News

 

GoWest CU Association Finds Fintech Payments Partner in Neural Payments

The six-state GoWest Credit Union Association has partnered with FinTech payments provider Neural Payments to give member CUs a way to enhance their peer-to-peer (P2P) experience through mobile banking. The goal of the partnership is to make P2P payments easier and safer.

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Visa and Swift Team Up to Improve Global B2B Money Movement

Visa and SWIFT have announced a partnership aimed at improving transparency, speed, and security in global business-to-business (B2B) money transfers. By integrating their respective platforms, Visa and SWIFT aim to provide end-to-end tracking and visibility of payments, reducing the risk of fraud and errors.

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Affinity FCU Partners with Green Check

Green Check is working with New Jersey-based Affinty FCU to grow its cannabis banking program and broaden its reach to the legal cannabis-related business (CRB) segment of the communities it serves. Affinity, which launched its cannabis banking program earlier this year, offers banking solutions to a range of CRBs, including dispensaries, cultivators, wholesalers, manufacturers, and ancillary businesses.

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Hardware News

 

HPE Aruba Intros Stackable Switch for SMBs

HPE Aruba has launched a compact switch, the Instant On 1930, which is designed to simplify and enhance the network management experience. The switch offers flexible deployment options and a user-friendly interface. The Instant On product line can be managed via the Instant On mobile app and cloud-based web portal.

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Microsoft Announces Two For-Business Products

The Surface Hub 3 is the newest version of Microsoft's workplace collaboration device that's part interactive whiteboard and part virtual meeting platform. The Hub 3, available in a 50-inch size and a 85-inch size, runs Microsoft Teams and is designed to be a part of a conference room where it replaces traditional television and monitors. In addition to the Hub 3, Microsoft also announced the Surface Go 4 for Business, the company's smallest detachable two-in-one tablet and laptop.

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Software Updates

 

Gen AI Success Starts with an Effective Pilot Strategy

This article points out that in order to harness the promise of generative AI, IT leaders must develop processes for identifying use cases, educate employees, and get the tech (safely) into their hands. The article suggests that before starting an AI pilot, organizations should clearly define their objectives and identify the areas where AI can bring the most value. This involves understanding the organizational challenges, identifying the right use cases, and setting realistic expectations. It then goes on to present real-world AI implementation case studies from a variety of companies.

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Microsoft Redesigns OneDrive for Business Layout

Microsoft OneDrive for Business has been redesigned and has a new upgrade roadmap, which includes the Copilot natural language AI assistant. The major change is the addition of a redesigned Microsoft OneDrive home screen for OneDrive for Business on the web, from which other features can be accessed. Plus, in December, Microsoft OneDrive for Business users will be able to sync documents on the web to the desktop apps just like it’s possible to do with a Word, PowerPoint or Excel file.

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Baffle Releases Encryption Solution to Help Secure Data for Generative AI

Baffle, a data protection company, has released an encryption solution aimed at securing data for generative artificial intelligence (AI). Baffle Data Protection for AI encrypts data with the AES algorithm as it is ingested into the data pipeline. When this data is used in a private generative AI service, sensitive data values are anonymized, so cleartext data leakage cannot occur even with prompt engineering or adversarial prompting, according to the firm.

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ATMs/Kiosks

 

CIMA Intros Cash Recycler

CIMA has launched a new cash recycler that aims to improve efficiency and security in cash handling. The IPOINT recycler can accept, count, and store banknotes, as well as dispense them. It uses advanced technology to authenticate banknotes, detect counterfeit notes, and securely store and transport cash. The recycler also has a high-capacity storage unit that can hold up to 3,200 banknotes. Plus, it also supports multiple currencies.

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Wave2 Updates Branch and ATM Locater

Wave2 has updated its branch and ATM locator feature to allow FIs to integrate accurate location data for their websites and apps with script-based integrations. The update also provides single location mini maps, alerts about closings, renovations, maintenance and weather, real-time search engine optimization content and location search forms.

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Wireless World

 

How to Build Secure Banking Apps and Digital Wallets

According to the author, if you want to create a resilient banking app or e-wallet which is less susceptible to security breaches, data leaks, cyber threats etc., then you must adopt the security-by-design approach. He goes on to layout 8 steps that can help you can create a final app which is secure from the ground up.

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Samsung Unveils Card That Can Be Physically Tracked

Samsung has introduced a new feature for its credit cards, allowing users to physically track them. Users can connect the card to their Galaxy smartphone to check its location via Bluetooth Low Energy at home or abroad and be notified when its it's a certain distance away. Samsung says that the card will help users if their wallet is lost or stolen. In addition, it can help find a lost phone linked to the card.

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Security Section

 

Unlocking the Right Combination of Machine Learning for Fraud Fighting

Machine learning is a subset of AI that allows systems to learn and improve from experience. While there are multiple approaches, there are two primary types of machine learning relevant to financial fraud detection: unsupervised machine learning (UML) and supervised machine learning (SML). This article takes a deep dive into the pros and cons of each approach.

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5 No-Cost Vulnerability Scanners You Should Check Out

This article highlights 5 free vulnerability scanners available in the market that can help organizations assess and identify potential weaknesses. They include 1) Nuclei; 2) Nikto; 3) Cariddi; 4) OpenVAS; and 5) Wapiti.

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Technology and Marketing

 

How Generational Insights Can Make Your Credit Card Offerings More Attractive

The author posits that differing sets of financial challenges lead each generation to make divergent choices in credit products. She notes that while earning rewards drives established and more financially secure consumers to use multiple credit cards, buy now, pay later (BNPL) adoption has grown among millennial and Gen Z consumers. She goes on to highlight some key characteristics and preferences of various generations, including Gen Z, millennials, Gen X, and baby boomers, and suggests ways to align credit card features with their needs and preferences.

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3 Ways to Better Serve Hispanic Members

Unitus Community Credit Union ($1.7B, Portland, OR) converted to a community charter more than two decades ago, but its recent focus on the growing Hispanic community is helping it reach a new demographic today. Their holistic approach encapsulates — among other things — three major points: 1. Ensure The Staff Is Ready To Serve; 2. Offer The Right Products And Services; and 3. Engage The Community.

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Online Banking/E-Commerce/Website Design

 

Experian Launches a Checking Account with a Debit Card

Experian just launched its Smart Money digital checking account and debit card and has embedded in the new product Experian Boost, an app that counts on-time bill payments, such as rent or utility payments, towards a consumer’s credit score. Typically, such payments are not factored into the reckoning of credit scores. This move is expected to benefit consumers with limited or no credit history, as well as those trying to rebuild their credit.

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Virtual Cards to Help Businesses Streamline Expense Management & Reduce Fraud

When it comes to security, virtual cards provide an added layer of control for businesses as the unique and randomly generated card numbers used for each transaction significantly reduce the risk of fraud. And virtual cards are not linked to a business’s main account but to a digital wallet, minimizing exposure of sensitive data. In addition to offering better security, virtual cards can be easily generated and managed, allow for more precise spending controls, and enable seamless integration with expense management software.

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Internet Access

 

Menlo Security Intros AI-Powered Phishing and Ransomware Protection

Menlo Security announced HEAT Shield and HEAT Visibility, which they claim are the industry’s first suite of threat prevention capabilities designed to detect and block highly evasive threats targeting users via the web browser. They say that their solution uses novel, AI-based techniques – including computer vision combined with URL risk scoring and analysis of the web page elements – to accurately determine in real time if the link being accessed is a phishing site designed to pilfer the user’s credentials. In parallel, HEAT Visibility performs continual analysis of web traffic and applies AI/ML-powered classifiers that help identify the presence of highly evasive attacks.

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Cisco Boosts Catalyst SD-WAN Capabilities

Cisco is unwrapping a range of enhancements for its SD-WAN package that include new routing management capabilities, integration with Microsoft Sentinel and Skyhigh Security systems, a new Catalyst edge device, and improved support for Catalyst cellular connectivity. On the connectivity side, Cisco added a feature called SD-Routing that provides a new GUI interface to the Catalyst SD-WAN Manager. They claim that with SD-Routing, they now provide a simplified GUI interface, and clients no longer need the highly skilled network engineers everywhere for monitoring, troubleshooting, upgrading and provisioning.

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Bare-Metal Clouds Set to Transform Cloud Computing

"Bare metal" and "cloud computing" aren't terms that often appear in the same sentence, but the author predicts that bare-metal clouds may evolve from a niche solution to a mainstream approach to cloud computing. He looks at several trends that are likely to make bare-metal clouds more important going forward, such as AI/ML Workloads, The Need for Control over Cloud Infrastructure, High Workload Performance Goals, The Need for Rigid Cybersecurity, and Incident Response and Troubleshooting Challenges.

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Call Centers

 

5 Contact Center Technologies You Need for Success

This article states that modern contact centers that embrace technology benefit from reduced agent burnout, as automated tasks and streamlined processes lead to manageable workloads. The top contact center tech that it recommends are AI, IVR, Call Monitoring, Workforce Management Software, and Quality Management.

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Five Must-Haves for an Effective Contact Center QA Program

Continuous monitoring and evaluating consumer interactions, such as phone calls, chats, or emails, help contact centers identify areas for improvement and take corrective actions. The author suggests these 5 components are critical: 1) Soft Skills; 2) Process; 3) Compliance; 4) Calibration; and 5) Coaching.

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