logo

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

Subscribe to 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.

Aniversary Logo

December 2024

This News is Sponsored by Better Branches ~

BB

 

General News

 

Financial Center Breaks New Ground With AI-Powered Translation Partnership

Financial Center, a leading Indiana-based CU, is the first CU in the nation to implement AI powered, real-time translation technology. In partnership with Traduality, Financial Center launched Fire Lingo Tablets that allow employees to deliver personalized member experiences in Spanish, Haitian Creole, Chinese, Korean, and French.

cuinsight.jpg

 

Pulsate Unveils New Opportunities Engine

Pulsate launched Opportunities Engine which actively presents data-driven contextual offers (such as push notifications to encourage debit card usage at specific local merchants, auto loan preapprovals and maturing CD alerts) within a CU’s banking app. The platform automatically retargets micro-engagements when intent is given, allowing CUs to present highly personalized product information and promotions.

yahoo.jpg

 

ThetaRay and Microsoft Launch New GenAI Financial Crime Detection Suite

Financial crime detection company ThetaRay announced it is collaborating with Microsoft in the launch of its new product, GenAI Financial Crime Detection Suite. ThetaRay reports that its collaboration with Microsoft will enable it to deliver a GenAI-powered case manager designed to detect financial crimes, refine detection strategies, and ensure compliance with regulatory reporting standards.

finovate.jpg

~~~

 

 


Hardware News

 

PCs with NPUs Tweaked for AI Now Account for One of Every Five PCs Shipped

One out of every five PCs shipped in the third quarter of 2024, a total of 13.3 million units, was a PC with a neural processing unit (NPU) fine-tuned for generative AI (genAI) development, according to analyst firm Canalys. It is anticipating a rapid rise in shipments of these AI-capable PCs, surging to 60% of units shipped by 2027, with a strong focus on the commercial sector. Such machines typically house dedicated chipsets, including AMD’s XDNA, Apple’s Neural Engine, Intel’s AI Boost, and Qualcomm’s Hexagon.

computerworld.jpg

 

MRDIMM: Why Your Next Server Will Have a New Kind of Memory

Intel is rolling out a new form of memory that requires no changes to existing hardware or software, is usable by the competition, and promises up to a 40% increase in memory performance for certain workloads. The product is called Multiplexed Rank Dual Inline Memory Module, or MRDIMM. It uses the same memory chips as standard DDR5 memory and the same size DIMM module, so it fits into existing motherboards.

networkworld.jpg

 

The Best Mini PCs of 2024: Expert Recommended

PCs have been through a number of evolutions in terms of form factor, transforming from big, heavy, and quite ugly beige boxes that took up a lot of desk space to something no bigger than a hardback book that packs enough power to handle all but the most demanding of workloads. After reviewing numerous mini PCs, the Intel NUC 13 Pro Arena Canyon was chosen as the winner by the reviewer.

zdnet.jpg

~~~

Hardware Section Sponsored by

Back to Top


Software Updates

 

The Future of AI and Lending in CUs

Over the past year, Neighborhood Credit Union has partnered with a fintech company that has transformed the traditional 4 Cs - Credit, Capacity, Collateral, and Character - into a powerful decision engine. The author states that this collaboration has not only enhanced the CU's decision-making process but also mitigated human biases. He goes on to explain how AI is helping the CU in various areas of lending.

cuinsight.jpg

 

Gen AI Has Use Cases Throughout Lending and Credit Processes

The AI revolution within the banking industry is already taking place but knowing where and how AI can be best utilized is integral to its success. Evidence points to Gen AI enabling FIs to enhance efficiency, reduce risks, improve service and boost the ability of staff to perform at high levels, including along multi-step lending and credit approval processes. The article covers a few areas to specifically target with Gen AI implementations.

bai.jpg

 

The Rise of Agentic AI: How It Will Revolutionize FinTech

Agentic AI is rapidly gaining traction: over 80% of companies intend to adopt it within the next three years, according to various surveys. Agentic AI stands apart from current AI systems due to its ability to act and make decisions independently, which can be a massive advantage if leveraged properly. It’s not just there to simply execute tasks you order it to; it is capable of autonomous reasoning and adapting its actions without outside input. The author concludes that this autonomy could revolutionize the way FIs approach their operations, significantly cutting down on response times and operational costs, optimizing efficiency and freeing up employees to focus on other, more strategic tasks.

finextra.jpg

 

 

~~~

Back to Top


ATMs/Kiosks

 

Where's Cash Headed in 2025?

Cash usage is a top of mind concern for the ATM industry. According to FRB, in 2024, cash was used for 16% of payments, making it the third most-used payment method after credit and debit cards. This article takes a deep dive into where is cash headed in the 2025.

atmmarketplace.jpg

 

Diebold Nixdorf’s Windows 11 ATMs Signal the Next Era

The migration to Windows 11 is important to maintain security in ATMs, especially as Microsoft ends support for Windows 10. Diebold Nixdorf says their new Windows 11 installation is the first on ATMs. Windows 11 is expected to be supported through October 2034, it says. Diebold Nixdorf is using the Windows 11 IoT Enterprises LTSC 2024 version on its machines.

digitaltransactions.jpg

 

Hackers Are Getting Better at Targeting Banking ATMs.

As bad actors continually innovate to breach banking systems, the latest threats target ATMs physically and digitally. Cyberattacks have even loaded ransomware into ATM systems. This article highlights many newly invented methods criminals are using and best practices for ATM deployers to safeguard their ATMs from new threats.

financialbrand.jpg

~~~

Back to Top

 


Wireless World

 

Best Mobile Banking App Features

The author has complied a list of 20 features that he feels are indispensable for mobile banking apps to offer in this article.

appinventiv.jpg

 

How to Build an Award-Winning Mobile Banking Experience

Digital banking success hinges on more than lists of features and technological capabilities. This podcast discusses practical insights into creating distinctive digital banking experiences.

financialbrand.jpg

 

Contactless Pay: Still Not the Norm

Recently a Federal Reserve Payments Study reported that from 2021 to 2022, contactless general-purpose card payments made in person doubled by number and more than doubled by value. This strong growth was a slowdown compared to the 150 percent increase in the number and value of contactless payments for each year from 2018 to 2021. Despite this impressive trajectory of contactless payments, tapping remains less common than other ways to authorize a card payment. In 2022, just 20 percent of in-person GP card payments were contactless, using either a card or a mobile device (14 percent by value). The other 80 percent were mostly inserted chip card payments (68 percent of the total) and some remaining no-chip payments (around 12 percent). Tha author concludes that this data shows that, as with many aspects of payments, we like new ways but keep the old.

federalreserve.jpg

~~~

Back to Top


Security Section

 

AI-Created Digital Documents and Deep Fakes Pose Biggest Threat to Financial Services

Document manipulation using AI and deepfakes have been revealed as the biggest growing threats facing the financial services industry going into 2025, according to a report by the Entrust Cybersecurity Institute. The findings reveal a deepfake attack happened every five minutes across all vertical business sectors in 2024, while digital document forgeries used for verifying identities for onboarding purposes increased 244% year-over-year. For the first time, digital document forgery surpassed physical counterfeits as the leading method of fraud in 2024, with digital forgeries accounting for 57% of all document fraud. This marks a 1,600% surge since 2021 when almost all fraudulent documents were physical counterfeits.

finextra.jpg

 

8 Cloud Security Gotchas Most CISOs Miss

The very nature of cloud use in an organization can deliver a wide range of insidious cybersecurity problems that can be difficult to detect. Based on interviews with a range of cloud security experts, the author lays out 8 under-the-radar cloud security issues.

cso.jpg

 

 

~~~

Back to Top

 


Technology and Marketing

 

Direct Mail’s Triumphant Return to Marketing

This article contends that in an age of TikTok, LinkedIn and Instagram, old-fashioned snail mail has its place. It points to research by Postalytics that shows a couple of interesting statistics: 1) Direct mail has a higher open rate of 80% to 90% compared to email’s 20% to 30% and 2) Direct mail garners the highest ROI at 112% across all mediums, followed by texting’s SMS (102%), email (93%) and paid search (88%).

bai.jpg

 

Consumers Leaning on Social Media for Financial Advice

Research from FIS shows that social media has become the primary source of financial advice for younger generations. For instance, 40% of Gen Z and 36% of Millennials surveyed report that they are learning about finance from social media platforms, whereas less than 25% of this cohort are being educated by their FI.

businesswire.jpg

 

Should Marketing Stay In-House or Rely on Agencies?

According to consultancy Gartner, marketing budget allocation in financial services (including banking and investing) has now dropped below pandemic-era levels. This article looks at in-house versus outsourced marketing efforts and the importance of considering three fundamental marketing best practices: transparency, continuous communication and data-driven analysis.

bai.jpg

~~~

Back to Top


Online Banking/E-Commerce/Website Design

 

From Code to Cash: How Programmable Payments Are Shaping the Future of Finance

Programmable payments are automated transactions that occur when specific conditions or events are met. Unlike traditional payment methods, which can rely on manual approvals or fixed schedules (think monthly software transactions), programmable payments offer a more dynamic approach. Two key technologies power programmable payments: smart contracts and application programming interfaces (APIs). The author concludes that programmable payments are reshaping the future of finance.

federalreserve.jpg

 

Open Banking Took a Big Step Forward — What FIs Need to Know

For the financial services industry, an open banking era potentially ushers in a period of shifting competition, consolidation and new data-focused partnerships. This article analizes some of the effects that may occur due to the CFPB's recent finalized implementation of Dodd-Frank Section 1033, commonly known as the open banking rule.

bai.jpg

 

New Fed Payments Study Details Card Use in the US

According to the Federal Reserve, most card payments—58 percent—were made using non-prepaid debit cards, while credit cards were used for 36 percent of payments, and 6 percent of payments involved prepaid debit cards. Credit cards are the card type most used by businesses, as they account for 9 percent of credit card payments by number and 26 percent by value in 2022. The average credit card payment by a business—$259—is almost three times the size of the average credit card payment by a consumer at $78.

federalreserve.jpg

~~

Back to Top


Internet Access

 

How AI Is Poised to Upend Cloud Networking

To work well at scale, AI workloads require unprecedented levels of performance from cloud networks. Cloud networks provide the essential link that connects AI workloads to data. For now, it remains to be seen exactly how cloud vendors, hardware vendors, and AI developers will respond to the special challenges that AI brings to the realm of cloud networking. However, this article offers up some AI cloud predictions for your review.

itprotoday.jpg

 

9 VPN Alternatives for Securing Remote Network Access

This article posits that VPNs are insufficient for that remote working and hybrid landscape, and an overreliance on them to secure large numbers of employees working from home poses significant risks. It recommends these 9 alternatives: 1. Zero trust network access; 2. Secure access service edge (SASE); 3. Software-defined perimeter; 4. Software-defined wide-area networks; 5. Identity and access management and privileged access management; 6. Unified endpoint management tools; 7. Virtual desktop infrastructure or desktop-as-a-service; 8. Secure web gateways; and 9. Cloud access security brokers.

cso.jpg

 

Cross-Cloud: The Next Evolution in Cloud Computing?

Cross-cloud is a cloud computing strategy that makes it possible to run the same workload on multiple clouds simultaneously. For instance, a cross-cloud application might have its front end hosted in one public cloud and its back end in another. In essence, cross-cloud creates an abstraction layer that makes the underlying cloud platforms unimportant from the perspective of a workload. This gives organizations the flexibility to treat all of the clouds they use as one unified platform. This article points out the differences between cross-cloud and multicloud and how to adopt a cross-cloud strategy.

itprotoday.jpg

 

~~~

Back to Top


Call Centers

 

Why Contact Centers Should Embrace Machine Learning

Machine learning is a branch of AI that uses statistical models to identify patterns and make predictions based on training data. Various algorithms exist, including support vector machines, ARIMA and random forests. The author is convinced that by embracing machine learning and algorithms like XGBoost, contact centers can transcend the limitations of traditional forecasting methods.

icmi.jpg

 

High Call Center Queuing Times? 5 Causes with Easy Fixes

Excessive call center queuing leads to abandoned calls, poor consumer experience, and can even impact sales and loyalty This article explore five common reasons behind lengthy queues: 1. Outdated phone menus; 2. Understaffing; 3. Legacy call center software; 4. Complex calls; and 5. Lack of self-service channels.

techrepublic.jpg

 

10 Tips to Get Knowledge Articles Updated for GenAI

To help make your knowledgebase smarter, the author provides these 10 tips: 1. Prioritize Plain Language; 2. Structure for Searchability; 3. Embrace a Modular Approach; 4. Optimize Content with Retrieval-Augmented Generation (RAG); 5. Update with Graphics and Graphic RAG for GenAI; 6. Build In Contextual Hints; 7. Standardize Article Formats; 8. Enable Voice-Friendly Language; 9. Tag for Sentiment and Tone; and 10. Maintain Regular Updates.

icmi.jpg

 

AI Chatbot Reduces CU’s Contact Center Call Volume by 20%

TruStone Financial Credit Union has significantly improved its member service capabilities through the implementation of an AI-powered chatbot, the CU reported. The chatbot is named "Ruth" after the CU's first bookkeeper, now handles nearly half of all member conversations independently and has reduced contact center call volume by 20%.

cutoday.jpg

~~~

 

 

Privacy Policy DBA: TRW ENTERPRISES, LLC/CU TECH-TALK