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Entrust has launched a new Digital Account Opening solution that leverages advanced authentication and identity verification technologies, including multi-factor authentication and biometric recognition, to help ensure a reliable account opening process. The firms says that their solution reduces risk for CUs and ensures eKYC compliance while streamlining the onboarding process for members.
High Point FCU, the second largest CU in Western New York with over 20,000 members, has announced a new partnership with Upstart. With the Upstart Referral Network, qualified personal loan applicants on Upstart.com who meet High Point FCU's credit policies will receive tailored offers as they transition into a High Point-branded experience to complete the online member application and closing process.
Historically, many organizations replace servers every three to five years. This article looks at how one organization decided to retrofit its servers to last up to 10 years rather than dispose of them, and the benefits that they received with their server recycling program.
AWS has 'reinvented' the original Fire TV Cube streaming platform/smart home hub to function as a cloud-connected, thin client computing device for the enterprise market. Amazon claims that their Amazon Fire TV Cube hardware packs enough firepower to support cloud-based virtual desktops, and that the device's USB and HDMI ports easily connect to peripherals such as dual monitors, mice, keyboards, cameras and headsets. Sold via Amazon Business, the AWS WorkSpaces Thin Client sells for $195.
Endpoint detection and response (EDR) security software has grown in popularity and effectiveness as it allows security teams to quickly detect and respond to threats. This article discusses key features to look for in EDR software such as Detection capabilities; Investigative capabilities; Integration; Ease of use; Support of operating systems in use; Scalability; and Privacy and compliance.
Amazon Q, as a generative AI assistant for business applications, can be used to have conversations, solve problems, generate content, gain insights, and take action by connecting to your organization’s information repositories, code, data, and systems. It can be used by organizations across a variety of functions including developing applications, transforming code, generating business intelligence, acting as a generative AI assistant for business applications, and helping service agents via the Amazon Connect offering.
The author states that forward-thinking FIs are challenging the status quo by investing in modern platforms that effectively "hollow out" their core systems, AKA as "coreless banking" where the legacy core system is stripped down to just its fundamental functions. In effect this reduces the legacy core to just a few operational accounts that are settled at the end of the day. He goes on to explore "last-mile delivery" and how how coreless banking can help FIs seize a competitive edge.
Glory announced the latest solution in its new GLR series of Teller Cash Recyclers (TCRs), the GLR-200. With multiple storage configurations, GLR-200 supports consumer dispense and deposit transactions of any value or denomination, as well as foreign exchange. The new GLR series connects to Glory’s cloud-based UBIQULAR solution, which delivers business intelligence, remote monitoring, and device management.
The key driver for cash recycling technology is the increasing cost FIs face when managing cash, as it remains a major and mandatory part of a FI's day-to-day operations, accounting for nearly 50% of ATM network operating costs. This article posits that the automation opportunity presented by cash recycling can provide FIs with 20% savings in total cost of ownership and reduce cash replenishment efforts by up to 75%. Plus by creating a closed-loop recycling environment that automatically moves money through the system, it has the added benefit of prolonging cash-in-transit (CIT) intervals and reducing CO2 emissions.
According to a report by Allied Market Research, the global mobile banking market is predicted to reach $7 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 16.8%. The increasing adoption of smartphones, rising internet penetration, and the convenience of mobile banking services are key factors driving this growth.
All traditional rule-based fraud detection systems have limitations, but hybrid AI proponents tout the fact that more modern hybrid systems are much more robust since they combine the strengths of both rule-based and AI-based systems. They say that with the Hybrid AI model, whereby advanced fraud detection techniques and machine learning work hand in hand, is a substantially more effective alternative to traditional non-AI/ML fraud detection software.
Druva’s 100% agentless, cloud-native SaaS solution provides air-gapped backups for Azure VMs. The company claims that they now protect Azure VM data from ransomware by creating an air-gapped and encrypted backup copy of data that cannot be destroyed or corrupted by attackers.
Technology and Marketing
This article states that by leveraging the power of AI, FIs can gain an even keener competitive edge, gain operational efficiencies and make more informed management decisions. It insists that if AI is properly harnessed and analyzed, then the ever-growing wealth of information it can generate offers a feast of benefits—from more personalized messaging to more focused risk analysis to enhanced fraud protection. It provides a list of various articles for taking a deeper dive into AI benefits.
Business Intelligence (BI), Artificial Intelligence (AI), and Data Analytics are often used interchangeably, however they actually have distinct meanings and applications. While BI, AI and analytics all deliver insights that enable organizations to perform better, predict the future and meet the needs of their markets, there are many key differences between them which this article explores.
As people spend more time on digital platforms, they expect personalized financial services to be seamlessly integrated into their daily journeys. The rise of digital wallets, person-to-person payments, instant money transfers, and other innovations have acclimated consumers to “embedded finance” — which is financial products woven into nonfinancial digital ecosystems. The author suggest that FIs must engage in a digital transformation effort to embed relevant offers where consumers want them, or risk losing mindshare and market share. It concludes that FIs need flexible architectures, strategic partnerships and technology like AI to seamlessly embed relevant financial services into third-party platforms.
The International Monetary Fund (IMF), the World Bank, and the Bank for International Settlements (BIS) are reportedly working together on a project to tokenize promissory notes. Tokenization refers to the process of representing assets or securities in the form of digital tokens on a blockchain. This collaboration aims to explore the potential benefits and risks associated with tokenization, including faster and more inclusive access to capital markets for emerging economies. They also note that tokenization opens up the possibility of "encoding policy and regulatory requirements" into a "common protocol" for tackling problems such as international money laundering.
Cloud storage offers tremendous benefits such as replication, geographic resiliency, and the potential for cost-reduction and improved efficiency. However, security concerns remain top of mind for many organizations. Key areas include configuring access to the virtual private cloud (VPC) the database instance will reside in, application identity and access management (IAM) policies, and security groups to control network traffic and encryption. This article discusses some security best practices for using the Relational Database Service from AWS.
Cisco and Amazon Web Services have integrated Cisco ThousandEyes network intelligence platform with the Amazon CloudWatch Internet Monitor service to help customers better locate and monitor their AWS-powered applications. In addition, the vendors have more closely tied Cisco's Observability Platform with AWS-based business metrics to correlate cloud services with application and business performance. They claim that combining the two packages will give customers a complete view of an application's entire service delivery path, across private environments, the public Internet, and into the AWS network.
Google has partnered with Symphony, a technology firm, to deliver generative AI voice analytics to FIs to help them track and record business-related messages. Symphony will use Google Cloud's generative AI platform Vertex AI to improve its Cloud9 voice product with speech-to-text and natural language processing.