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

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June 2024

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General News

 

Seattle CU Selects Upstart for Personal Lending

Seattle Credit Union ($1 billion and 55,000 members) announced a new partnership with Upstart, a leading artificial intelligence (AI) lending marketplace, to provide personal loans to new and existing members.

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SRM Introduces AI Offering to Help CU Safely Adopt AI Solutions

SRM (Strategic Resource Management) announced the launch of a suite of Artificial Intelligence advisory for CUs. The goal is to help clients accelerate their AI aspirations with compliance-driven policy development, AI strategy, AI opportunity assessments, vendor data security reviews, and implementation support.

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Visa Rolls out Subscription Management Service

Visa is rolling out a service for CUs to provide cardholders with a convenient way to manage and track their subscriptions. Visa’s new Subscription Manager will help streamline key aspects of recurring payments in one place, allowing cardholders to see where their card details are stored, view which recurring payments are attributed to their card, and stop recurring payments.

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Hardware News

 

Intel Launches Sixth-Generation Xeon Processor Line

Intel formally announced the Xeon 6 line of server chips featuring two types of cores and a variety of configurations supporting multiple use cases. In a first for the Xeon line, the processor comes with two microarchitectures: an efficient core (E-core) and a performance core (P-core). Performance cores are larger, more high-performance, and more complex, making them appropriate for high-end compute. Efficiency cores are smaller, with fewer instructions and slower clock speed for tasks that don’t require performance-level horsepower. The different processors will mix and match P cores and E cores, with one E-core design sporting up to 288 cores.

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Lenovo Delivers next Generation of Intel-Based Infrastructure Solutions

Lenovo announced the Lenovo ThinkSystem V4 portfolio of Intel-based solutions. As part of the portfolio, Lenovo is introducing new ThinkSystem servers optimized for rack density and transactional data. Plus they say that their newly enhanced XClarity One powered with AI3 AIOps is the industry’s first hybrid cloud-based unified Management-as-a-Service. The solution offers three predictive failure analytics engines to help identify potential issues and minimize system downtime.

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Microsoft Launches AI-Powered Copilot+ PCs

Microsoft has announced a new category of Windows PCs, designed to leverage the full power of AI. Christened Copilot+ PCs and developed in collaboration with PC manufacturers such as HP, Dell, Samsung, Asus, Acer, Lenovo, and Microsoft Surface, these devices will boast higher processing power, all-day battery life, and a suite of AI features.

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Zyxel Networks USG LITE 60AX Helps Improve Network Security

Zyxel Networks has launched the USG LITE 60AX–an AX6000 WiFi 6 Security Router. The quad-core 64-bit CPU and dual 2.5G WAN and LAN ports of the USG LITE 60AX help ensure sufficient computing power and multi-gig bandwidth capacity for organizations without throttling performance. Equipped with WiFi 6 AX6000, it delivers up to 6 Gbps of WiFi speed with support for 160MHz channels.

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Software Updates

 

Exploring Gen AI Use Cases in Financial Services

The author states that currently financial services use cases for Gen AI are mostly confined to accelerating and optimizing internal processes. He predicts that the next big breakthrough for generative AI will be the growth of multimodal models that can process and generate information in multiple formats, such as text, audio, and video data. Many of the immediate use cases will center on content generation, such as marketing and internal training assets, but these tools will quickly evolve. He goes on to offer some interesting insights into financial AI usage going forward.

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How to Choose the Right Network Security Monitoring Product

Network security monitoring software is essential because it enhances security by detecting threats in real time and ensures operational efficiency by minimizing downtime and optimizing performance. Here are some of the key features to look for in a solution: Real-time monitoring and alerts; Comprehensive visibility; Threat detection and analysis; Forensic capabilities; and Automated response and remediation.

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Juniper Tunes AI to Help Find and Fix SD-WAN, WAN Routing Problems

Juniper Network's AI-Native Networking Platform works by gathering telemetry and user state data from Juniper’s routers, switches, access points, firewalls, and applications to offer actionable insights and automated workflows for proactive issue detection and resolution. At the core of the platform is the firm’s cloud-based, natural-language Mist AI and Marvis virtual network assistant (VNA) technology, which can detect and describe network problems. As part of the AI platform rollout, the vendor introduced Marvis Minis, which simulate end user, device, and application traffic to learn the network configuration and continuously feed data back into the Mist AI engine.

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ATMs/Kiosks

 

Cardless ATMs Deliver Google/Apple Pay

Traditional ATMs used to dispense cash only when a user put in their physical card and entered a PIN number. Those days are long gone, since cardless ATMs are paving the way for a more convenient banking experience by enabling Google and Apple Pay transactions. This article takes a deep dive into how cardless ATMS work and their pros and cons.

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Is Biometrics the Answer to ATM Security Issues?

Without a doubt, consumer acceptance of biometrics is gaining traction. However, several issues and challenges remain that may impact the widespread adoption of biometrics for ATM security, including: Competing technologies; Consumer convenience; Privacy concerns; and Cost. Despite these roadblocks, the market for biometric solutions for ATMs is projected to grow significantly over the next several years.

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What's the Future of ATMs, ITMs?

ATMs can no longer be thought of as machines that just dispense cash — they should be seen as multifunctional banking kiosks, where transactions, such as money transfers, bill payments, and check deposits can be made. Meanwhile Interactive Teller Machines (ITMs) are increasingly being used to bridge the gap between in-person counter services and ATMs. In addition to users being able to carry out usual ATM transactions on these machines, some of them are also be able to open new accounts, receive financial advice, and a range of other digital banking transactions. Look for this to contribute to creating more personalized virtual banking services.

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Wireless World

 

Apps Struggle to Find Ways to Stand out as User Experience Becomes Increasingly Homogenized

J.D. Power says that with limited differentiation between brands, it’s become challenging to distinguish and drive meaningful digital consumer relationships. However the research firm points outs that the one area in which FIs can still drive meaningful, unique digital experiences is through personalized financial management tools and the use of digital assistants. Plus they note that FI efforts to enhance the person-to-person payments and transfers process on their mobile apps have been paying off in the form of steadily increased usage.

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Can Geolocation Unlock Trust in next Gen of Consumers?

This article states that geolocation technology provides a bridge between the physical and digital worlds that has the potential to win back the trust of consumers, particularly Generation Z. It provides some tips for getting consumers comfortable with geolocation: 1. Provide undeniable value; 2. Communicate transparently; and 3. Implement consent and control.

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Debit Cards Remain Top Consumer Payment Choice, Even as Digital Wallets Gain

Consumers continue to warm up to using a digital wallet for payments. But even with those numbers on the rise, the physical debit card still rules when it comes to overall utilization and consumer satisfaction, new data shows. Still, the trends are clear: digital wallets are on the rise and within the wallet, the debit card begins to lose its brand affiliation. The author goes on to explore the pressing question facing debit card issuers: how to maintain brand presence when their debit cards are increasingly hidden behind the digital wallet brand in the point-of-sale payment experience.

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Security Section

 

Adlumin Adds Anti-Ransomware Capabilities

Adlumin announced a new Ransomware Prevention feature that they claim "immediately detects and stops ransomware from encrypting files." In addition, the company unveiled a free Ransomware Simulation Tool that gives organizations a self-service option to easily test and understand their vulnerability to a ransomware attack. This self-service tool deploys mock-up data and files onto an organization’s systems, launches a ransomware attack against them, and provides a grade that details how well the organization’s defenses performed. This synthetic attack is isolated to the mock-up files, which the Adlumin tool then cleans from the file system to remove all traces of the test.

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AuthenticID Releases Deep Fake and Generative AI Detection Solution

AuthenticID released a new enhancement to their identity verification technology that uses proprietary algorithms that they claim prevents the majority of digital injection attacks that leverage AI-generated content. Their package uses three methods with targeted, proprietary algorithms: 1) Visual Fraud Algorithms to detect counterfeit and synthetic elements in content; 2) Text Fraud Algorithms to detect errors within false documents; and 3) Behavioral algorithms focusing on activity during the capture and submission of an ID.

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Microsoft Amps up Focus on Windows 11 Security

Microsoft announced a series of enhancements to Windows 11 aimed at making it more secure against a more intimidating, varied, and AI-enable threat landscape. Here is a look at some of Microsoft's new security measures: 1) new Copilot+ PCs will be secure-cored PCs, providing firmware protection and dynamic root-of-trust measurement; 2) virtualization-based security (VBS) to create an isolated secure environment to protect keys; 3) Trusted Signing and Win32 app isolation for apps; 4) offering just-in-time administrative access to critical services; 5) Config Refresh automatically reapplies policy settings every 90 minutes; 6) Firewall Configuration Service Provider (CSP) has been altered to enforce an all-or-nothing approach to firewall rules; 7) Personal Data Encryption (PDE) complements BitLocker’s volume level protection; and 8) Zero Trust DNS will only allow Windows devices to connect to approved network destinations by domain name.

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Technology and Marketing

 

How FIs Capture Generational Wealth Transfer to Millennials

This article says that financial industry leaders are racing to innovate the digital banking experience alongside a product portfolio that will capture the largest intergenerational wealth transfer in history. The Generational Trends in Digital Banking Study reveals that for Millennials, the price of entry for FIs is an exemplary digital banking experience, where the digital banking channel is equal parts sales and service. The path to differentiation comes with data — FIs will need to leverage data and artificial intelligence in banking to deliver increasingly personalized offers, thereby evolving into the data-informed digital bankers of the future. The article goes on to highlight Millennials' very specific digital banking preferences and product demands.

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Is Your Digital Banking Service Competitive on All 5 Levels?

This article delves into how products move from offering basic functional value to fulfilling higher-level needs, which in turn helps them stand out in a crowded market. These levels include: Functional Value (Physiological Needs): Ensuring the product delivers its basic promise. Usability Value (Safety Needs): Enhancing ease of use to foster a sense of security and reliability. Aesthetic Value (Belongingness and Love): Offering a pleasing design that evokes positive emotions and connections. Status Value (Esteem Needs): Associating the product with a particular lifestyle, aspirational quality or personalized service. Mission Value (Self-actualization): Inspiring users with purpose through the brand’s vision and impact on making the world a better place.

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The Art of Selling on Social Media

A growing number of CUs are navigating regulatory compliance, setting guidelines, and establishing approval processes to help mortgage, investment, and deposit teams establish a presence on social media. For example, Interra allows its mortgage staff to post on social — after completing a 90-minute training course on social media do’s and don’ts and sending the post for review and approval. This article explores how Interra and other CUs are successfully and securely navigating social media.

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Online Banking/E-Commerce/Website Design

 

Embedded Authentication Could Accelerate Digital Payments

One of the primary hurdles in modernizing payments lies in addressing the consumer demand for diverse payment options. This article envisons a future where voice commands, biometrics, and other natural identifiers could facilitate transactions, provided they are backed by strong authentication mechanisms. It suggests that embedding authentication into the transaction flow, rather than relying on cumbersome user interventions, could provide a seamless yet secure experience.

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Mastercard Taps Open Banking to Ease Account Opening and Updating

Mastercard has updated its Open Banking platform to enable people to automatically switch their direct deposits and update their recurring bill payments when they open or update an account. Embedded directly within a FI’s app or website, Mastercard’s Deposit Switch lets consumers skip manual paperwork and automatically route their payroll deposits to a new or existing account. The feature takes advantage of technology from Mastercard Start Path member Atomic, which allows users to link to their payroll provider without having to share credentials with third parties.

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The next Phase in Digital Banking Is Scalable Personalization

This article dives into the advantages of tech-assisted financial planning. It concludes that people expect personalization from financial service providers and will take their business elsewhere if they’re provided with a generic solution or service.

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Visa Unveils Suite of New Products for the Digital Age

Visa has unveiled a suite of new digital-first products and services that it claims will revolutionize the card and address the future needs of businesses, merchants and consumers and the FIs that serve them. The new products and services include Visa Flexible Credentials, which will allow a single card product to toggle between payment methods, enabling users to set parameters or choose whether they use debit, credit, 'pay-in-four' with buy now, pay later, or pay using rewards points. Visa is also introducing a slew of new ways to use the card when tapped on a mobile device, such as: Tap to Confirm: Easily authenticates identity when shopping online Tap to Add Card: Enhances security when adding card into a wallet or app Tap to P2P (person-to-person): Allows money to be sent between family and friends Finally, Visa will begin the roll out of 'data tokens', which let consumers consent to sharing their data as they shop online, then see where it’s been shared and revoke access right from their banking app.

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Internet Access

 

AWS Unveils New and Improved Security Features

To facilitate the concerted push to get customers to secure their accounts with multiple authentication factors, AWS has added support for FIDO2 passkeys as a second authentication method. In addition, AWS Identity and Access Management (IAM) Access Analyzer has been updated and can now help organizations locate and delete unused roles, access keys, and passwords, and set, verify, and refine unused permissions. Other security enhancements include: Amazon GuardDuty Malware Protection has been expanded to detect malicious file uploads to S3 buckets, AWS Audit Manager’s AI best practice framework has been updated, Simplified log analysis and Streamlined integration of network services.

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Chrome vs. Edge: Which Browser Is Better for Business?

With web apps the new normal, the humble web browser powers the business world like never before. This article reveals the results of putting the two most popular desktop browsers worldwide — Google Chrome and Microsoft Edge — to test. It concludes that Edge is the best choice for most businesses.

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Call Centers

 

6 Best Contact Center CRM for 2024

This article takes an in-depth look a contact center CRM packages. Here are their recommendations: Best provider offering robust AI-powered features: HubSpot; Best offering free live chat: Engagebay; Best solution offering a self service portal: Zoho Desk; Best for providing omnichannel support: Kustomer; Best for ticketing management and routing: Zendesk; and Best for giving agents access to real-time data: Pipedrive.

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Can AI Fix the Employee Experience for Frontline Reps?

The author maintains that thoughtful, un-hyped AI implementations can—and are—improving agents’ work lives. She points out these examples: Gen AI can read an incoming email and draft a reply; AI can offer agents advice about how to meet sales quotas or service KPIs by providing next-best-action recommendations; With automated note-taking, AI can help complete after-call work; AI can synthesize knowledge from diverse sources, so reps can provide better information; and AI can create custom documentation guides by pulling source code and capturing a rep’s screen as they go through a process.

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Chat GPT: How This Human-like AI Chatbot Is Revolutionizing Industries

The popularity of ChatGPT stems from its ability to generate human-like text based on input. It goes beyond simplistic trigger or keyword-based responses and engages in sophisticated, human-like interactions. What’s more, ChatGPT can answer follow-up questions, admit errors while challenging incorrect premises and reject inappropriate requests. This article highlights Chat GPT's many use cases.

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Chatbots Lead the Way in AI Banking

Chatbots can provide services ranging from bill transfers, providing account information or even answering basic questions. This article takes a specific look BofA's Erica app and what has made it successful.

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Skyla Credit Union Invests in AviaryAI, CUSO That Offers AI-Based Outbound Call Solution

Skyla Credit Union said it has made an investment in and is partnering with the CUSO AviaryAI, which uses AI to provide an outbound call solution. AviaryAI leverages custom-built, private Large Language Models (LLMs) to create human-like voice agents that automate outbound calls for CUs to welcome new members, encourage card activations and more. Skyla says that the solution frees up employee time to allow them to focus on deepening member relationships and driving growth.

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