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Sharetec System announced the addition of 16 new credit unions to its growing customer base in 2020. Sharetec, which was established in 1993, now serves over 250 credit unions.
Jack Henry Lending has introduced agricultural industry spreading models within its digital lending solution, helping to deliver a more accurate, efficient way for CUs to process agricultural loans. Their agricultural spreading models offer customizable workflows that help provide a consistent model for loan teams to follow as well as robust covenant trackers that can alert lenders to loans coming due within the next 90 days.
JUDI.AI, a provider of lending and growth analytics solutions, announced that Dr. Russell Anderson has joined the team as Chief Credit Scientist. Dr. Anderson will drive the data science strategy behind JUDI.AI’s proprietary credit risk models and small business growth analytics.
Easily the most sophisticated skimming devices made for hacking terminals at retail self-checkout lanes are a new breed of PIN pad overlay combined with a flexible, paper-thin device that fits inside the terminal’s chip reader slot. They draw their power from the low-voltage current that gets triggered when a chip-based card is inserted. As a result, they do not require external batteries, and can remain in operation indefinitely.
Dell announced its next generation Dell EMC PowerEdge portfolio, including 17 new servers that the company said deliver its highest performance to date as well as up to 60% more energy efficiency compared to the previous server generation. The portfolio also includes the new Intel-based PowerEdge XR11 and XR12 ruggedized servers that Dell said offers enterprise performance and security in a durable form factor for edge-based workloads.
NVMe over TCP has arrived to provide a more powerful NVMe-oF technology, promising high performance with lower deployment costs as well as reduced design complexity. In essence, NVMe over TCP extends NVMe across the entire data center using the simple and efficient TCP/IP fabric. "Having the ability to communicate at high bandwidth with low latency, while gaining physical separation between storage arrays, and then adding a normal switched network incorporating the TCP protocol for transport, is a game changer," said one analyst.
Windows 10X will be an important launch for Microsoft, forming one of the pillars of the 'next generation of Windows,' according to the software giant. You could think of 2021's version of Windows 10X as Microsoft's answer to Google's Chrome OS, a lightweight operating system for relatively low-cost hardware that will mainly run cloud-hosted and web applications. This article takes a deep dive into the new OS which was built from the ground up.
Microsoft has released a mitigation tool to help organizations that lack IT and security support as they work to patch their Microsoft Exchange Servers and defend against ongoing attacks. The new one-click Microsoft Exchange On-Premises Mitigation Tool is meant to serve as an interim mitigation for those that aren't familiar with the patching process.
Security firm Semperis has built Purple Knight to make it easy for organizations to patch holes in Active Directory security. The complimentary tool assesses permissions across an organization to look for weaknesses.
The ongoing COVID-19 pandemic has made offering consumers a touch-free way of interacting with an ATM even more important. Many FIs are actively exploring software which allows methods for identifying a user other than the ubiquitous card and PIN. RBR’s research also shows enhancing the user experience at ATMs though personalization is also a major focus for many ATM deployers. Many provide a “quick cash” option, which dispenses a default amount predefined by the user, while having access to a payee list drawn from other channels is increasingly available.
Singapore's OCBC Bank is rolling out facial verification technology to its network of ATMs, enabling users to check their balances and ultimately make cash withdrawals via a scan of their faces. From next year, facial verification will be extended to other ATM transactions including cash deposits, funds transfers to other banks, cashcard top-ups and credit card bill payments. The technology is embedded with security features to prevent fraud, including liveness-detection technology that detects and blocks the use of photographs, videos, or masks during the verification process.
Here is a chance to learn about real life credit union success stories from various technology vendors through the words of their clients. This week's vendor is:
and their client is:
NorthEast Alliance Federal Credit Union
As an Insider Intelligence study demonstrates, in 2020 consumers indicated that they actually found mobile banking availability a more important factor in picking a FI than having a branch near them — by more than 13 percentage points. The user experience and design elements of mobile deposit remain very important. But equally important are the policies and rules behind the service, and this article explores these critical considerations.
Upcoming 5G improvements will provide new opportunities to financial services firms thanks to faster speeds, lower latency, and higher device density. 5G will improve mobile apps and remote banking with richer media communications and more instantaneous services. The faster throughput speeds and lower latency will accelerate credit approvals, improve service via chat or virtual assistants, and increase the security of mobile payments and transfers while reducing friction. 5G will also enable more integrated offices across a more dispersed geography, permitting more workers in remote locations to tap relevant information and meet virtually with accountholders.
The best way to avoid paying ransom to attackers who have infected your systems with ransomware is to have those systems adequately backed up so you can wipe them and restore them from safe backups. The author recommends the 3-2-1 rule that says make at least three copies or versions of data stored on two different media, one of which is off-site. The big parts here are the two and the one - store backups on a different system and in a different location. Don't store your backups in the same place as your primary system. Even better, store them on a different operating system and a different physical location.
Technology and Marketing
This article states that personalization may not sound as cutting-edge as artificial intelligence or machine learning, but it should not be overlooked. It goes on to state that personalized banking experiences can make the difference between an accountholder who is short-term and one who is life-long, so it’s important for FIs to develop personalized offers and tools based on specific behaviors, preferences and expectations. It lays out a few ways that FIs can improve their personalization strategies in the current environment.
Many FIs are taking a more vocal and transparent stance about improving their diversity, equity and inclusion (DEI) efforts. Truly inclusive marketing means more than picking the right stock photo for an ad – it requires an integrated process, proper resources and business integration to succeed. The author looks at 3 DEI marketing strategies.
With vaccinations helping to re-open the economy, FIs must move from dealing with pandemic challenges to figuring out how to run delivery channels more intelligently and efficiently. This article looks at branches, contact centers, ATMs and digital channels and makes some predictions on how they will be used post-COVID.
A new generation of technology providers has emerged allowing CUs to expand quickly and modernize their payments product portfolio without incurring high upfront investment. Payments-as-a-Service (PaaS, AKA Platform-as-a-Service) players operate cloud-based platforms to provide specialized services, such as card issuing, payments clearing, cross-border payments, disbursements, and e-commerce gateways. PaaS offerings are the modern alternative to traditional payments hubs, which are built on legacy technology stacks for on-premise, batch-based deployments. These batch-based ecosystems are a huge roadblock to payment modernization, particularly for the rapidly growing real-time payments market. PaaS is cost-efficient and is designed for cloud-based, real-time 24x7x365 based ecosystems, that require fast deployments.
SD-WAN is exploding in popularity - there are probably 50 vendors and dozens of communications and managed-service providers who offer SD-WAN. SD-WAN is now the anchor concept at the edge, the gateway to new service features. In other words, SD-WAN is becoming the smart gateway to a dumb network, and now network operators are going to have to respond to this new edge-centric vision with updated services.
Zscaler serves more than a quarter of the Fortune 2000, with more than 150 data centers around the world, more than 20 million licensed seats, and 150 billion transactions per day – more than ten times that of Google. Zscaler is one of the preeminent examples of the emerging SASE (Secure Access Service Edge). In effect, it offers a secure private internet that interconnects a company's users, data centers, cloud infrastructure, and SaaS and other third-party services. Zscaler doesn't sell its services directly to enterprises; instead, it works with channel partners like AT&T and Verizon.
AT&T’s fiber footprint currently surpasses 14 million customer locations and at the end of 2020 the company said its customer penetration rate was 34%. AT&T is making a big push to increase its fiber footprint this year: in 2021 the company will deploy fiber-to-the-premises (FTTP) to an additional 3 million locations across more than 90 metro areas. Plus, the company will continue its aggressive fiber push in 2022 when it plans to add 4 million locations.
Contact centers or call centers have taken on 'Most Valuable Player' status since the onset of COVID-19. Instead of visiting branches, consumers are conducting their business via phone, chat, email and social media like never before. The article takes a look at the COVID-related changes that have occured and the future of contact centers.