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

May 2024

This News is Sponsored by Better Branches ~



General News


New Experian Tool Empowers Financial Inclusion Through Open Banking Insights

Experian announced the launch of Cashflow Attributes, a solution to help expand fair and affordable access to credit, particularly for thin-file and credit invisible consumers. With over 900 income, cashflow and affordability attributes, Experian’s cashflow insights are available now and allow lenders to integrate banking data into their decision-making.



AKUVO Adds 8 New CU Clients

AKUVO, a provider of collections and credit risk solutions, is reporting it signed 8 new CUs to the AKUVO Platform during the first quarter of 2024.



Visa Announces Generative AI-Powered Fraud Solution to Help Combat Account Attacks

Visa announced updates to its Visa Account Attack Intelligence (VAAI) offering with the addition of the VAAI Score, a new tool that uses generative AI components to identify and score enumeration attacks. The VAAI Score should help reduce fraud and operational losses by assigning each transaction with a risk score in real time to detect and prevent enumeration attacks in card-not-present (CNP) transactions.



8 CUs Sign with Corelation

Corelation announced that they have secured partnerships with eight CUs (cumulative total of $9.4 billion in assets 630,654 members) in the first quarter of 2024. These credit unions range in assets from $143 million to $4.8 billion.





Hardware News


Hitachi Vantara Launches Unified Storage Platform

Hitachi Vantara announced the availability of Hitachi Virtual Storage Platform One, a unified platform that spans both on-premises and cloud storage and supports both structured and unstructured data. The One Data Plane extends Hitachi’s storage portfolio into the public cloud through support of only AWS at this point; Virtual Storage Platform One SDS Cloud runs natively on AWS.



The Best Windows Laptops

A team of reviewers tested the best Windows laptops in terms of battery life, performance, and other metrics including some of the latest models from Dell, Lenovo, Microsoft, and more. Their pick for the best Windows laptop overall is the Dell XPS 15 which can handle everything from mainstream productivity to creative workloads.



Hardware Section Sponsored by

Back to Top

Software Updates


To Prepare for Gen AI Tomorrow, FIs Should Prioritize Data Organization Today

Research indicates over half of banking leaders have assessed their own AI initiatives as poor or fair with cost and implementation challenges named as complications. One big issue is data quality — always important — which becomes even more crucial in the context of GenAI. To prepare for the inevitable future demand for GenAI solutions, FIs should also start establishing robust data management practices. This can include everything from incorporating zero trust policies to auditing existing systems and data sources to ensure only essential integrations are established. Indispensable integrations should subsequently be evaluated to confirm data is organized, synced and seamless across platforms.



AI’s Impact on Digital Fraud and Financial Crime

Scammers with minimal technical expertise or financial crime skillset are using this AI to improve the quality, reach, and success of their digital-banking scams and financial crime schemes. This article states that AI gives us scams without borders and will require FIs to adopt new strategies and technologies. One area of focus is synthetic identify fraud due to the fact that the Federal Reserve believes traditional fraud models fail to flag as many as 95% of synthetic identities used to apply for new accounts.



Extreme Demos AI-Based Network Assistant

Extreme Networks is expanding its AI capabilities with new technology for its cloud network management platform that’s designed to give customers detailed responses to queries about network anomalies, configurations and documentation to help them proactively troubleshoot and address network issues. Extreme AI Expert, their generative AI-based offering, will let customers ask natural language questions about network issues, such as “show me all network anomalies,” and it will generate specific charts and other details about the customer’s network, what anomalies might be causing problems, and what the customer can do to address them.



Leveraging AI Could Revolutionize Card Issuance for FIs

The author says that AI-powered systems allow cardholders to gain a deeper understanding into their transactions and obtain round-the-clock support. Additionally, AI-driven sentiment analysis can enables FIs to gauge feedback and sentiment more accurately. But he states that at the heart of AI’s value proposition for card issuers is the ability to optimize card management and fraud detection. By leveraging AI-driven automation, tasks such as application processing, credit scoring and transaction monitoring can be streamlined, significantly reducing manual intervention and processing times.





Back to Top



How to Make ATMs Green-Friendly

Managing ATMs well and handling cash responsibly can make using cash eco-friendly. One option is to invest in newer, more energy-efficient ATMs that are innovative and environmentally friendly. The article also recommends: ATM pooling, AI and machine learning to monitor cash transactions in real-time, and cash management software to help make deliveries more efficient.



Moving ATMs into the Future with Cash Recycling

The era of single-function ATMs is fading, making room for the rise of multifunction automated deposit terminals (ADTs), with an expected 8% growth in global deployment by 2026. Historically, cost hindered the adoption of cash-recycling ATMs, but with more ATMs offering multiple functions, the cost gap has significantly narrowed. Importantly, cash-recycling units offer a solution to mitigate cash-in-transit expenses associated with ATM maintenance. By consolidating cash deposits and withdrawals in a single cassette, cash-recycling ATMs can swiftly and securely handle banknotes, reducing the frequency of cash replenishment and easing the burden on FI staff. The projected average operational cost savings of cash-recycling ATMs, coupled with cash management software, stands at 20%.



ATM Features: 5 to Include

With the advent of smart phones, customers expect all digital devices to have more than one function, and for them to be flexible enough to meet their needs without having to go to a different device or platform. This article outlines the 5 needed ATM features to transform the user experience: 1) Deposits; 2) Tap/contactless; 3) Balance management/bill payment; 4) Multiple locations; and 5) Cash recycling.



Back to Top


Wireless World


Mobile Wallets and Contactless Payments Growing in Popularity

Consumers are not only favoring contactless payments more, they are relying more on their mobile wallets to initiate payments, according to the NFC Forum’s bi-annual Near Field Communication Usage and Adoption study. The study reveals that 95% of respondents have left their physical wallets at home in favor of taking a mobile wallet with them at least once. Of those respondents, 17% take their mobile wallets with them daily, 36% take their wallets multiple times per week, 31% take their wallets multiple times per month, and 11% rarely take their wallets.



7 Tips for Deploying Wi-Fi 6E

Wi-Fi 6 (802.11ax) introduces enhancements to how Wi-Fi operates within the 2.4 and 5GHz bands we’ve always used. And Wi-Fi 6E (the extension to 802.11ax) gives devices new frequencies to utilize in the 6GHz band. This additional spectrum enables devices to utilize even more of the enhancements and opens up more channels for wireless networks to use. As more Wi-Fi 6E APs and clients emerge in the market, here are 7 points to consider on making the upgrade to your wireless LAN: 1) Understand regulatory requirements; 2) Assess network requirements; 3) Assess user devices; 4) Evaluate network infrastructure; 5) Conduct site surveys; 6) Plan for channel allocation; and 7) Enable security features.



Back to Top

Security Section


Introducing Nacha’s Risk Management Resource Center

Nacha's Risk Management Resource Center is where you can easily access a wide range of risk management materials — everything from our Risk Management Framework for the Era of Credit-Push Fraud to checklists, blogs and more.



Mastercard Fights Against Scams with Latest AI Tech

Mastercard announced Scam Protect, a suite of specialized solutions powered by AI technologies, which help identify and prevent scams. Mastercard is also partnering with organizations across the ecosystem to fight scams. By combining its identity, biometric, AI and open banking capabilities, the card giant claims that they can help protect consumers across the spectrum of scams, from card-based and account-to-account payments to fraudulent account openings.



Critical Vulnerabilities Take 4.5 Months on Average to Remediate

Over a third of organizations had at least one known vulnerability in 2023, with nearly a quarter of those facing five or more, and 60% of vulnerabilities remained unaddressed past CISA’s deadlines, according to Bitsight. Plus they found that even critical severity vulnerabilities take 4.5 months to remediate on average. Vulnerabilities included in the Known Exploited Vulnerabilities (KEV) catalog are highly prevalent and over a third of organizations had at least one in 2023. KEVs are 2.6x more prevalent compared to the typical non-KEVs.



Trend Micro Launches AI-Driven Cyber Risk Management Capabilities

Trend Micro unveiled AI-driven cyber risk management capabilities across its entire flagship platform, Trend Vision One. They say that this update integrates more than 10 industry technology categories into one offering, empowering security, cloud and IT operations teams to manage risk proactively.





Back to Top


Technology and Marketing


Five Ways Financial Education Drives Brand Awareness

The author believes that by providing financial knowledge and skills, your CU's brand demonstrates a commitment to empowering and enriching lives that goes beyond the standard transactions. He states that these are the 5 ways financial education drives brand awareness: 1. Makes your brand more trustworthy and recognizable; 2. Shows you’re an expert and that you care about your members; 3. Keeps your members engaged and loyal; 4. Allows your brand’s values to shine through; and 5. Uses tech to make learning fun and accessible.



How Gen AI Will Change Marketing

Regulation, reputation and fierce competition from FinTech alternatives mean that AI, gen AI in particular, is no casual prospect for FIs. However, Rapid developments in AI and automation are creating new possibilities for marketers. AI has been used widely in many applications including but not limited to decisioning, targeting, ad serving, SEO, and attribution for a long time with strong results. In addition, AI has been effectively leveraged in optimizing content for email messages and display advertising (including message, imagery, call-to-action, and subject lines). This article takes a deep dive into marketing AI.



Top Banking Digital Signage Trends to Watch

Digital signage provides a compelling way to deliver the right information at the right time to the right audience. It enables engaging, dynamic, customizable, and personalized content in-branch. This article points out some emerging digital signage trends to look for in 2024: The cloud, AI, Dynamic content, Mobile integration, and Reliable and trustworthy support and maintenance.



Back to Top

Online Banking/E-Commerce/Website Design


Consumers and Businesses Are Embracing Instant Payments

Consumers and businesses are embracing instant-payment options for such transactions as bill payment, mobile-wallet funding and defunding, account-to-account transfers, and immediate payroll for employees, the Federal Reserve says. On the consumer side, paying friends and family (55%), transferring money between accounts (30%), and paying bills (27%) are the main use cases for instant payments, according to the study. Factors driving consumers to embrace instant payment options include convenience, ease of use, and immediacy, the study says. When asked about the pain points with other payment options that make instant payments more attractive, 45% of consumers noted fees charged, 25% cited lack of speed, and 18% said processing errors. Among businesses, 92% cited business-to-business payments as a key use case for instant payments, while 71% cited business-to-person and 40% cited account-to-account transactions as key use cases.



The Advantage for CUs and Digital Tools

While credit unions have always been vested in the member first and foremost, the advent of digital tools makes it easier than ever before to deliver the kinds of positive member experiences that equip them to achieve financial health — regardless of where they are on their financial journey. With the right personalized tools and education, members don’t have to be experts in math, money and data as they go through their financial journey, but rather feel empowered to achieve financial health. This article goes on to break these down on a more granular level and how digital tools can transform math, money and data.



Half of CUs Have No Plans for BNPL, Despite Demand

Currently, 99% of CUs surveyed offer traditional auto loans and personal loans, while only 1.5% currently offer BNPL. And while 31% of CUs told us they plan to introduce BNPL in the next three years and 18% have similar plans for six years, nearly half of CUs have no plans whatsoever to offer BNPL plans to their members. Why is this significant? Because, as PYMNTS Intelligence data confirms, CU members want innovative borrowing options, including BNPL.



How FedNow Is Shaping Payments Since Its Groundbreaking Launch

In the six months following its groundbreaking launch in July 2023, FedNow has emerged as a transformative force in real-time payments, marking a significant departure from the traditional Automated Clearing House (ACH) system. FedNow's adoption trajectory underscores its potential to redefine payment processing. Its diverse participant base, from smaller FIs to large money center banks across 45 states, highlights its broad applicability and impact on various financial sector facets. Early adopters have noted FedNow's immediate value in facilitating B2C transactions such as earned wage access, loan funding, and insurance payouts. However, the exploration into B2B payments remains a significant opportunity, promising to offer businesses unprecedented control over their financial operations.



Back to Top

Internet Access


How AI Is Poised to Upend Cloud Networking

The reason why AI will place new demands on cloud networks is simple enough: To work well at scale, AI workloads will require unprecedented levels of performance from cloud networks. That's because the data that AI workloads need to access will reside in many cases on remote servers located either within the same cloud platform where the workloads live or in a different cloud. (In some cases, the data could also live on-prem while the workloads reside in the cloud, or vice versa.) 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. The author goes on to explore the future of cloud networking and how AI fits in.



7 Features That Make Brave Such a Good Browser

The author is convinced that Brave is far better than many browsers in many ways. He points out these 7 benefits: 1. Brave is secure; 2. Brave is open source; 3. Clean links; 4. Brave news; 5. Sidebars; 6. It's fast; and 7. Built-in reading mode.



Palo Alto Extends SASE Security, Performance Features

Palo Alto Networks has extended its Prisma SASE (secure access service edge) package to better secure managed and unmanaged devices and bolster the speed and protection of distributed applications. The Prisma SASE offering combines Palo Alto’s SD-WAN technology with its cloud-based security products, which include advanced threat protection, user-behavior monitoring, secure web gateway, cloud-access security broker (CASB), firewall-as-a-service (FWaaS), data loss prevention (DLP) monitoring and management, and zero-trust network access (ZTNA) support. It also features AI capabilities as part of the vendor’s autonomous digital experience management (ADEM) system, which provides visibility into endpoints, WAN links, cloud resources, applications, and traffic levels to help troubleshoot performance issues.




Back to Top

Call Centers


Predicting Consumer Needs with Generative AI

The author states that generative AI is the behind-the-scenes wizardry rewriting the script of call center interactions. He says that Generative AI is an adaptable conversational partner that understands query context, sentiment, and specific preferences, and this personalized approach surpasses prescribed norms to create genuine connections. He goes on to explain how JetBlue, in collaboration with technology provider ASAPP, has adopted a bundled generative AI solution to enhance the capabilities of its chat channel.



How Discover Looks to Reap Call-Center Efficiencies with Generative AI

Discover is deploying AI within the Google Cloud platform in their call center. With the deployment, Discover’s nearly 10,000 contact center agents will have access to intelligent document summarization through Google’s Vertex AI application and real-time natural-language search assistance. Google’s Vertex AI app analyzes and summarizes complex policies and procedures to provide agents with appropriate information to answer questions.



ChatGPT: Are There Operational Pitfalls in This New Technology?

What are the potential operational pitfalls of uing ChatGPT in the contact center? This article breaks them down into three categories: mitigating risk, quality assurance and the supervisor, and the employee and gig worker experience.