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

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January 2, 2017

~ This Week's News is Sponsored by Better Branches ~

BB

 

General News  

* Better Branches Technology Enhances Platform
* BlueCross BlueShield of Tennessee ECU Selects Sharetec
* Green County FCU Selects Fiserv
* Two CUs Extend Contracts with CU*NorthWest

Better Branches Technology, a leading provider of Better Lobby branch visitor queuing and appointment handling software for credit unions, announced the release of the latest enhancements to their Mobile Booking Tool and Video Meeting Queue modules. The new enhancement coordinates both staff (i.e. mortgage lenders, investment/financial planning experts, and consumer lending specialists), and up to two video equipped conference rooms that may be required for the meeting.

Sharetec System, one of the fastest growing core systems, announced that BlueCross BlueShield of Tennessee (BCBST) Employee Credit Union of Chattanooga, TN, has opted to implement their Sharetec core processing solution. BCBST chose Sharetec in part for its custom reporting tools, back office automation capabilities, and integrated functionality.

Green Country Federal Credit Union plans to migrate to Fiserv's Portico core account processing platform with integrated digital and mobile banking solutions, and add enhanced functionality for commercial lending. The $60M CU based in Sand Springs, OK becomes the first U.S. credit union to integrate a commercial lending module into Portico.

CU*NorthWest, the 100% credit union-owned cooperative CUSO, announced that Spokane Media Federal Credit Union and Spokane Firefighters Credit Union in Spokane, WA, have extended their core processing contracts with CU*NorthWest. Both credit unions are founding members of the CUSO.

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Hardware News

BIO-key, a provider of biometric software and hardware solutions, announced some new products for 2017. They include:

- FreePass a wearable, mobile USB fingerprint reader for Windows that is designed for users that want to employ biometric security and convenience on multiple devices

- The TouchLock line of fingerprint biometric padlocks, including TouchLock BLE which is a Bluetooth enabled model that can be operated with a smartphone

- SidePass a compact, mobile touch reader for Windows

Application failures, operating system faults, and other Windows errors are frustrating and sometimes hard to troubleshoot. Fortunately, Microsoft included the Windows Memory Diagnostics Tool in Windows 10, which you can use to test the RAM chips in your system. The Windows Memory Diagnostics Tool performs its test by repeatedly writing values to the memory and then reading those values from memory to verify that the data has not changed. You can chose the Basic mix, which runs a limited number of tests, or the Extended mix, which runs an exhaustive set of tests - for eight or more hours. 

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Hardware Section Sponsored by
Millennial Vision, Inc. (MVi)

 

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Software Updates

There are many options for disaster recovery packages on the market, but CSO recently covered four top of line packages. The four top DR software suites that they identified were:

- Veeam Backup

- Altaro VM Backup

- Zerto Virtual Replication

- VMware`s Site Recovery Manager

The Nmap Project recently unveiled the Holiday Edition of their open source cross-platform security scanner and network mapper that includes several important improvements and bug fixes. New features in Nmap 7.40 include Npcap for adding driver signing updates to work with Windows 10 Anniversary Update; faster brute-force authentication cracking; and new scripts for the Nmap Script Engine. Over the years, Nmap (Network Mapper) has become a popular network mapping, port scanning, and vulnerability testing tool widely used by IT and security administrators in many industries.

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ATMs/Kiosks

At the recent Future Branches conference, attendees were surveyed on many topics. In terms of the "technology needed in the branch of the future," 63% indicated that enhanced ATMs and video conferencing were their top priorities. Following distantly behind were: mobile at 20%, chatbots at 10% and wearables also at 10%.

According to new data from the ATM Industry Association, ATM deployers reported fewer physical and fraudulent attacks on their machines, but skimming, PIN compromises, malware, and other types of fraud-related attacks on ATMs still remain significant problems for them. Skimming remains the most common attack method with 24% of respondents naming it, followed by PIN observation at 19%. Deposit fraud came in third at 12%, while “shimming,” the theft of data from EMV chip cards, came in fourth at 3%. Nearly 75% of the deployers had no knowledge of or had not experienced malware fraud that compromised card data during the preceding year.

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ATMs/Kiosks Sponsored by
Heritage Industries


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CU Success Stories  

 

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:  

Ongoing Operations

OGO

and their client is:

St. Agnes Federal Credit Union

Credit Unions - if you have a vendor that you are happy with then please This email address is being protected from spambots. You need JavaScript enabled to view it.!

Vendors - if you have a credit union that is happy with your solutions then please This email address is being protected from spambots. You need JavaScript enabled to view it. and we will give you a $100 discount on your Case Study!

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Wireless World

Apple's iBeacon technology and Google's entry into beacons with its Eddystone technology (for both iOS and Android) have shown promise but not a lot of implementations. Proponents say that organizations should look at treating the beacon as a sort of smarter card reader. For example, beacons could potentially replace the need for time sheets, with apps able to detect attendance automatically based on when people enter and leave a facility. They can also be used for security purposes in larger buildings, e.g., using a beacon to detect location, a user's smartphone can identify them so they can be restricted to accessing only certain areas.

Moven has come out with a Smart Savings account which provides mobile bankers with behavioral-based savings advice, through an individualized Savings Path. Users setup a wish list of savings goals and the app sends out reminders. Savings goals can include, but are not limited to:

- short term savings

- building an emergency fund

- paying down high interest debt

- long term saving for retirement

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Wireless World Sponsored by
Member Access Pacific (MAP)

MAP

 

The MAP App™ is the first network-branded prepaid card exclusively serving credit unions to offer mobile banking -
contact us now to learn more about this market-leading innovation for credit unions:

(866) 598 - 0698

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Security Section

Gartner is predicting that cybersecurity spending will top $82 billion in 2016, an 8 percent hike from 2015. Many attribute this increasing level of investments to the fact that threat actors are constantly and rapidly increasing their capabilities. Some CIOs are eyeing tools that use anomaly-detecting analytics and machine learning algorithms to protect their organizations` data. Other analysts agree that organizations will be investing more money in 2017 in emerging technologies that can help anticipate and detect a variety of threats, including phishing scams and advanced persistent threats.

Portnox CLEAR is an agentless SaaS security offering. With risk monitoring and access control of all organizations endpoints, it assigns a risk score, assesses threat and enforces access control actions. The company says that their Portnox Platform is a software solution (no appliances) that traverses across all network layers, whether physical, virtual or in the cloud to illuminate, visualize, analyze and control all connected devices and users.

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Leaders Roundtable

Security:

Battling Security Fatigue – Working Towards Usable Security

 

 

 

Onbase by Hyland Software - https://www.onbase.com
Read Steve Comer's comments:
https://www.cunews.com/OnBase.pdf

 

Millennial Vision - http://www.mviusa.com
Read Scott Cowan's comments:
https://www.cunews.com/MVi.pdf

 

NetWatcher - http://www.netwatcher.com
Read Scott B. Suhy's comments:
https://www.cunews.com/NetWatcher.pdf

 

MVi
Nintex - https://www.nintex.com
Read Mike Fitzmaurice's comments:
https://www.cunews.com/Nintex.pdf

 

Network Bix USA
 
Network Box - https://www.networkboxusa.com  
Read Pierluigi Stella's comments:

 

Pure IT Credit Union Services - http://pureitcuso.com
Read Kyle Stutzman's comments:
https://www.cunews.com/PureITCUSO.pdf

 

Security Compliance Associates - http://www.scasecurity.com
Read Jim Brahm's comments:
https://www.cunews.com/SCA.pdf

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Technology and Marketing

While most people are quite familiar with reviews on TripAdvisor and Yelp, Credit Karma members have contributed thousands of financial product reviews on creditkarma.com. Some credit unions encourage their members to write reviews either there or on their own websites. Many marketing experts contend that people are more likely to want to join your credit union if your members seem visibly satisfied with their experience and are willing to share it online. Positive reviews can help with member retention, but you can also utilize it to help convince new members to join your credit union. Finally, you can use positive reviews as opportunities to ask for referrals.

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Online Banking/E-Commerce/Website Design

The Federal Reserve`s recently released 2016 Payments Study shows that counterfeit fraud accounted for 44% of U.S. payment card fraud last year. That was followed by card not present (CNP) fraud at 39% and then lost-and-stolen card fraud at 11%. However, many card experts are predicting that counterfeiting will soon lose its place as the leading fraud type as more EMV chip cards come into play. In addition to CNP fraud, another big growth area is application fraud. Scammers can perpetrate “synthetic” identity fraud, where they create an identity using the data of more than one individual, or “wholesale” fraud, where they may make up a completely new identity from scratch.

By some estimates, 85% of new account openings occur in the branch, 6% online and 2% on mobile devices. For a variety of reasons, digital abandonment rates remain high. Some industry observers believe that the user experience is lacking, as well as the ability for FIs to integrate digital account technology across marketing channels. According to Celent, many FIs simply do not know why consumers abandon the process, plus there is not enough follow-up for those people who abandon their applications even though they are obviously excellent prospects. The research firm notes that omnichannel integration offers a real solution, particularly because it can permit the applicant to stop an application and then pick it up, at the exact same spot, in a different channel.

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Internet Access

Standalone voice systems are fairly easy to manage, but Unified Communications (UC) is a different story. Nemertes Research notes that by implementing IP telephony specialty management tools or services, organizations can save on ongoing operational costs compared to using no tools or those provided by the IP PBX vendor. LayerX says that their UC Quality and Network Performance solution helps decrease the time required to isolate UC quality issues and resolve the issues, and helps automate the diagnosis of quality issues and interrogate the network as quality problems occur.

Encryption is making good progress on the Internet; in fact, NSS Labs is predicting that 75 percent of all Web traffic will be encrypted by 2019. Organizations of all sizes are making steady progress toward upgrading to certificates that use SHA-2, the set of cryptographic hash functions succeeding the obsolete and insecure SHA-1 algorithm. Many experts believe that no cost certificate offerings, such as those from Let`s Encrypt, will further accelerate adoption, e.g., the number of publicly trusted free certificates issued will soon likely outnumber those that are paid for.

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Call Centers

Efma, an international not-for-profit association comprised of more than 3,300 financial services institutions, recently gave Alior Bank in Poland their Big Data, Analytics and AI award for their development of Dronn, an intelligent virtual agent designed to respond quickly and consistently to consumers and interactively guide them through a personalized conversation. They noted that the solution not only transformed their contact center, but also generated significant cost savings. Dronn uses artificial intelligence, natural language processing, automatic voice recognition, semantic analysis and speech synthesis technology, which enables it to interact with customers in a natural conversational style, understand what they say and respond appropriately.

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