Your source for the latest technology information of interest to community banks across America.
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Fiserv is rolling out a new biometric solution dubbed Verifast: Palm Authentication which can be used by banks to help mitigate fraud, reduce transaction times and improve service delivery in the branch. Branch visitors can be authenticated by holding their palm over an infrared sensing device, which detects their unique palm vein pattern. The company says that this technology can increase the speed of authentication by more than 90 percent, e.g., in field trials the traditional verification process took about 15 seconds for a customer to authenticate themselves at a teller station, while with palm vein authentication it takes about one second.
Smaller banks might want to take a look at the SmartCam HD Plus security system from Samsung. The camera's motion-detection features can filter out lights, shadows, and even weather patterns such as rain that might otherwise cause false alarms. The encrypted cloud connection also enables continuous recording. The SmartCloud subscription service comes in three tiers: $50 per year to store up to five days of continuous video, a $70 plan for seven days of storage, and a $200 plan to store up to 21 days.
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VMware is making a push into the endpoint management market with the release of their new TrustPoint product that detects what devices are on networks, along with which ones are being managed by IT. In addition, IT Departments can use TrustPoint to handle operating system imaging with VMware's technology, and TrustPoint can block devices from connecting to an organization's networks. In addition to the launch of TrustPoint, VMware also announced updates to its Workspace One endpoint management software.
A start-up named Barkly has come out with a behavior-based endpoint security solution that uses a patent-pending approach to help stop new and sophisticated attacks by recognizing malicious behaviors. They say that it accomplishes this without sacrificing performance or productivity. IT Departments deploy Barkly the same way they currently distribute software and patches with no end user action required.
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Nautilus Hyosung America has come out with a new app for managing their ATMs. The MoniMobile app works by scanning a QR code displayed on the ATM screen which brings up information including the model and serial numbers, card reader type, terminal ID, software version, encryption PIN pad style, and a location name and address. The Android app provides error code details, information about corrective action and, in some cases, a video demonstrating the process for correcting the error.
Two new publications have come out for ATM deployers. The Network Media Group has published The ATM Comparison Guide which includes over 70 pages of up-to-date data on dozens of ATM models from Diebold, Genmega, GRGBanking, Nautilus Hyosung, NCR, Triton, and Wincor Nixdorf. Meanwhile, ATMequipment.com has released a white paper entitled "Getting the Most Out of Your EMV Site Visit" which is full of tips for maximizing EMV ATM site visits.
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Malauzai has come out with MOX Pay which allows banks to offer their small business customers apps that will enable them to accept payments via remote deposit capture (RDC). Consumers can use the app to pay the businesses by simply taking a picture of a check, leveraging RDC technology. Similar to how the Square reader enables businesses to use their phone for credit cards, MOX Pay is an app for accepting payments that requires no hardware.
Microsoft is expected to soon release its Windows 10 Mobile operating system, along with a new app, Wallet 2.0. The app will be rolled out alongside the near field communications app Tap to Pay, and together they will work with credit, debit, customership, and loyalty cards. Tap to Pay on Windows 10 Mobile should work at almost all places that currently accept NFC payments and it will not require a special Microsoft-Vendor-FI deal.
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Research firm Gartner believes that financial institutions need to fully engage with the latest technology trends if they are to define, achieve and maintain effective security and risk management programs. Here are some top information security technologies that they recommend that you need to keep an eye on:
- Cloud Access Security Brokers
- Endpoint detection and response
- Nonsignature approaches for endpoint prevention
- User and entity behavioral analytics
- Microsegmentation and flow visibility
- Remote browser
J. Peter Bruzzese, a security expert and author of more than a dozen books, believes that there are five key layers needed to block malware, ransomware, and phishing. They are:
1. Email security gateway
2. DNS security
3. Endpoint protection
4. User behavior analytics
5. Phishing testing and training
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Digital Differentiation Strategies
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Javelin Strategy & Research - http://www.javelinstrategy.com
Read Mark Schwanhausser's comments: https://www.banktt.com/Javelin.pdf |
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RLR Management Consulting - https://rlrmgmt.com
Read Mitch Razook's comments: https://www.banktt.com/RLR.pdf |
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Race Data is an analytics company that specializes in providing banks with data management, database and behavioral analytics, marketing automation, and one-to-one communications solutions. The solution combines the Canadian company's proprietary data management technology with analytics and lifecycle marketing. Their Relationship Accelerator package is currently targeted at $1B to $10B institutions, but the firm hopes to bring powerful analytics and marketing tools to smaller FIs going forward.
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Online Banking/E-Commerce/Website Design
An annual fee is the top reason respondents would change credit card providers, according to a survey by marketing analytics firm Bug Insights. Only one percent of those polled considered the brand of the card to be an important factor. Here are the top reasons to switch:
- annual fee - 64%
- rewards program - 13%
- annual percentage rate - 8%
By some accounts PayPal, which has 184 million active users, is looking to add financial management tools and the ability to create subaccounts to help people budget their money. They are also rumored to be looking into adding ATM access, bill payments, and expanding both international remittances and mobile money transfers. In a recent interview with c/net, their CEO Dan Schulman noted that 85 percent of transactions worldwide are still done with cash, and that the future digitization of money will create huge changes in payments, giving people "all the power of a bank branch in the palm of their hand."
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A company called Namogoo is looking to protect bank websites with a product called CyberKnight. No customer installation is needed since it is deployed on the Web session itself. They say that they can:
- deliver proactive protection against man-in-the-browser and man-in-the-middle attacks that compromise log-in credentials and lead to account takeover
- block ad exploit attacks (unauthorized ads, banners, pop-ups and inappropriate content) and malvertising attacks
- detect and protect against client-side attacks and remote-access attacks
RealConnect is Polycom's multi-vendor interoperability video conferencing solution. The product was recently updated and it is the only video interoperability solution qualified by Microsoft that lets users connect to Polycom and Cisco endpoints, e.g., it enables Microsoft Skype for Business users to connect to Polycom and Cisco endpoints. RealConnect also supports a wide variety of endpoints, ranging from voice to desktop-based video to immersive telepresence suites.
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In the nearly four decades since their initial launch, IVR (interactive voice response) systems have come a long way. For example, E-Complish's IVR payments system automates both inbound and outbound phone payments. DirectPay, the inbound system, allows organizations to accept a wide variety of payment types over the phone using a series of pre-recorded messages, while EnterAct, the outbound system, sends automated telephone messages and can accept requests for payments, e.g., automated collections for late loan payments.
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