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Lenovo Announces Edge Servers as Part of $1 Billion AI Push
Lenovo announced two new edge servers specifically designed for AI processing. The ThinkEdge SE360 V2 is built on Intel and Nvidia processors with support for Nvidia's AI Enterprise software platform and Qualcomm's Cloud AI 100 platform, while their second new edge server, ThinkEdge SE350 V2, is designed for hybrid cloud and modern HCI deployments. This product is more storage focused, with high storage capacity coupled with the Intel Xeon D processor, which is more of a midrange performance processor. Its focus is on consolidating workloads, data backup, collaboration, and content delivery.
5 Ways to Boost Server Efficiency
The article discusses five different ways to improve server efficiency in order to maximize performance and reduce costs. The first method is optimizing server configurations by ensuring that hardware and software components are aligned for optimal performance. This can involve upgrading outdated components, adjusting network settings, and implementing virtualization technologies. The second approach involves using power management tools to reduce energy consumption. The third strategy is adopting server consolidation, which involves consolidating multiple servers onto a single physical machine. The fourth approach is suggests implementing server monitoring tools to gain insights into server performance, utilization, and potential bottlenecks, while the final strategy is to maximize server virtualization.
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Perception Point Unveils AI Model to Thwart Generative AI-Based BEC Attacks
Perception Point, a cybersecurity firm, has developed an AI model designed to recognize and block malicious Business Email Compromise (BEC) emails. They have developed an LLM-based detection model, harnessing the power of Transformers, AI models capable of understanding the semantic context of text - mirroring the technology behind popular LLMs like OpenAI’s ChatGPT and Google’s Bard. This approach enables Perception Point's solution to help identify the unique patterns in LLM-generated text, a critical factor in detecting and thwarting GenAI-based threats.
Could AI Be the Magic Bullet for Open Banking?
Some observers suggest that AI could be the "magic bullet" for open banking by enabling better data analysis, personalized consumer experiences, and enhanced fraud detection. The success of Large Language Models (LLMs) like ChatGPT have encouraged the proponents of Open Banking to predict that maybe this is what Open Banking has needed. However the author cautions otherwise and says that the progress being made in LLMs just isn’t what Open Banking needs and isn’t likely to push Open Banking into the mainstream.
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Smart Pay Kiosk Offers Financial Services for Unbanked and Underbanked
The Smart Pay Kiosk is a self-service machine that provides multiple financial services, including bill payments, mobile recharges, money transfers, and card issuance. It is designed to be easy to use and accessible to individuals who lack access to traditional banking services. Smart Pay Kiosk has partnered with Maya Labs, known for financial applications and regulatory compliance, and Genmega, a manufacturer that has deployed over 150,000 financial kiosks since 2006.
NCR Moves Forward with Its Planned ATM Spin-Off
Atlanta-based NCR announced a pending split last September, with both of its companies being publicly held. The spinoff, tentatively dubbed NCR ATMCo, will include the slower growing ATM business while the parent will focus on high-growth digital commerce. NCR expects to complete the spinoff in the fourth quarter.
The Future of ATMs: Adapting to the Digital Age
The article states that innovations in the user experience will help ATMs stay relevant, particularly biometric authentications at ATMs which can play a significant role in fraud prevention and anti-money laundering. It concludes that ATMs must continue to evolve to offer more advanced services such as contactless transactions and integration with mobile wallets - if they don't then ATMs risk becoming a relic of the past, much like the payphone.
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Mobile Banking’s Move to Center Stage
Usage-wise, mobile (21%) is the second-most preferred consumer channel across all demographics, trailing only the branch (24%). But when it comes to the number of monthly interactions, mobile far outdistances the other channels—and this is as true for the baby boomers as it is for those in Generation Z. Plus an increasing percentage of each generation is willing to switch FIs for a better mobile experience. This article goes on to explore the current state of mobile banking.
Wi-Fi 7 Is Coming — Here's What to Know
Wi-Fi 7, also known as 802.11be, is expected to provide faster speeds, improved capacity, and reduced latency compared to its predecessor. One of the key advancements in Wi-Fi 7 is the use of Multi-User, Multiple Input, Multiple Output (MU-MIMO) technology, which allows multiple devices to connect to the network simultaneously without affecting performance. This is expected to address the increasing demand for simultaneous connections in homes and offices. Wi-Fi 7 will also introduce support for 320 MHz channel bandwidth, which will provide higher data transfer rates and better throughput. The introduction of Orthogonal Frequency-Division Multiple Access (OFDMA) in Wi-Fi 7 will further enhance its efficiency and capacity by enabling more devices to share the same channel. The article emphasizes that despite the promising features of Wi-Fi 7, its widespread adoption is not expected until 2024 or later.
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Plaid Launches Beacon, an Anti-Fraud Network
Plaid has launched Beacon, an anti-fraud network designed to allow organizations to share information about fraudulent activities and identities in real-time, helping them to identify and prevent fraudulent transactions more effectively. The network will operate anonymously, ensuring data privacy while providing valuable insights into potential risks and suspicious activities. Users can thus use Beacon to report instances of fraud via the Beacon API or the Plaid Dashboard. Contributors can screen against the Beacon’s network to detect in real-time if a specific identity has been linked to fraud.
Google Cloud Launches AI-Powered AML Tech
Google Cloud has introduced its new cloud-based anti-money laundering (AML) technology which they claim can analyze vast amounts of data in real-time, providing more accurate alerts and reducing false positives. Moreover, the system can adapt and learn from new patterns and make predictions, thereby improving over time.
New AI.X Technology from Daon Bolsters the Fight Against Deepfakes
Daon has developed new artificial intelligence (AI)-powered technology to combat the spread of deepfake videos. Deepfakes refer to manipulated videos that use AI algorithms to merge or superimpose someone's face onto another person's body, creating realistic but fake content. Daon's solution aims to detect deepfakes by analyzing various factors such as unnatural movements, anomalies in facial expressions, and inconsistencies in eye behavior. The technology also leverages machine learning to continuously improve its accuracy in identifying deepfake videos.
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How’s That Shift from Branch to Advice Center Going?
With ever more basic transactions being done digitally, the need for a large physical presence with a long line of teller windows is becoming obsolete. “Every institution is somewhere along the spectrum of moving toward the advice center, but it has been going slower than anyone might have predicted,” according to industry consultant tells Kuehner-Hebert. “The current state of most branches is still very rooted in traditional banking transactions.” The article goes on to cover some examples of how to move toward an advice-led “concierge” branch model.
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Online Banking/E-Commerce/Website Design
Mastercard Launches Global Plan to Recycle Credit Cards
Currently, Mastercard says that it has around 3.1 billion cards in circulation. Each year, it estimates around 600 million cards are produced by the industry, each with a life span of around five years. "We are inviting all card issuers around the world to partner with us, no matter what region they are in, and offer card recycling to their customers," says Ajay Bhalla, president of cyber and intelligence at Mastercard.
How FIs and Businesses Can Prep for FedNow
The FedNow system aims to revolutionize the traditional payment processes by allowing instant payments and transfers, 24/7, 365 days a year. This will provide faster and more convenient options compared to the existing systems, such as ACH and wire transfers, which can take hours or even days to settle. Existing payment systems will be challenged by FedNow’s efficiency, and while the impact will be significant, it’s not likely to supplant other systems, according to observers. The article concludes that know-your-customer, anti-money laundering, and anti-fraud processes will all have to be improved and further automated for real-time discovery in response to the FedNow rollout.
Mastercard Launches Subscriptions Control Solution
In the U.S., consumers have an average of 12 media and entertainment subscriptions, with millennials averaging 17. Mastercard has announced the launch of its new Subscriptions Control solution, aiming to help consumers have better control over these recurring subscription payments. The solution enables customers to manage and cancel subscriptions directly from the Mastercard mobile app or website, making it easier to keep track of ongoing commitments. Users will receive real-time notifications about upcoming payments, as well as the ability to monitor their subscription spending and modify payment preferences.
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CyberArk Introduces Identity Security-Based Enterprise Browser
Cyber Ark has introduced CyberArk Secure Browser which they claim is a first-of-its-kind Identity Security web browser that enables organizations to better protect against attacks with an identity-based approach to securing employee and third-party access to enterprise resources. The browser includes robust security features such as secure password autofill, private browsing, and integration with CyberArk's PAM solutions.
3 Downsides of Generative AI for Cloud Operations
The article discusses three potential downsides of using generative AI for cloud operations. Firstly, generative AI can be challenging to interpret and explain, which may lead to difficulties in understanding and troubleshooting issues that arise in the cloud environment. Secondly, there is a risk of bias in the AI models, which can result in suboptimal decision-making and potentially unfair outcomes. Lastly, generative AI requires a large amount of data to train the models effectively, which may be challenging for organizations with limited data availability.
Botnets Responsible for over 95% of Malicious Web Traffic Globally
Botnets are globally responsible for over 95% of malicious web traffic, according to research conducted by managed cybersecurity provider Trustwave. "Almost 19% of the total recorded web traffic was malicious, and botnets were responsible for over 95% of the malicious web traffic detected," their report said.
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Generative AI in the Contact Center
Generative AI is already being used in contact centers today, with use cases emerging rapidly. For now, at least, these use cases seem weighted toward assisting agents, rather than consumer-facing scenarios. In one "summarization" use case, the system tells GPT-3 to summarize the call, making note of key information collected from the agent, and then the agent can opt to edit or approve the summary. Another use: a generative AI system that listens to what the caller is saying and instantly provides the agent with supporting information.
Scammers Using AI Voice Technology to Commit Crimes
Advances in AI have made it possible for scammers to create highly realistic voice clones of individuals, including family members, celebrities, politicians, and company executives. These voice clones can be used to deceive victims into believing they are communicating with a trusted person or entity, and then manipulate them into providing sensitive information or undertaking fraudulent activities. This highlights the need for organizations to implement countermeasures to detect and prevent such scams, including voice biometrics and vigilance in verifying the authenticity of phone calls or audio messages.
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