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Responsible Lending Options and Member Financial Health

If you make a good salary and feel comfortable with your job security, then you’re very much in the minority in America. For most, the American dream is just that: a dream. The fact is that nearly 4 in 5 people are living paycheck to paycheck right now.

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CU 2.0 Podcast Episode 80 Scott Petry Authentic8 on the Tower of Babel in Many FIs

They just don’t talk well together.

That’s the surprising conclusion in a report entitled “Surprising Disconnect Over Compliance and Secure Web Use at Financial Firms,” research sponsored by IT security company Authentic8. (Download the report here.)

Inside many banks and credit unions IT, compliance, and legal just don’t talk the same language and often do not see the same problems, according to this report.

Read the related CUInsight article about the report here

Today’s guest, Scott Petry, CEO of Authentic8 who will tell is about this internal Tower of Babel.

Here’s why it matters: “this disconnect creates the potential for sizable gaps in compliance and data protection approaches in these organizations.”

Credit unions may have even tougher going because in many cases some of these tasks are outsourced and often the vendors simply do not talk together. Ever.

Often, said the report, compliance focuses on reducing risks, legal relies on security policies, and IT is more attuned to attack vectors and keeping users content.

And those three orientations may collide.

The report explores how to get the three competing tribes on the same page, thus improving the institution’s digital security.

The report also looks at how to maximize web use while maintaining optimal security.  Increasingly a tool of choice is remote browser isolation and Petry tells why this solution is gaining favor inside many financial institutions.

The conversation starts off with an attention grabber: why the ordinary URL is IT’s nightmare. And know that Authentic8’s Silo web browser has built in protections that anticipate – and solve for – user errors, pages they should not have clicked on, and still worse. It’s protection for the Age of the Web and it consumes the first half of the podcast.

From there, we turn back to the question of the three tribes – and how to get them cooperating for the security of the organization.

Be prepared to hear realities you haven’t thought about – and the result may be heightened internal security.

Read the report. It’s short, it’s free, but it’s provocative: Get it here.

Listen Here

Want to listen to more of the Credit Union 2.0 podcast series? Click here to view the series.

What Brands Need Now Is Compassion Marketing

I’m not much of a crier. Last week I had a breakdown.

I couldn’t stop thinking of all the lives this pandemic has affected—and cut short.

I know I’m not alone here. All over the world right now, people are struggling. Many are laid off and can’t make rent. Some might lose houses. Others are fighting to breathe.

And it’s going to get worse before it gets better.

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CU 2.0 Fintech Friday: Posh Technologies

It’s CU 2.0 Fintech Friday! Today, Chris Otey sits down with Posh Technologies to discuss all things credit union, fintech, and digital innovation.

Last time we spoke, Posh has grown considerably, in both member services and capital. Posh Technologies is still harnessing the power of AI and machine learning to provide chatbots for banks, credit unions, and other industries. But “chatbots” might not be the best term…

Over 30% of call center conversations start with normal or frequently asked questions. There’s no reason why people should have to repeatedly field those kinds of calls—it would be far more convenient and cost-effective to offload that burden onto a conversational AI customer service agent.

Plus, if that AI customer service agent could do more? Well, now we’re talking. Posh’s chatbots (there’s that word again) are available 24 hours per day, 7 days per week to offer companies:

  • Call deflection
  • Self-service
  • Lead generation

And no, Posh isn’t selling a unicorn. There’s actually a product out there and running. Right now, Posh is working on optimizing their product specifically in the member services area, such as improving telephone banking, and website messaging. All automated, all easier than pressing buttons on your phone, or trying to get a hold of one of your valuable employees over email. Did we mention that it’s available 24/7?

 

Credit Union Fintech Snapshot: Posh Technologies

Top 3 Problems Solved

  1. Natural language processing
  2. AI and machine learning in banking
  3. Automated customer service

Posh Technologies Founder: Karan Kashyap

Posh Technologies Market Strategy

Community banks and Credit Unions

Credit Union Fintech: Posh Technologies in the News

How Posh got its start

Conversational interfaces make financial operations easier

Interested in seeing more fintech entrepreneurship? Check out the CU 2.0 fintech infographic, Death by 1,000 Cuts. You can see firsthand the impact fintechs have had on the credit union industry, as well as how fintech innovation can improve your income statement, balance sheet, interest margin, services, and more.

Credit Union 2.0 believes fully in the power of credit union and fintech partnerships. With the shared goal to redefine multifaceted financial services models look like to members, more credit unions are looking to partner with forward-leaning fintechs.

If you want to learn more about credit union–fintech partnerships, click here.

8 FAQs from Credit Unions on How to Respond to COVID-19

The Coronavirus pandemic has officially settled in, but credit unions can expect to deal with the fallout for months. This leads to many questions rolling in on how to keep the wheels turning in your institution.

But there are more questions than answers. How do you know when it’s time to close one of your branches? How can employees work remotely? How do you set up large meetings remotely? What do you do if an employee tests positive for COVID-19?

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