BIRMINGHAM, Ala., and TALLAHASSEE, Fla. (5/30/14)--LEVERAGE, an affiliate of the League of Southeastern Credit Unions, and CRIF Lending Solutions have partnered to provide Alabama and Florida credit unions with a customizable indirect auto lending program.
"Many of our credit unions are looking for an indirect lending solution to aggressively capitalize on the rapidly expanding indirect auto lending market," said LEVERAGE President/CEO Patrick La Pine. "CRIF Select has comprehensive and customizable indirect lending solutions to offer our credit unions. From outsourced processing and funding to proven expertise and innovative technology, CRIF Select is the total solution for credit unions."
CRIF Select specializes in key aspects of outsourced, indirect and merchant lending. A division of CRIF Lending Solutions, CRIF Select connects lenders, as well as their customers and members, to local auto dealerships through its technology, call center support and outsourced loan-processing services.
PURCHASE, N.Y. (5/29/14)--MasterCard announced Wednesday that all credit, debit, prepaid and small business cards issued in the United States will now carry identity theft resolution assistance.
MasterCard is also extending its zero-liability policy in the United States to include all PIN-based and ATM transactions.
Account holders will not be held responsible for unauthorized transactions, MasterCard said.
"The changes that we're making in cardholder protection combined with our efforts to move the U.S. payments industry to Europay-MasterCard-Visa chip technology will help deliver safer shopping experiences to consumers," said Chris McWilton, MasterCard's president of North American markets.
Previously, the zero-liability protection didn't apply if an account-holder's personal identification number was used for unauthorized transactions.
Banks and financial institutions issuing MasterCard-branded cards provide financial indemnity against fraud. The identity theft coverage extension begins in July. The zero-liability coverage extension takes effect in October.
MOUNTAIN VIEW, Calif. (5/28/14)--Intuit, the owner of personal-finance software mainstays, Quicken and TurboTax, has acquired Check, a mobile bill-pay provider, for $360 million. (
The Wall Street Journal
Check's smartphone app works similar to PayPal. Consumers are required to link to their financial institution's accounts to enable the app, but the payment process does not require them to visit their financial institution's website (
The service lets users monitor their financial accounts from their mobile devices and creates automatic reminders for upcoming bills. It draws revenues by displaying advertisements.
Intuit has acquired several personal finance application providers in the last few years. In 2009, it purchased Mint, the personal-finance software provider. Last year, it purchased document service DocStoc, tax-return helper GoodApril and small-business scheduling tool Full Slate. Earlier this month it bought inventory-tracking software Lettuce.
DES MOINES, Iowa (5/27/14)--A new white paper from payments processor The Members Group (TMG) explores the technologies that are changing the way credit unions build relationships with their members.
In the paper, "Unspooling the Payments Value Chain," the two areas of innovation detailed by Ryan Anderson, TMG vice president of product, are mobile banking and m-commerce. Those technologies represent the areas in the mobile landscape with the most potential to improve the consumer banking experience. Value-added services and social tools, he writes, are key components to those technologies and the most successful with consumers to date.
"Working within new digital parameters, today's most successful financial innovators are also snapping into the social aspect of banking and money management," Anderson writes. "Consider SmartyPig, for example. The platform scratches the surface of an important consumer trend--the need for social engagement from anywhere, anytime. Personal information that was once considered private--even financial transactions and goals--can now form the basis of a tweet, a Facebook post, or in the case of SmartyPig, a blast email to friends and family encouraging them to contribute their own funds to a user's personal savings goal."
Anderson calls out several other first-mover innovators in the financial space, including Movenbank, Mint and TMG's strategic partner Dwolla, as he encourages financial institution leaders to think in new ways about serving tomorrow's consumer.
"Individuals in high-value, influential groups like Gen Y, Hispanic and the underserved, are looking for innovative ways to interact with their finances succinctly and conveniently," he writes. "By taking a proactive approach to emerging solutions for payments, your financial instiution will be better positioned to satisfy these changing appetites, and in doing so capitalize on this new stream of value-added services revenue."
Financial institutions are not standing pat, Anderson writes, but are overcoming barriers to innovation by introducing new products and services that reshape how consumers save, spend and make money. Financial institutions have introduced advanced features such as mobile bill payment, customizable alerts and overall delivery of a more personalized and consistent experience across all banking channels.
According to the white paper, the Innovation in Retail Banking 2013 report revealed that as the global economy recovers, financial institutions worldwide are investing more in innovation to generate revenue and control costs. The study, which surveyed 148 financial institutions in 66 countries, also found that 77% are increasing investments in innovation.
BROOKFIELD, Wis., and HARTFORD, Conn. (5/23/14)--Fiserv Inc., a technology provider to financial institutions, is participating in the University of Connecticut's Financial Accelerator program to help educate students and foster innovation.
The Financial Accelerator program was established in 2002 to create opportunities for UConn students and faculty to apply classroom concepts to real business challenges. With the Fiserv initiative, UConn MBA students are collaborating with area business leaders from Fiserv and two of its clients, Greylock FCU, Pittsfield, Mass., and the Savings Bank of Danbury, Conn., and to explore how financial institutions can attract and serve Gen Y consumers using state-of-the-art banking technology.
"The Financial Accelerator program at the University of Connecticut School of Business shines a spotlight on the exciting and innovative career opportunities available to students in the state," said Connecticut Gov. Dannel P. Malloy. "Collaborations like this, which bring the leaders of tomorrow together with the leaders of today, foster the innovation and opportunity that help make Connecticut such an attractive place to live and work."
The initiative, which launched during the spring 2014 semester, introduces UConn MBA students to the DNA account processing platform from Fiserv. DNA is an enterprise-wide software platform used by credit unions and banks, including $1.09 billion-asset Greylock FCU, for transaction processing, data management and customer relationship management. At the conclusion of the Financial Accelerator program, UConn students will present a business case for creating a new DNAapp for clients such as Greylock FCU to use to enhance the millennial banking experience.
After completing their research, idea development and return-on-investment analysis, the students will present their findings to Fiserv associates. Fiserv and UConn anticipate the program will continue into the fall semester with a new group of students to execute the business plan using DNAcreator to build the proposed DNAapp.
MADISON, Wis. (5/22/14)--CUNA Mutual Group's MemberCONNECT program is hosting a free webinar that will explore how consumers are searching, browsing and paying for vehicles in ways unimagined years ago.
"Changing Lanes: The New Paths to Car Buying" will be held at 1 p.m. and 3 p.m., June 3.
"Knowing and understanding new consumer buying trends will help better position credit unions in the auto-buying process over the long term," said Stephen Arnold, vice president of the TruStage Auto and Home Insurance program.
Three years ago, families were exposed to an average of 329 different digital ads on a typical 90-day car-shopping excursion, according to Cobalt's June 2011 study, "A Guide to the Modern Car-Shopper Journey." Since then, with smartphones seeing a rapid increase in popularity, that number continues to rise.
The hour long webinar will take a generational view of car buyers, what influences them, and explore then-and-now journeys of three personas: the first-car buyer, the family vehicle buyer and the luxury/fun vehicle buyer. The webinar will also cover technology and the empowerment it provides in the buying process, triggers for different decision points and the importance of leveraging convenience.
To register, use the resource link.
BISMARCK, N.D. (5/21/14)--The Credit Union Association of the Dakotas (CUAD) announced it is partnering with BancVue to offer Kasasa to credit unions in North Dakota and South Dakota.
"BancVue's 'coop-etition' model is a natural fit for the cooperative nature of our member credit unions" said Corey Prince, CUAD vice president of innovation and relationships.
Kasasa offers free checking and savings accounts with a rewards program and personal finance management.
"Kasasa is an extremely effective retail strategy that aligns with the goals most credit unions in the Dakotas have: Attracting younger members; increasing non-interest income; and increasing the number of products per household," Prince said. "This partnership offers a new means for our credit unions to achieve these shared goals."
CUAD serves 75 credit unions in North Dakota and South Dakota that have more than 461,000 members.
PRINCETON, N.J. (5/20/14)--Payments processor Heartland Payment Systems has introduced a credit/debit card data security solution to provide merchants with protection against card-present data fraud.
Heartland Secure offers merchants with protection against point-of-sale (POS) intrusions, crimeware, miscellaneous errors, insider misuse and other common sources of card-present data fraud by eliminating the opportunity for criminals to monetize card data.
Offered to Heartland customers for no additional processing fees as part of Heartland's comprehensive solutions, Heartland Secure combines EMV electronic chip card technology, encryption and tokenization.
Heartland customers have had E3 and tokenization for a number of years, with EMV acceptance enabled within the last 12 months. Based on their respective success, the company has combined them into a seamless end-to-end security option called Heartland Secure. Here's how it works.
EMV chip cards fight fraud at the physical point of sale by verifying that the presented card is genuine. The smartcard chip contains dynamic data that is validated in a more secure manner than the static data of a magnetic stripe, which makes the card data harder to counterfeit. Heartland's new POS systems are capable of processing EMV cards, which will be a required standard in the U.S. for most businesses by October 2015. Noncompliant merchants will bear all financial liability for all fraudulent transactions.
Heartland's E3 encryption technology encrypts cardholder information at card swipe, key entry, tap or insertion--so that it is never in readable form to crimeware programs. Card information is always encrypted, and is never transmitted or stored in a useful form.
Tokenization protects card data after a transaction is authorized by substituting a token for a card's number. If a system is compromised and tokens are taken, they have no real value in the outside world. Tokenization is the most effective way of minimizing the PCI compliance footprint, according to the PCI Security Standards Council, an open global forum for the ongoing development, enhancement, storage, dissemination and implementation of security standards for account data protection.
In January 2009, Heartland Payment Systems was the victim of a data breach in which130 million credit and debit cards compromised. As a result, More than 560 financial institutions, including at least 178 credit unions, had to reissue credit and debit cards as a result of the breach at Heartland. Many saw fraudulent charges on cards
April 17, 2011).
SAN DIEGO (5/19/14)--Three New Jersey credit unions have pooled their resources to form a credit union service organization and sign with core processor Corelation.
Aspire FCU, Clark, N.J., with $183 million in assets; Credit Union of New Jersey, Ewing, N.J., with $333 million in assets; and United Teletech Financial FCU, Tinton Falls, N.J., with $323 million in assets, will convert to Corelation's KeyStone core in 2015 and will run on a single IBM box located at the data center of Corelation's partner, Wescom Resources Group.
The new CUSO is named Member Support Services.
"The Member Support Services CUSO exemplifies the credit union movement as a cooperative effort that looks beyond their own needs," said Corelation President Theresa Benavidez.
MSS LLC is intended to create operational efficiencies in core processing, telecom and call center services, purchasing and contracting and other areas, the credit unions said.
Launched in 2009, Corelation now has 25 credit unions signed and 13 live on its system, the company said.
GRAND RAPIDS, Mich. (5/16/14)--Applications are now being accepted for the CU*Answers' Innovators and Grant Program.
The program, which was launched by the Grand Rapids, Mich.-based credit union service organization in 2011, seeks to foster creative ideas in the credit union market space.
One of the major changes in 2014 is a wider field of eligibility that includes credit unions, both organizationally and their employees, and CU*Answers and cuasterisk.com partner employees.
Potential applicants are encouraged to apply if they have innovative ideas they would like to develop themselves or develop with the assistance of CU*Answers, or if they have a business startup idea for the cuasterisk.com network.
Applications will be sent to a review board who will make recommendations to the CU*Answers executive council. All applicants will be notified within 30 days of the submission of their completed application if their idea qualifies to move on to the next round.
Applicants that pass the first round will present their ideas to the council in person or via teleconference.
The amounts awarded are on a per application basis and may range from $1,000 to $10,000.
Applications are accepted anytime, but applicants are asked to consider that the budget cycle at CU*Answers is set in July. The budget may affect the timing of any funding, if approved.
JACKSONVILLE, Fla. (5/15/14)--FIS, a provider of banking and payments technology, consulting and outsourcing solutions, has launched an instant-issue Europay-MasterCard-Visa (EMV) compliant debit, credit and prepaid card product.
The cloud-based FIS Instant Card requires no server software or processing hardware to be installed or maintained at a financial institution's location. Instead, all server hardware, security modules, card profiles, keys/encryption, EMV data preparation and PCI compliance are managed by FIS.
FIS Instant Card includes flat-print or embossed personalization, blank or custom pre-printed card stock; edge-to-edge four-color or monochrome print, EMV and mag-stripe encoding, PIN selection and PIN change; and optional forms and PIN mailers.
Financial institutions also have the ability to deploy card issuance to all branches, selected branches or a central location, as needed.
FIS Instant Card allows also allows credit union members to select a custom image for a card.
ALBANY, N.Y. (5/14/14)--New York credit unions of all asset sizes recently participated in a remote delivery services survey conducted by the Credit Union Association of New York and the UsNet shared branching network.
The survey, which was conducted in March, provides a statistical analysis of the types of remote technology used by New York credit unions.
"These findings reflect the continuing shift toward mobile and remote solutions that provide greater convenience for credit union members," said William J. Mellin, CUANY president/CEO. "It's encouraging to see that many credit unions in the state are utilizing remote delivery services, and many more plan to launch new services in the year ahead."
Key findings include:
Nearly all credit unions surveyed--94.3%--offer online banking. Conversely, only 5.7% do not offer any remote delivery services.
Of those credit unions that do offer remote delivery services, 75% listed online banking as the most commonly used. No respondents listed online banking as their least used service.
Most credit unions surveyed--69.8%--offer mobile banking, and an additional 11.3% plan to launch mobile banking within the next year.
About half--49.1%--of those surveyed offer shared branching services, of which 25% listed shared branching as the most used or second-most used remote delivery service.
The majority of credit unions surveyed--86.8%--do not offer home-based remote deposit capture, but 13.2% said their credit union plans to launch the service in the next 12 months.
While 30.2% of respondents currently offer mobile remote deposit capture, 35.8% plan to launch the service in the next 12 months.
"Member convenience" was listed by 92.5% of participants as a key benefit of offering remote delivery services.
MADISON, Wis. (5/13/14)--Official figures released by EMVCo show increased adoption of Europay-MasterCard-Visa (EMV) chip technology, with 2.37 billion EMV payment cards in circulation and 36.9 million EMV terminals active worldwide as of the end of 2013.
EMVCo, which is owned by American Express, Discover, JCB, MasterCard, UnionPay and Visa, facilitates worldwide interoperability and acceptance of secure payment transactions by managing and evolving the EMV specifications and related testing processes.
"The continued adoption of EMV chip cards and terminals globally emphasizes the important role this technology plays in securing physical payment transactions," said Dave Meadon, current EMVCo executive committee chair.
The latest figures are the first to be released by EMVCo since adding Discover and UnionPay as new member-owners in 2013, and are based on a compilation of data submitted by each of its members. The figures currently exclude the U.S., which is in the process of migrating its payment infrastructure to EMV chip technology.
Data released in the fourth quarter of 2012 showed 1.62 billion EMV cards in circulation and 23.8 million terminals active worldwide.
MADISON, Wis. (5/12/14)--The Credit Union National Association has released a new white paper collecting best practices for credit union volunteers who wish to become more actively involved in their credit unions' operations and futures.
"Volunteer Leadership and Engagement: Best Practices for CU Boards" was authored by freelance writer Dianne Molvig and sponsored by the CUNA Volunteer Leadership Committee.
The committee developed the white paper to provide directors with information and inspiration on how to actively engage with their credit unions. The white paper's content is organized to address the committee's three central concerns:
- Directors' role in credit union advocacy;
- Planning for board succession; and
- Strategies to advance board education.
Cumulating data, insights and advice from credit unions and their directors nationwide to develop a series of best practices, the white paper provides board members with new ideas and opportunities to engage with their credit unions and communities in each of those three areas.
In one example from the paper, Dale Rutt, board chair at $276 million-asset Sooper CU, Arvada, Colo., recalls running into former CUNA board chair Harriet May, retired president/CEO of $2 billion-asset GECU, El Paso, Texas, at a conference. May noted Rutt was wearing his Sooper CU polo shirt, as he did at all credit union conferences. May asked Rutt if he wore credit union attire back home. He said he didn't, and she suggested he do so. Rutt took her advice to heart.
Rutt now often runs errands wearing a favorite T-shirt he won years ago in a door-prize drawing at a league annual meeting. On it appear the words: "Credit unions: Where everybody knows your name." Rutt sees this as a great way to advertise that he's a believer in the credit union cause.
"Instead of wearing a T-shirt that says Denver Broncos or Colorado Rockies," he says, "I put on my credit union T-shirt."
The CUNA Volunteer Leadership Committee comprises 11 board members from credit unions of various sizes across the country. It was formed in recognition of a director's vital role in the credit union movement.
To download the white paper, use the link.
NAPERVILLE, Ill. (5/9/14)--LSC, a subsidiary of the Illinois Credit Union League, has added enhancements to the CUMONEY Everyday Spend pre-paid card.
Everyday Spend now includes free bill pay, and two reload options: Visa ReadyLink and auto funding.
LSC is a CUNA Strategic Service provider.
"We are constantly evaluating our products to provide credit unions a competitive edge," said George Fiegle, LSC chief operating officer. "By adding this new functionality, we have placed our products to be the most competitive in the market. That helps credit unions compete."
Reloads on the CUMONEY Everyday Spend card have increased 14.6% this year compared with the first quarter of 2013, LSC reported. Reloads on the Visa TravelMoney-loadable product have increased 42.1% in the same time frame.
"One aspect of our programs that differentiates us from the competition is that LSC manages and assumes any fraud risk, a feature we know credit unions appreciate," Fiegle said.
MICHIGAN CITY, Ind. (5/8/14)--Members Advantage CU, Michigan City, Ind., has selected the merchant-funded loyalty program from Buzz Points for its 9,000 members.
"Members of our community, as well as our vital local businesses, deserve to be rewarded for shopping right here in Michigan City," said Frank Beachnau, president of the $87 million-asset credit union.
Buzz Points, which is a CUNA Strategic Services alliance provider, connects local merchants and community financial institutions through its rewards program.
Members earn more points shopping locally and even more for shopping with local merchants that are enrolled in the program.
Beachnau said the credit union's partnership with Buzz Points is an "unprecedented solution that makes our members' money work harder for them and helps level the playing field for local merchants who don't have the market power to command lower interchange rates or the marketing budgets to compete with big box chains and online retailers."
Buzz Points CEO Jay Valanju said, "Research suggests that not only do independently owned stores benefit the local economy more than national chains, but that consumers also want to shop and bank locally to keep their money in the community.
"We have seen local spending double in the communities where we operate as Buzz Points gives people a reason to buy, bank and redeem locally," he added.
Credit union members who participate in the free program earn points automatically through debit card purchases that can be redeemed for local gift cards, cash cards and donations to local nonprofits from within the Buzz Points web interface or mobile app.
The merchant network includes more than 30,000 local merchants nationwide, allowing cardholders to shop locally, accrue points and redeem rewards wherever they are.
PLEASANTON, Calif. (5/7/14)--Last week's FinovateSpring 2014 conference showcased new products and technologies for financial institutions, and Javelin author Mary Monahan picked three trends from the crowd in a May 2 blog post.
PFM isn't a four-letter word anymore. Personal financial management products that entice consumers with carrots, not sticks, stood out. SaveUp, which is jointly sponsored by CU Solutions Group and Filene Research Institute, uses mobile gaming, rewards points and a sweepstakes for prizes up to $2 million. Qapital creates simple interfaces that put savings goals for vacations and big purchases front and center. OnBudget takes its lead from prepaid cards, a popular product with consumers.
The intersection of Wall Street and Main Street is digital. Startups give everyday consumers investment tools to work with stocks, initial public offerings and large real estate investments. Market Prophit quantifies the information from financial bloggers to help novices identify whose investments to follow. Crowd funding is big, and Realty Mogul lets consumers use it to invest in property such as office buildings, apartment buildings and shopping centers. Stockpile lets people give stock in the form of a gift card.
Authentication is hot. Authentication isn't new, but "unusually attractive" implementations were on stage at Finovate, Monahan noted. "Don't pay until you see the whites of their eyes" could be the motto for EyeVerify, which uses a smartphone camera to authenticate a user through the blood vessels in the whites of their eye. NICE Systems went the audio route, using recordings of a user's speech to generate a "voiceprint." Text Power allows the user to send a text to authenticate a transaction, instead of the user receiving a text for authentication. Zumigo uses carrier data to identify the device, the person who owns it and its location to provide secure authentication.
LONDON, SIOUX FALLS, Iowa, and FAIRFAX, Va. (5/6/14)--The ATM Industry Association (ATMIA) and the Electronic Funds Transfer Association (EFTA) announced the release of the second research report on bitcoin.
The report, "BitCoin: Virtual Currency with Real Opportunities," was written by Value Partners Management Consulting, which authors the bi-annual Global ATM Benchmarking studies.
"As industry associations liaising with regulators, ATMIA and EFTA are keen to develop industry positions on the current and future significance of bitcoin," said ATMIA CEO Mike Lee. The report provides a historical and comprehensive international analysis of bitcoin, he said, as well as how virtual currencies and ATM systems can interface for their mutual benefit.
"A virtual currency not bound by international borders pose a unique set of challenges to regulators," said EFTA President/CEO Kurt Helwig.
ATM operators have new opportunities with virtual currencies, said analyst Francesco Burelli of Value Partners. "The ATM is an ideal touch-point channel between the not-so-intuitive crypto-currencies and the consumers who may want to leverage the new payment methods but may not be sufficiently technically savvy to liaise directly with exchanges and cryptographic wallets," Burelli said.
As a digital currency, bitcoin is the prominent player within the decentralized peer-to-peer network.
Lee predicts bitcoin is in it for the long haul. "I think bitcoin will still be standing, despite its ups and downs, in the medium term, perhaps even in the long-run," he said.
AUSTIN, Texas (5/5/14)--Financial institution members and customers are switching to the mobile channel as their exclusive choice for remote account access, according to mobile banking provider Malauzai Software's latest Monkey Insights "little-data" report.
The monthly report highlights key trends in mobile banking usage based on March data for 158-plus banks and credit unions, covering 2.6 million logins from 181,000 active mobile users.
The latest report delves into session usage information. At best-in-class credit unions and banks, approximately 15% of mobile users are mobile-only and have stopped using the Internet banking channel.
The average single-session duration for mobile banking is 1 minute, 25 seconds. For iPhone it is 1:12, for Android it is 1:28 and for iPad it is 2:05. Android is probably a bit longer, as in usability tests, Android users take slightly more time accessing features because of the menu structure. The longer iPad duration also makes sense as end-users tend to dwell more on features such as transaction history and viewing check images, Malauzai said.
Friday is the busiest day of the week, and Sunday is the slowest day of the week for mobile banking. Over a monthly period the Friday before the last day of the month tends to be the busiest day and the first Sunday of the month is the slowest. There does not seem to be any spikes on paydays, such as the first and 15th of the month. There seems to be no platform differences when tracking busiest days.
Nine a.m. is the busiest hour for mobile banking usage across all platforms. The second highest usage hour is 4 p.m., just behind 9 a.m. These times are consistent for all device types. The slowest hour of the day is 3 a.m. Interestingly, Android end-users show heavier usage between 1 and 3 a.m. than their iOS counterparts. On Saturday and Sunday the busiest hour is noon and usage stays very high until around 4 p.m.--consistently higher between these hours than on a weekday.
There seems to be very little change in usage patterns when looking month-to-month. There are slight spikes in usage in May, August and December, but just a few percentage points with the December spike being the largest. This is most likely because it is the busiest shopping period of the year, so end-users are checking balances more frequently. Overall, usage is very consistent throughout the year.
Mobile banking features used also does not vary widely from the time of day, from day-to-day or from month-to-month. The one exception is check deposit. Depositing checks is performed less frequently during evening hours and most frequently during daylight hours.
HOUSTON (5/2/14)--Mobile Money by T-Mobile, which includes a T-Mobile Visa prepaid card, now offers access to the Allpoint Network, a nationwide surcharge-free ATM network of 43,000 ATMs.
Allpoint is an affiliate of Cardtronics, Inc.
Mobile Money is the combination of a money-management app, a T-Mobile Visa prepaid card and Allpoint's surcharge-free nationwide ATM network--with a smartphone bringing together many of the features of a checking account for consumers.
"When T-Mobile began developing the Mobile Money program, a key goal was to use the smartphone to help consumers both manage their money and keep more of it in their pocket," said Taylor Collyer, T-Mobile senior director of marketing. "The Allpoint Network helps us accomplish that mission with 43,000 surcharge-free ATMs found in many of America's most popular retailers, made even more convenient by a free, easy-to-use Allpoint ATM locator within the Mobile Money app."
Eligible cardholders looking for the nearest surcharge-free Allpoint ATM can use the Allpoint Network ATM locator, which is available online and as a free app for their smartphones.
DENVER (5/1/14)--Credit union technology consulting firm Best Innovation Group (BIG) this week launched its new website--a destination where credit union technology professionals can join a financial technology community in which programming code can be shared.
Visitors to the site can also review video presentations and tutorials, scan industry innovation reports for the latest technology, and participate in open technology forums that spark ideas.
"There are questions I always wanted a source to answer," said BIG's John Best. "When I started Best Innovation Group, I knew that there was an opportunity for credit unions to share the load in innovation, but I have yet to find a newsletter or a single source that would provide insights into what others are doing, or specific details on how something works. We hope to answer these questions and more."
BIG aims to seek out cutting-edge companies eager to get into the financial marketplace. The firm's website will use multimedia to provide visitors with insights on emerging technologies, jumpstart development teams with sample code projects based on research, and educate staff and boards on upcoming innovations.
There are four sections to the website:
vault provides access to the BIG video presentations, tutorials and webinars;
allows visitors to download blueprints, whitepapers and code for the latest innovations before they become available to the public;
offers updates on what's new in the industry and how it can affect credit union business; and
provides access to a community of vendors, developers and credit unions; allows visitors to participate in open forums; and post articles on technology.