From key insights on the Windows 7 deadline to fintech innovation, this week, CreditUnions.com is focused on technology.
Here are five can’t-miss data points this week on CreditUnions.com.
Microsoft has released nearly a thousand security patches for its Windows 7-based operating system since the software giant made that its standard platform in 2009. The system drives millions of ATMs around the world, but on Jan. 14, 2020, Microsoft is ending standard support for the software. The move will affect billions of laptops, desktops, computer networks, and ATMs. Windows 10, which has been around since 2015, has become ubiquitous in PCs; however, major ATM providers estimate that 90% of the 190,000 or so ATMs in the United States are still on Windows 7. So, what comes next?
Read: ATM Suppliers Dish As Windows 7 Deadline Draws Near
Until 2014, Digital FCU encouraged innovation to produce internal benefits. It solicited opinions from staff members about areas of improvement and partnered with local colleges to take the pulse of the youth. The strategy was educational but not so much actionable. Then, in 2014, the credit union opened the first iteration of what eventually became the FinTech Innovation Center. The idea behind the Digital Center for Excellence in Financial Services was simple: Create a physical space where startups could work and connect with business executives. The Digital Center for Excellence benefitted Digital FCU, but the credit union soon realized the center provide benefits beyond the cooperative’s walls. The center evolved again.
Read: What Does Fintech Innovation Look Like In Credit Union Land?
Affinity Plus Federal Credit Union has been busy. In the past three years, the second-largest credit union in the Gopher State has undergone seven major systems conversions, including changes to both its core and digital banking providers that allowed it to introduce an entirely new digital experience to members. The credit union’s previous vendor dictated its digital roadmap and strategy, and the overall experience for members wasn’t mobile-first or as all-encompassing as the institution wanted. Members weren’t happy, either. They gave Affinity Plus’s old mobile application a rating of 1.4 stars on Apple’s App Store. That changed with the roll out of a new mobile application on April 3, 2018.
Read: A Mobile App That Shines With 5 Stars
The future was on display at Finovate Fall this year. Held in the Marriot Marquis in the heart of New York City’s Times Square, across the first two days of the conference 75 companies took to the main stage to live demo their financial innovations to a room full of fintech leaders and financial institution lenders, alike. In these two days, several themes emerged and several companies stood out. Not every company in attendance offers a solution that’s right for financial cooperatives, but for those that do here are 30 names credit unions need to know.
Read: 30 Companies To Know From Finovate Fall 2019
Walking into a credit union branch can be a gamble for members. Will it be crowded? Will the person working the teller line be able to handle a particular request? Will the time spent be worth it? Enter in-branch queuing and online appointment scheduling, which are eliminating one of the biggest pain points prevalent in the legacy branching experience: the unknown. Digital FCU implemented online appointment scheduling four years ago; and Michigan State University FCU aims to launch in 2020. By partnering with third-party vendors that specialize in these technologies, credit unions are giving members the power to bank where they, when they want, and with whom they want. Here, leaders from these two credit unions with more than 40 branches between them discuss the in-branch capabilities of this new technology, member response, and lessons learned along the way.
Read: The Banker Will See You Now