MAY - 20209Over the past few years, we've all seen the rollout of chip-embedded cards, which help protect against data breaches among other safeguards. Further physical changes are being introduced to cards themselves, even small upgrades like improving durability and putting numbers on the back to enhance security. Customers also have come to expect a contemporary and feature-rich app for their online banking. First Tech too is rolling out a more intuitive and personalized portal, which will bring new self-serve features into members' hands, such as travel notifications, spending controls, account balance notifications, and fraud alerts. With a smartphone, members now have the power of a bank branch in their pocket, 24/7/365. Evolution behind the scenesCredit unions and banks also stay relevant and engaging in ways customers don't see. For instance, First Tech recently adopted a Pega business process management platform to improve a number of back-office functions that used to be done manually. Many decisions surrounding disputes and error resolution are now automated, resulting in a more seamless experience for customers. What's more, First Tech uses artificial intelligence and machine learning to recognize patterns of fraudulent behavior so that it can more quickly detect and prevent financial crimes. First Tech also is expanding its agreement with CO-OP Financial Services to process all its credit and debit payment services. Another factor in the move to CO-OP is its robust middleware interface, which will allow First Tech employees to manage the credit union's portfolio in a more efficient way. Balancing convenience with securityThere's no shortage of new offerings that can entice consumers. Even smart appliances have become a reality, where for example you can make purchases from your refrigerator, should you wish. Wearable tech also allows financial institutions to offer banking services through smart watches by Garmin and Fitbit, for example, and First Tech has been at the vanguard there too.It becomes easy to envision a not-too-distant future in which customers use their voice-activated assistant--at home or even hands-free behind the wheel--to move money, check their balance or inquire when a recent payment was made. These developments certainly attract customers with their convenience, speed, and simplicity--but with that also comes our responsibility to ensure privacy and security. As payment moves from coins and paper to an entirely digital framework, an enormous amount of data is gathered during the course of a transaction: where a customer makes a purchase, what's being bought and when, and at what price. On the one hand, this is a good thing, because it helps a financial institution understand which products and services would be of benefit to a user. But on the flip side, there is a healthy and justified amount of sensitivity around how much of this data is out there, who has it and how well it's being protected. Financial services consumers, just like in so many other realms today, want immediate gratification, they want personalized service, and they want it flawlessly. As leaders in the financial industry, we want to leverage technology to improve the experience for the people we serve. At the same time, we strive to deliver these innovations in a secure way. Only then can we truly be transformative leaders in the digital world. Over the past few years, we've all seen the rollout of chip-embedded cards, which help protect against data breaches among other safeguards
< Page 8 | Page 10 >