Trust is the Ultimate Currency
It’s been said that trust is the ultimate currency. It can’t be bought, and once attained, can be lost in an instant. When it comes to relationship building, credit unions are known as leaders in the financial services industry; however, many members are frustrated with antiquated methods to confirm their identity. Whether it’s a series of knowledge-based questions or usernames and passwords, the financial services industry has long taken [...]
Why Investing in Digital Identities is a Must-Do
These past two months have been among the most extraordinary times any of us can remember. The COVID-19 impact is all around us, impacting all of our lives, our work, the economy, and for sure we are on the onset of a new normal that we are learning how to deal with daily. There are always two stages for dealing with a change of this magnitude. First, we react [...]
CUNA News Podcast with John Ainsworth
Pandemic highlights need to create trustworthy digital connections with members. When social distancing guidelines went into effect across the United States, credit unions responded by closing or limiting access to lobbies and reducing the number of employees working in branches. As a result, many credit unions became digital-first entities almost overnight—encouraging members to use virtual channels to access their accounts and services. In this environment, the concept of digital [...]
How a Three-Party Digital Interaction Builds Trust
You might remember the 1993 New Yorker cartoon, where a dog at a computer says to the other, “On the Internet, no one knows you’re a dog.” Decades later, that problem is about to be solved for credit unions and their members. While some websites may not care if their visitors are dogs, credit unions need a high level of confidence that their members are who they say they are in each and every interaction. Digital service [...]
The “New” Handshake is Virtual and Digital.
The World Economic Forum states that we are at the beginning of the Fourth Industrial Revolution. Technologies are converging and provide immense potential for shifting how we can improve every aspect of our lives. Underneath all of that technology lies the internet, which has a flaw that could have been fatal. Until recently, it has lacked a built-in digital identity. CULedger announced last week its participation in the Trust [...]
CULedger joins CUNA as the newest premier level CUNA Associate Business Member
Credit Union National Association (CUNA) has announced CULedger as the newest Premier Level CUNA Associate Business Member, joining in CUNA’s advocacy efforts to support, protect, unify and advance the credit union movement. CULedger is a Credit Union Service Organization (CUSO), creating the premier platform of digital exchange for financial cooperatives globally. They provide advantages to credit unions and their membership by reducing risk associated with cybersecurity and fraud, [...]
Cross-Industry Coalition Advances Digital Trust Standards
Cross-Industry Coalition Advances Digital Trust Standards Governments, nonprofits and private sectors across finance, health care, enterprise software and more team up with Linux Foundation to enhance universal security and privacy protocols for consumers and businesses in the digital era. SAN FRANCISCO, Calif., May 5, 2020 - The Linux Foundation, the nonprofit organization enabling mass innovation through open source, today announced it will host the Trust over IP (ToIP) Foundation, [...]
The COVID-19 Impact on Credit Unions: Digital Trust is a Necessity
The COVID-19 Impact on Credit Unions: Digital Trust is a Necessity As the coronavirus changed many aspects of day-to-day life, it most certainly has impacted how credit union members interact with your credit union’s branches and call center channels. Credit unions are particularly affected as they often rely heavily on face-to-face interactions with their members. Now those faces are covered with masks. You can’t address and plan for a [...]
Germ-ridden Interactions May Boost Use of Contactless Verification
Germ-ridden Interactions May Boost Use of Contactless Verification The impact of COVID-19 has brought with it the need for credit unions to adapt quickly and effectively to a set of new realities. Member behavior has shifted—mobile banking interactions are up 200% and call center volumes have skyrocketed to more than 300%. This is a jackpot for fraudsters. Criminals are coming after stimulus checks, pretending to be sick employees, [...]
How to Create Digital Trust
The COVID-19 pandemic has not only changed the way we’re currently living our lives and interacting with one another—it has also changed how credit unions serve their members. The top priority of credit unions right now is keeping employees, volunteers and members safe, while remaining in a position to serve members during and after this crisis. Maintaining and continuing that service comes down to one thing: trust. Credit unions [...]