Technology Is Shaping The Future Of The Modern Credit Union
Konica Minolta Business Solutions and its IT services division, All Covered, recently attended two national credit union conferences. The shows were packed with concerned executives and a few of the topics that were top of mind included emerging cybersecurity trends and regulatory and compliance issues. Credit unions today must strategize solutions to these issues in order to remain successful in the market and have more time to focus on the satisfaction of their members.
Protecting against Cybersecurity Threats
Keeping up with these trends is important because cybersecurity threats are continually becoming more complex. New schemes and targets are leaving credit unions vulnerable. Often times, these organizations are not as well protected as larger financial institutions. While credit unions are developing cybersecurity toolkits, cybercriminals are using automated technology, machine learning and pre-built software toolkits to better launch attacks. Therefore, a multifaceted approach to security encompasses IP-connected devices, and a protected network from the firewall to the endpoint. Also crucial is accounting for the integration with third-party channels and services for more accuracy. Transactional and member data is appealing to fraudsters and cybercriminals. How a credit union manages and stores the staggering amount of members’ data will entail moving towards enabling technology such as advanced analytics or artificial intelligence, which will curtail anti-money laundering strategies and data management.
Security Risks for Your Company
A part of the multi-faceted approach that credit unions should adapt is utilizing IT security services and solutions. Each department will be kept safe with the utilization of this program. This is crucial to ensure compliance with ever changing regulations. It’s also important to have a system in place to monitor and report on IT and network infrastructure to ensure data is secure and backed up. IT services are also crucial for regimented system patching to help protect against exploits. These services detect vulnerabilities and perform the necessary updates before serious issues arise. Organizations without these services often aren’t aware of a problem until it’s too late and the results can be disastrous to a credit union. Compromising the security of their members’ sensitive information is not something that should be taken lightly. To ensure the safety of their institution, credit union executives need to make sure operations meet all regulatory requirements and are in line with their risk strategy.
Keeping Up With Compliance
Cybersecurity trends, compliance and regulatory issues are keeping credit union executives up at night, and for good reason. According to the NAFCU’s recent article entitled “Top Credit Union issues to watch in 2019,” credit unions are facing meritless lawsuits due to unclear guidance for website accessibility under the Americans with Disabilities Act (ADA). They are also requesting more flexibility from the Federal Communications Commission’s (FCC) under the Telephone Consumer Protection Act (TCPA) to ensure credit unions can contact their members with important information without fear of violating the law.
The Consumer Financial Protection Bureau (CFPB) significantly amended the Home Mortgage Disclosure Act (HMDA). This is important because HMDA, often referred to as Regulation C by the Bureau, requires financial institutions to collect information to show they are serving the housing needs of their community and complying with anti-discrimination laws. The data is also used to increase public understanding of housing market conditions and attract private investment. There is also great importance on credit unions’ unfettered access to the secondary mortgage market as well as a need for affordable housing options available to members of the House Financial Services Committee. These are just some of the topics that will be at the forefront of discussion this year.
It was clear from these conferences that the digital future of the credit union will require new leadership models that entail acquiring digital literacy, understanding the impact of digital technology, ability to respond to disruptive environments, and adaptability.
The new credit union is here and speaking to members and executives of credit unions about their concerns for the future safety of their member’s data was eye opening. Konica Minolta and All Covered are ready for the Workplace Of The Future™ that not only includes new technology for automation but also secure ways to protect private client information. Solutions and services like Mobotix’s Intelligent Video Security Solutions are just a fraction of what the team has to offer, but it is already helping credit unions shape their future. Konica Minolta and All Covered are looking forward to growing credit unions’ members with cutting edge technology.