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Credit Union Times

JULY 20, 2016 | VOL. 27 | NO. 24 | CUTIMES.COM

TECHNOLOGY

Palm IDs Strengthen Gesa

The $1.6 billion, Richland, Wash.-based Gesa Credit Union is reading palms – not to tell the future, but to improve it by reducing identity fraud, shrinking transaction times and improving overall branch service.

To accomplish this feat, the credit union employed the Brookfield, Wis.-based core processor Fiserv’s Verifast: Palm Authentication. The solution integrates Fujitsu PalmSecure biometric technology with the Fiserv’s DNA account processing platform. The Verifast solution validates members’ IDs when they hold their hand over an infrared sensing device that detects a person’s unique palm vein pattern.

“Overall we think this is an excellent solution for our credit union to move forward into the future of how we transform and deliver service to our members,” Gesa Director of Products Karl Guynn said.

According to Fiserv, this technology can increase authentication speed by more than 90%. Palm authentication also helps enhance efficiency for credit unions by reducing keystrokes, eliminating search screens and inaccurate selections, minimizing errors and speeding up transactions.

“We focus on enabling a better experience at the branch by trying to streamline the authentication process,” Chris Van Der Stad, SVP/chief technol- Y15

Must Reads
Tragedy
Triggers
Response
Plan Review
PETER STROZNIAK
pstrozniak@cutimes.com

isbelief. Tense. Uneasy. On edge. Grief. Those are some of the words credit union executives used to describe the aftermath of the Dallas shootings, which took the lives of five police officers and shocked the nation.

Credit union employees who
work in one of the half dozen
downtown Dallas branches at or
near where the tragedy unfolded
Congress makes some changes,
experts said.

The National Flood Insur-
ance Program is administered by
FEMA, which works with more
than 80 private insurance com-
panies to offer flood insurance
to business owners, renters and
homeowners in areas where
flooding is a distinct risk.

Currently, more than 5. 5 million flood insurance policies are in place in 20,556 participating communities nationwide, but not everyone is eligible for the program.

And the typical homeowners’
insurance policy doesn’t cover
flooding.

“In an ideal world, your home
insurance would cover all risks,
including flooding,” according to
Policyholders United, a consum-
er group. “But in this world, flood
damage is excluded from most
policies unless you’ve bought a
rider, endorsement or separate
policy.”
And most homeowners who
don’t qualify for the national
program don’t believe they need
flood insurance.

INSURANCE

NFIP Perseveres Despite Issues

DAVID BAUMANN dbaumann@cutimes.com

Y16

FOCUSREPORT:

GEN X

As boomers begin to think about passing on wealth to their heirs, credit unions looking to retain their assets must begin courting their Gen X children. Meanwhile, credit unions have an opportunity to reach often overlooked Gen X members through targeted marketing. Learn more in this Focus Report. Y8