Trusted News for Credit Union Leaders
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
POLICIES
The Age of Tech
Omnipresence
Credit unions must
adapt their service
strategies. Y12
Out of the
Shadows
Gen Xers have
unmet financial
needs. Y11