This episode discusses the advanced security features of Access Softek's digital banking product, highlighting their recent integration of passkey support. Multiple prominent technology companies, including Google, Microsoft, and Apple, are quoted, each emphasizing the superiority of passkeys over traditional passwords. These sources collectively explain that passkeys offer enhanced security through biometric authentication (fingerprint, face scan) or screen locks, are unique to each application, and are highly resistant to phishing attempts. Furthermore, the session indicate that passkeys provide convenience by being usable across various devices, ultimately positioning Access Softek as a leader in secure digital banking solutions.

This podcast examines financial institution approach to security budgeting. It highlights how many credit unions erroneously base their security investments on past fraud losses, effectively assuming historical data predicts future threats. The author compares this reactive strategy to foregoing fire insurance because a house didn't burn down previously, illustrating its inherent flaw. Instead, the podcast advocates for a proactive security posture, emphasizing that digital channel security budgets should aim to minimize the maximum potential loss, rather than merely offsetting previous incidents. Ultimately, the discussion promotes a forward-looking risk assessment over a backward-looking one for robust security.

Retrieval AugmentedGeneration (RAG) allows you to focus ChatGPT on your documents. You can askChatGPT a question and it will synthesize an answer from all your policies,procedures, annual reports, website, marketing materials and more.
To create an Assistant is simple; giveit instructions, add your files and you have a very valuable tool. Youmight create an Assistant for underwriting loans or answering questions in thecall center. Try it as an experiment. You will find lots of detailedinstructions on YouTube or in a standard web search.
We have a number of ChatGPT Assistantswe created and use on a regular basis, including one we call EvanAI to helpanswer questions about the product he manages.
Try it and see why Access Softek is“AI Everywhere”.
Buckle up credit unions, the future iscoming.

This podcast highlights the critical importance of cybersecurity in 2024, emphasizing the significant number of data breaches that have already occurred this year. Cooperating members, a no risk business model for fraud attempts and real time fully automated transferscompound the problem.
When you product shop, look for security innovations you haven't seen before. When you are chased by lions,don't be the slowest in the herd.that exacerbate risks. Ultimately, the text advises consumers and businesses to seek out advanced security innovations to protect themselves from escalating threats.

This podcast discusses the challenges and strategies for moving beyond traditional passwords in financial institutions. It highlights that user habits make the transition away from passwords difficult, despite more secure and convenient biometric options being available. Here are two approaches to eliminate passwords: 1. Implementing biometric login across all banking channels 2. Creating an image database of users' faces during online account opening. Adopting such a strategy is crucial to prevent increasing digital channel fraud losses.

This podcast discusses a critical flaw in traditional Request for Proposal (RFP) processes. It highlights how RFPs, despite their thoroughness, often overlook innovative solutions because they are limited to pre-defined questions. This limitation can prevent organizations, such as credit unions, from discovering potentially transformative features that they haven't yet considered or asked about. There is a simple yet effective solution: allowing vendors to propose additional questions to be integrated into a revised RFP, ensuring a more comprehensive evaluation and preventing the RFP process from hindering innovation. This method helps organizations stay competitive by uncovering unforeseen advancements.

This episode explores the eventual obsolescence of QuickBooks, mirroring the earlier decline of Quicken as online banking evolved. Business banking platforms will progressively incorporate features currently offered by QuickBooks, ultimately making a separate accounting software redundant. This podcast highlights invoicing as the next crucial feature for business banking to integrate, which would streamline the entire cash flow process for small to medium-sized businesses. This shift is presented as both an opportunity for innovators and a threat for those resistant to change.

This podcast examines the impact of technological advancements on credit unions, highlighting a common pattern where initial rapid improvement eventually stabilizes until the next significant breakthrough. It draws parallels between past innovations, like the iPhone and early mobile banking applications, and the current rapid evolution of artificial intelligence (AI) and large language models (LLMs). AI's potential impact on credit unions is expected to be more profound and widespread than previous technological shifts, urging these institutions to aggressively adopt new AI technologies to foster growth and avoid being left behind. Early adopters of new technology consistently outperform their peers, making proactive engagement with AI crucial for the future success of credit unions.

The discussion highlights the growing ubiquity and significance of Artificial Intelligence (AI) across various sectors. It emphasizes how AI's influence is already evident, citing Nobel Prizes awarded for AI-related breakthroughs like AlphaFold's protein folding prediction. It predicts a transformative shift within financial institutions, moving from technology-centric models to AI-driven operations.

This episode discusses the outdated and inefficient practices often found in current digital account opening processes. It highlights several key areas where improvements are necessary to create a more secure, personalized, and user-friendly experience.
This discussion promotes the adoption of biometrics for enhanced security, personalized approaches to cater to individual needs, and 24/7 support through live chat and chatbots to reduce drop-off rates. Furthermore, it emphasizes the importance of real-time verification instead of archaic penny deposits and seamless integration with digital banking to eliminate redundant data entry. Ultimately, this episode emphasizes that existing solutions are outdated and that a modernized approach is essential for effective digital account opening.