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Are You Ready for Real-Time Banking?

Posted by Jennifer Geis

Sep 13, 2017 11:45:00 AM

For an overview and definition of real-time payments, read the previously published blog titled ‘The Biggest Misconception of Real-Time Payments’.

There is no doubt that we live in a society which values time. Innovative companies are cropping up every day to help us do things faster.

Financial services consumers are demanding not only speed, but convenience, automation, reliability, and transparency among transactions in addition to real-time funds availability. In addition to consumer expectations, drivers of this faster payment movement include technology innovation, new players and business models, business expectations, enhanced safety and soundness, and globalization and regulatory pressure. As we evaluate those drivers, many industry experts believe that financial service providers will begin to see benefits from functionality that leverages faster payments. 

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Topics: Payments, Tomorrow's Technology

The Future of Security Biometrics: You Knew Me at “Hello”

Posted by Hayley Turpen

Aug 30, 2017 12:01:00 PM

In today’s world, it is not just the younger generation (or Gen Z in my case) that are becoming more comfortable talking to their smartphones, Google® Home, and Alexa for everyday functions. These types of major technology companies are defining consumers’ expectations and behavior, and it won’t be long until this trickles down to the financial services sector and for consumers to expect banks to provide voice recognition technology.

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Topics: Information Security, Tomorrow's Technology

Research: What We Don’t Know WILL Hurt Us!

Posted by Susan Griffin

Jul 19, 2017 11:30:00 AM

“Research is creating new knowledge.” Neil Armstrong

I’m sure Neil Armstrong’s confidence level was high when he stepped out of his spacecraft onto the moon. He knew how much research was done at NASA to put him there. And more importantly, to get him home safely. 

Although it’s not rocket science, the research we do at Jack Henry & Associates (JHA) is just as important to us. We depend on research to better understand the needs of financial institutions (FIs) as well as the customers they serve. With this knowledge, our associates are able to build strategies that define and accentuate the design of our products and services.

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Topics: Financial Services Industry, Tomorrow's Technology

M Is for Machine Learning -  Not Magic

Posted by Patty Moore

Jul 5, 2017 11:30:00 AM

Several of my colleagues and I recently had an opportunity to visit the Microsoft campus in Redmond, WA to meet with their data scientists and SQL Server 2016/ SQL Server R Services experts. Our objective was to collaborate on the machine learning models we are developing for our Advanced Reporting for Credit Unions™ (ARCU) business intelligence solution.

While machine learning algorithms have been around for quite some time, our team is looking to productize and operationalize predictive models for 240+ Jack Henry/Symitar customers. Predictive analytics is an area of data science that is getting more and more attention.

Why? Companies have accumulated a breadth and depth of available data and they want to maximize their investment by generating predicted outcomes that will help them make better decisions and take faster action.

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Topics: Credit Unions, Tomorrow's Technology

Loan by Robot?

Posted by Jonathan Patrick

May 10, 2017 11:30:00 AM

Does “Robo-advice” Include Lending?

By now, financial services consumers have gotten used to the idea of a robot handling their money. In fact, according to Accenture, seven out of 10 consumers even welcome “robo-advice” for their banking, insurance, and retirement services.(1) So clearly, consumers are at least open to the notion of a robot handling their assets – but what about their liabilities? Are consumers ready for a loan processed entirely by a robot?

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Topics: Lending, Tomorrow's Technology

The Interconnected Future of Open Banking

Posted by Eric Wilson

May 3, 2017 11:30:00 AM

Over the next year, European Union Member States will be scrambling to implement the revised Payment Services Directive (PSD2) which goes into effect in January 2018. In a nutshell, PSD2 is an EU directive that will require all banks operating in Europe to expose customer account data for retrieval and provide payment services for use by authorized external entities. These Third Party Providers will be empowered to retrieve customer account information as well as initiate payments directly to bank systems if their customer provides them the authorization to do so. European banks are now on the hook to develop and provide programmatic interfaces (API’s) for outside organizations to tap into, whether the banks like it or not.

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Topics: Data Management, Tomorrow's Technology

The Next Generation of Frictionless Payments

Posted by Deborah Matthews Phillips

Mar 29, 2017 11:15:00 AM

I confess…I am that picky person that pinches the produce and squeezes the Charmin at the grocery store. Honestly, I don’t enjoy grocery shopping – I dread standing in line, knowing there are better ways to invest my precious free time. Amazon launched a new concept store in Seattle, Amazon Go, for the 67% of consumers like me that never shop for groceries online yet yearn for greater convenience.

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Topics: Information Technology, Payments, Tomorrow's Technology

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