By Carolyn Crandall
The days of Jesse James’s train and bank robberies and John Dillinger kicking down doors with his trademark Tommy gun may be long gone, but bank heists are alive and well in the 21st century — albeit with a new flair. Instead of dramatic physical robberies, today’s criminals have shifted the battleground to cybersecurity, infiltrating the networks of financial institutions globally to steal money and personal information. The attacks remain staggering. Back in 2012, individuals and businesses are believed to have lost approximately $78 million during Operation High Roller. Fast forward to today, and the hacking group known as Bandidos Revolution Team is reported to have stolen hundreds of millions of pesos by infiltrating interbank payment systems and hacking into ATMs. Notably, this group is not believed to be connected to another, separate 300-million-peso heist from five banks last year.
Minneapolis, Minn. // www.wolterskluwer.com
Online Applications can empower community banks and credit unions to provide a new digital sales channel to reach new customers and grow loan volume, all without the overhead of additional branches. OLA enables lenders to accept applications without requiring customers to physically enter a branch, and completion of applications online vastly reduces lenders’ manual data entry, cuts overhead and streamlines lending processes.
Why are so many chatbots female?
By Alaina Webster, Managing Editor
Chatbots and digital assistants are everywhere. Start typing questions in a chatbox on a website, and there’s a good chance you’re not conversing with a living, breathing human. And whom did you consult about the weather this morning? Did you tune into your local news station, or did you simply ask Alexa while standing in your closet, trying to decide how many layers you’d need?
Atlanta, Ga. // www.vsoftcorp.com
Looking to make core processing for banks and credit unions easier and less time consuming, VSoft Corp. has launched Wings, a flexible and comprehensive core processing system built on advanced browser-based technologies.
By Michael Kiella
Editor’s Note: BankBeat asked academics and marketers to weigh in on how behavioral economics is transforming the industry. This is part one of a two-part series.
Patterns of behavior, including how a customer feels — their emotional state when they are interacting with banking professionals — is valuable information in creating successful transactions and relationships. If bankers know the behavior of a group inside of its customer base in data-analytical terms, and know how their customers feel when they are interacting with their financial selves, it makes it easier to offer products and services that the customer may not know exist. This is behavioral economics applied to financial services.