LAUNCH 2022 - Carolinas Credit Union League
LAUNCH 2022
The Carolinas Credit Union League
Sheraton Charlotte, Charlotte, NC
Aunalytics to present and exhibit as a Takeoff Sponsor at LAUNCH 2022, powered by the Carolinas Credit Union League
Aunalytics is excited to attend LAUNCH 2022, powered by the Carolinas Credit Union League as a Takeoff Sponsor. Ryan Wilson, Vice President of Client Relationships, will be presenting a talk on advanced data analytics solutions, and the team will be demonstrating Daybreak™ for Financial Services at the Aunalytics exhibition booth. Daybreak enables credit unions to more effectively identify and deliver new services and solutions for their members so they can better compete with large national banks.
Digital Banking & Analytics Initiatives Top Banking Technology Predictions for 2022
When looking at major trends and predictions regarding banking technology for mid-market financial institutions this year, two themes top the list—digital banking and analytics initiatives. Mid-market financial institutions have been placing more emphasis on digital banking and analytics initiatives in recent years as consumer preferences and technologies evolve. But over the past two years, the pace of this shift has accelerated. As we move away from the initial shock to our economy caused by the global pandemic, and continue to feel its ripple effects in the supply chain, the jobs market, and price increases in nearly every sector, 2022 reveals that time is of the essence for new leaders to emerge in mid-market banking with smart technology investments.
Unfortunately, simply providing a mobile banking app is not enough in a world where customers demand personalized digital interactions. A banking institution must augment digital banking technology with customer intelligence and implement data-driven decision making through AI-enabled analytics. This is not a minor undertaking. It may require the bank to make a fundamental shift in the way it operates and the initiatives it prioritizes. Cultivating a data-driven culture is essential in meeting this goal. However, this can be challenging. Many mid-market financial institutions may not yet have the technology and talent needed to facilitate a data-driven culture. It requires data management and advanced analytics technology and expertise. Organizations need to take steps now in order to not only stay relevant—but to truly thrive—in this ever-evolving industry. Staying up-to-date on the latest technological trends is the first step in the process.
To learn more about the top technology trends in mid-market banking, and steps community banks and credit unions can take now in order to bridge the competitive gap, download our eBook, Top 5 Imperative 2022 Banking Technology Predictions for Mid-Market Financial Institutions.
eBook: Top 5 Imperative 2022 Banking Technology Predictions for Mid-Market Financial Institutions
Top 5 Imperative 2022 Banking Technology Predictions for Mid-Market Financial Institutions
As we move away from the initial shock to our economy caused by the global pandemic, and continue to feel its ripple effects in the supply chain, the jobs market, and price increases in nearly every sector, 2022 reveals that time is of the essence for new leaders to emerge in mid-market banking with smart technology investments.
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Data Analytics Helps Midsize Financial Institutions Thrive
The financial services industry continues to rapidly evolve. Between mergers, changing customer demographics, and increasing reliance on digital platforms for banking interactions, it can be difficult for smaller institutions to compete with large, national, and online-only banks in this crowded market. As customer interactions become increasingly digital, community and mid-market banks and credit unions are challenged with maintaining the competitive advantage that local, personalized, white-glove service has traditionally afforded them. This is why customer intelligence powered by data analytics helps midsize banks and credit unions thrive. However, they oftentimes struggle to achieve the valuable business insights that untapped data could provide to improve their operations.
It is unlikely that midsize and community banks will “out tech” large banks and fin-techs on their own. However, with the right partners, they have an opportunity to thrive by redefining the local experience and digitally transforming how they operate. Using the right data analytics, they can leverage their local knowledge with personalized customer intelligence to regain competitive advantage.
Customer Intelligence within Reach
Aunalytics’ Daybreak™ for Financial Services offers the ability to target, discover and offer the right services to the right people, at the right time. Built from the ground up for midsize community banks and credit unions, Daybreak for Financial Services is a cloud-native data platform with advanced analytics that empowers users to focus on critical business outcomes. The solution cleanses data for accuracy, ensures data governance across the organization, and employs AI and machine learning (ML) driven analytics to glean customer intelligence and insights from volumes of transactional data created in the business and updated daily. With daily insights powered by the Aunalytics cloud-native data platform, industry intelligence, and smart features that enable a variety of analytics solutions for fast, easy access to credible data, users can find the answers to such questions as:
- Which current customers that have a loan but not a deposit account?
- Who has a mortgage or wealth account with one of my competitors?
- Which customers with a credit score above 700 are most likely to open a HELOC?
- Which loans were modified from the previous day?
- Who are current members with a HELOC that are utilizing less than 25% of their line of credit?
Harnessing their data with Daybreak enables community banks and credit unions to discover patterns, insights, trends, and usage strategies helps to strengthen their position in regional markets and compete with large national banks. With Aunalytics’ customer intelligence data model, they are enabled to deliver timely personalized messages to customers, make data-driven product recommendations, measure campaign ROI, and grow net dollar retention.
Aunsight Golden Record creates a single source of truth for credit union data
Credit unions have a great deal of data spread across various systems. However, it is impossible to create a centralized, accurate and up-to-date record of all of this data manually. Aunsight™ Golden Record automates this process by aggregating, cleansing, and merging data into a single source of truth so credit unions have access to an accurate record of their data in one place.
Watch the video below to learn more about how Aunsight Golden Record, along with the expertise of the Aunalytics team, can help credit unions quickly and painlessly take charge of their data:
Aunalytics Cites Cybersecurity Best Practices for Financial Services as Attacks Rise 118% in 2021
Secure Managed Services Provider Protects Community Banks and Credit Unions as Cybercriminals Double Down on Efforts to Breach Financial Data, Compromise Accounts, and Profit Illegally
South Bend, IN (December 14, 2021) – Aunalytics, a leading data platform company delivering Insights-as-a-Service for enterprise businesses, today announced several cybersecurity best practices for financial services firms, including community banks and credit unions. This guidance follows new data showing hackers will continue to strike these organizations with increasing sophistication, targeting the high value data held by these organizations.
For the past six years, the finance sector has been ranked number one as the most cyberattacked industry. In 2020, attacks against banks and other financial institutions climbed an incredible 238% followed by a further impressive 118% increase in 2021. One example includes Europe-based Carbanak and Cobalt malware campaigns which targeted more than 100 financial institutions in more than 40 countries during five years, yielding criminal profits of more than a billion Euros.
According to the 2021 Modern Bank Heists 4.0 survey, the most common types of attacks hitting the financial services sector in 2020 and 2021 included server attacks, data theft and ransomware cases. It was also found that 57% of surveyed financial institutions revealed an increase in wire transfer fraud, 54% had experienced destructive attacks, 41% had suffered brokerage account take-overs, 51% experienced attacks on target market strategy data, 38% suffered attacks originating from hackers accessing trusted supply chain partners to gain entry into the bank, and 41% had become victim to manipulated timestamps resulting in fund theft.
Increasing the challenge for financial institutions is the fact that the current unemployment rate for IT security professionals is approximately 0%. The scarcity of highly skilled security professionals is compounded by the huge volume of emerging threats. As a result, financial institutions are struggling to keep up with the ever-increasing threat landscape. Digitalization in commerce is driving the need for continuously adapting and evolving skills and knowledge for IT security.
Best Practices for the Defense Against Cyber Threats
As a specialist in secure managed services, the experts at Aunalytics have reviewed the top actions necessary to secure IT, administrative, and environments touching the consumer in the financial services space to prioritize the most important areas that should be considered when securing these businesses against a cyberattack. The following best practices include:
- Continuously updating security technology and protocols as threats evolve and adapt. This means deploying a dedicated full-time security team – not an overworked IT department handling system stability and help desk, while also trying to keep abreast of the latest security threats and technologies, piecing together security tools as a solution. This is not a solution.
- Employment of 24/7/365 monitoring with remote remediation to quickly stop attacks in their tracks.
- Monitoring endpoint devices to stop attacks before they hit networks. User devices are the most likely entry point for attackers to compromise a financial institution due to the high propensity for innocent user error opening doors.
- Monitoring cloud security including application use across the financial institution to be on the lookout for atypical user behavior signaling an attack.
- Monitoring email and Office 365 using tools specially designed to thwart attacks on these platforms, such as expertly recognizing and removing phishing scams before employees have an opportunity to unleash horrible consequences with a rogue mistaken click.
- Having a dedicated security team and SOC, or hire an expert outside managed security services firm that embeds tools, technology and 24/7/365 monitoring to serve as an SOC. This is a must for financial institutions.
- Pushing frequent patches so that user devices are equipped with the latest security protections.
- Adopting deep learning or AI monitoring, mitigation and context investigation that can more quickly identify threats.
- Encrypting data so that it is not compromised even if a breach occurs.
- Using multi-factor authentication to protect against unauthorized access.
- Instructing employees and customers to only access bank data in a secure location over a non-public Internet connection.
- Training employees on cybersecurity threats quarterly.
- Developing a solid business recovery plan for when an attack occurs.
“The challenge with cyber threats is daunting because they can enter the business environment from any number of areas, making comprehensive, multi-layer security strategies and implementations a must,” said Katie Horvath, CMO, Aunalytics. “However, by implementing this recommended regiment of protections, organizations can significantly reduce the risk of a successful attack, safeguarding client data and the organization’s long-term viability.”
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About Aunalytics
Aunalytics is a data platform company delivering answers for your business. Aunalytics provides Insights-as-a-Service to answer enterprise and mid-sized companies’ most important IT and business questions. The Aunalytics® cloud-native data platform is built for universal data access, advanced analytics and AI while unifying disparate data silos into a single golden record of accurate, actionable business information. Its DaybreakTM industry intelligent data mart combined with the power of the Aunalytics data platform provides industry-specific data models with built-in queries and AI to ensure access to timely, accurate data and answers to critical business and IT questions. Through its side-by-side digital transformation model, Aunalytics provides on-demand scalable access to technology, data science, and AI experts to seamlessly transform customers’ businesses. To learn more contact us at +1 855-799-DATA or visit Aunalytics at https://www.aunalytics.com or on Twitter and LinkedIn.
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The Ventana Group for Aunalytics
(925) 858-5198
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