Exciting news for all credit unions! As promised, the Commercial and Agriculture master/template is now live and ready to be used! Tons of fields are auto-filled from our banking system, reducing the manual work and speeding up the reporting process!
We are thrilled to share that we have embarked on an exciting project to enhance our Loan Origination product. This initiative aims to streamline the loan application process, improve efficiency, and provide our credit union partners an even better user experience. We have listened to your feedback and are building this product based on your input to cater to your workflow better. With a more intuitive interface and key improvements, we are confident these updates will empower our clients to serve their members more effectively. Stay tuned for more details!
As often discussed in cybersecurity training, phishing is still a constant threat to both employees and members of Credit Unions. As good as the Cybersecurity practices are at your credit union, your members may well become victims with their usernames and passwords compromised. There are some steps that you may want to consider to limit losses from fraud.
One trick that criminals may use is to go into a compromised account and set up a new credit card payment account. Hopefully, your members have alerts turned on in their accounts to see these changes, but some may not. Once the money is transferred out, it will be very difficult or impossible to get the funds back. Do you know what the current maximum bill payment is for your credit union? You have that set up with Central1, but the Infonancial banking system also allows you to lower the maximum bill payment for the Internet. You can set it lower for Internet Banking and higher for your teller-paid bill payments. This means more work for your Member Services Reps but minimizes larger losses.
Encourage your members to subscribe to banking alerts to keep track of what is going on with their accounts. Provide cybersecurity tips for your members on your website and post reminders in your newsletters. Make sure that usernames and passwords are set to be more complex and backed by more intricate verification methods such as personal question security (3 random questions that only the member should know the answer to).
This is similar to the security measures that you can put in place by limiting member Interac E-transfer limits. You have established daily and weekly limits with Interac, but your credit union can use the banking system to limit those transfers to lower amounts.
Keep vigilant and make sure to use the tools in the Infonancial core banking system to keep your members more secure.
We are delighted to celebrate the grand opening of Lighthouse Credit Union's new inaugural branch! This historic event marks the establishment of the only Jewish financial institution in Canada, located at 2793 Bathurst Street.
Lighthouse Credit Union is Ontario’s first and only financial institution dedicated to serving and benefiting the Jewish community. Their commitment to providing superior financial services is evident in their competitive interest rates and a range of affordable options, including low-interest mortgages and high-interest GIC investments.
We are excited to see the positive impact Lighthouse Credit Union will have on the community and the financial sector. Congratulations to the entire Lighthouse team on this remarkable achievement!
Lighthouse Credit Union has also launched their own Debit cards! Now, members can sign up for a Lighthouse Credit Union debit card to make their financial transactions easy and seamless!
After 35 remarkable years at Infonancial, our esteemed Head Developer and employee #1, Susan DeCoste, has retired as of July 31st. Susan was hired by Steven Pless before Infonancial even had a product, and together they developed the first and only fully integrated core banking system specifically designed for Canadian Credit Unions. In retirement, Susan is looking forward to travelling and spending time with family and friends. This month, we were fortunate enough to have a BBQ at Susan's beautiful cottage, where she's looking forward to spending her well-deserved retirement relaxing. Congratulations, Susan, and we cannot wait to see what this next chapter has in store for you (and we're also thrilled you'll still be with us!). We encourage you to wish her well at Susand@infonancial.com.
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As of July, Infonancial has moved to a new office at 1595 16th Avenue, Suite 402, Richmond Hill, Ontario, L4B 3N9. It has been bittersweet for the Infonancial Team to say goodbye to the office we resided in for over 25 years. However, we are ecstatic about our new location and look forward to welcoming Infonancial clients and friends to our new office soon!
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Stay updated on the latest trends in the credit union industry. From growing market competition and major mergers to new reconciliation initiatives, here are some of the key developments from July 2024:
The 2024 Canadian federal budget introduces mandates to enhance consumer protection and promote inclusivity, significantly impacting both traditional and digital-only banks. Key changes include capping non-sufficient funds (NSF) penalties at $10, enhancing low-fee banking agreements, and requiring automatic financial notifications. These regulations demand technological adjustments, revenue models, and customer engagement strategies. Digital-only banks must redefine their value propositions to remain competitive, focusing on personalized digital experiences and innovative financial management tools to stand out in a rapidly evolving landscape.
For more details, read the full article here.
