Credit Union Geek

Marketing, Strategy, and The Force by Joe Winn

Tag: apple (page 1 of 3)

ApplePay & Your Credit Union

Updated 11/13/17 with latest info on ApplePay Cash.

Yesterday, Apple hosted their annual Worldwide Developer’s Conference Keynote. Of their big public events, this is my favorite, as it discusses the technologies they’re pursuing, rather than simply the newest iPhone. And are they pursuing.

There are great sites to read up on the highlights (ArsTechnica is my favorite). From iOS 11 to macOS High Sierra (yes, they actually called it that) to innovations with augmented and virtual reality platforms, they’ve showed their hand for the next year.

But there was something else featured which should concern you more than their upcoming in-home speaker: Payments. After years of requests, Apple has added peer-to-peer payments to ApplePay. Specially, within Messages. Come the release of iOS 11 in the fall, you’ll be able to send or receive money while in a message conversation with anyone. It will use your credit and debit cards linked to your ApplePay account. Of course, these are yours, right? Remember how important it is to get your cards top of wallet, both in the back pocket and digitally!

This new world of direct payments can be an enormous opportunity for your credit union. Think of all the times people share small cash payments. A few dollars for lunch, a bit more for gas, or any number of possibilities. Position your digital card properly and your members can be earning rewards for those, as well as reaping you interchange income (Note: This is an assumption, as the platform has yet to launch.). Regardless of how much you make when members use your card, being the one they use is essential.

Of course, there is also a threat. What if a person doesn’t have (or want to use) a debit/credit card? Well, there will now be an ApplePay Cash account. That’s right, ladies and gentlemen, Apple just became the face of your cards (and institution)! Careful, or it could start to steal your members as well. My suggestion? Work with it. Encourage members of all ages and financial situations to use it for seamless payments to and from family, friends, even businesses (maybe they can’t qualify for an account with free bill pay?).  Convenient for your member, profitable (and sticky) for you.

Technology can seem scary for embedded industries. Instead of ignoring it (remember how Siri can now handle bill payments?) and hoping doom doesn’t befall your world, brainstorm how you can lead alongside.

It’s always about best serving your members.

Image credit: https://philoforchange.files.wordpress.com/2013/07/mon1.jpg

A Challenging Balance: Safety & Security

The debate between privacy, safety, and security has been ongoing for longer than I can guess. I wouldn’t be surprised if cave dwellers used secret passwords to enter adjoining caves or offer assistance in hunts. What were those codes worth to other tribes?

While we may have evolved in language skills and developed mind-boggling technology, the basic premise is unchanged. There is a perception that your privacy in some way compromises the security of the masses. If law enforcement cannot read your mail, then how will they stop the next terrorist attack? Obviously, the discussion merits far more than a short CUBit on this humble blogger’s site. I won’t argue that point. There is a place to strike balances between the privacy rights of individuals with the security responsibilities of your government. But this balance should never tip excessively in favor of the latter. I’d argue it must always lean towards the individual. Even if that person has committed heinous crimes?

There’s the rub. To collect evidence against this one person would put the security of a billion others (most of which not citizens of this country, and therefore not beholden to its laws) at risk. Is the balance needle moved?

This precise situation came to a head yesterday. Remember that time a person shot a bunch of innocent people in San Bernardino? Yeah, no love for them and deepest sympathies to the victims and their families. Well, the shooter owned an iPhone 5C and the FBI wants to collect information from it. Unfortunately for their investigation, the suspect used a passcode. As you may know from your own devices, you can only get it wrong 10 times and the device will erase itself. This feature is so good that the FBI cannot bypass it. So, they did what you’d expect…ask for a key. Since iOS 8 (we’re on iOS 9.2, or 9.3 on beta), Apple stopped keeping encryption keys. This means only the person with the passcode can access the phone’s data, not Apple. The FBI went to court against Apple on the matter. Early this week, a Federal judge ruled that Apple must provide a way for the FBI to access the phone.

They refused.

“So Apple sides with terrorists?” you may say. No, they side with their customers. You see, to modify one device would mean opening all of them up to this same intrusion. “But it can prevent another shooting or even a terrorist attack!” This is circular reasoning, as it presumes the result at the outset. I could just as easily say that it causes a terrorist attack since malicious actors used this “backdoor” to access a government official’s phone. In that case, the argument would be that we should encrypt and secure our devices better. Not to mention all the cases where a suspect’s information could now be accessed by authorities with impunity. All that encryption and security would then mean nothing. It would be akin to having a state of the art deadbolt on your door, but not adding hinges.

Is there a solution? Yes, but it’s not great, and it’s a bug. Companies regularly offer “bug bounties”, or cash rewards, to hackers finding security issues in their software. If the FBI wants this information so bad, offer an enormous bug bounty, say, $5 million, to crack the iPhone’s encryption. However, stipulate that payment only occurs if the flaw is not publicly disclosed and is submitted to the FBI and Apple simultaneously. That way, the FBI gets what they want (access to the suspect’s phone), Apple doesn’t compromise their values or the software (and gains an opportunity to fix a flaw, making it more secure for all), and none of us lose security for the sake of one investigation. Perfect? No. It’s possible no one will figure out how to bypass the passcode lock. Then what?

What’s your take? Can you think of a better way to satisfy all parties? Is there a way to truly balance privacy and security? The comments are open.

PS – This affects your credit union and members, too. Just swap “key to phone” with “key to member data”.

If You Don’t Speak Up, Someone Else Might Not Too!

Has this ever happened to you?

I was using my web browser and noticed it behave in a way that seemed odd. Sure, I could have thought, “you silly computer” and continued on with my day. But I’m a geek, remember? So, I reported it directly to Apple. Turns out, the behavior was an unreported security issue. Do you use a Mac? Take a look at your recent Safari update details. Who do you see credited in that second bullet point?

Fast forward to the day that update was released. Many sites presented the changes, both visible and under the hood. While I was getting the computer back up-and-running, I noticed a change to the way it reported RAM being used. Oh, that’s not something you’d typically check? 😉 Once again, I could have said, “I’m sure someone else will pick up on it.” Instead, I wrote to the leading Apple reporting site online with a screenshot of the change. Not an hour later, they updated their article, visible to millions of visitors, with my comments and screenshot.

A difference was made.

Even though we’re all geeks in something, I’m not suggesting bug-hunting as a new staff strategy. But what about a staff member who notices a typo in a new marketing piece? Or a member stuck in a service loop? Do they feel empowered to speak out? How about places where it’s more subtle? Imagine your phone system. It has a recording for members, and may change depending on promotions or season. Say a staff member hears an old loan offer being discussed on the recording: “Not my department. Obviously, someone else already knows about it. I don’t want to be a bother.”

No matter your position, you are valuable. From the member who points out a slow drip in the branch bathroom to an MSR who informs management about a bug in the system, that voice made a difference. It might be substantial, saving your credit union large amounts of time and money. Or, the comment may spawn a small improvement, making the member experience just that little bit better.

Speaking out is scary. Why? We put ourselves out there. And we might be wrong. That’s ok. Create a culture of inclusiveness amongst your friends, family, and workplace. Whether above or below you on the “corporate ladder”, value that input! It won’t all be amazing, but sometimes, a bug will be found, a security vulnerability will be discovered, and a better member experience will be identified!

Image credit: http://stuffpoint.com/the-simpsons/image/92012-the-simpsons-speak-up.gif

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