ATM software experts warned that the Windows 7 migration was sure to be short-lived. And as predicted, Microsoft made the official announcement early last year – Windows 7 extended support will end on January 14, 2020. Learn what you need to be doing now to prepare for the migration to Windows 10.
Natalie Brooke had a great blog, “Is Your Bank Too Fat?“. “Complacency,” “low activity” and “aversion to change” are a few characteristics that can cause unwanted weight gain. In the financial world, many banks and credit unions fall into the same rut by “doing business the way we’ve always done it.”
EMV migration is going to be an expensive endeavor for credit unions. Card issuance will require licensing of authentication IDs, and production of new plastics will now cost two to three times more than magnetic stripe cards. ATMs will also need new hardware and software. On top of all of this, credit union members will need to be educated on the new payments process.
When it comes to ATM-related headaches, Tony Black, president of Baylor College of Medicine Federal Credit Union, has experienced a few migraines.
“We were sued once for allegedly not having a [fee disclosure] sticker on an ATM and we also had an ATM stolen out of the lobby of an office building,” Black, president of the $37 million, Houston-based institution, said.
Paul Albright believes that talking to community bankers about reclaiming capital tied up in their ATM networks is an educational opportunity. During their conversations. Albright says he detects a “light bulb going off” moment when the banker says. “why had I not thought of that before?”