Ted Goldwyn

When a vendor decides to no longer support a key piece of technology, it often leaves bank and credit union technology leaders in a frustrating and disruptive predicament. The impacts can reverberate across the entire organization, affecting everything from the customer experience to day-to-day operations, risk management and employee morale. The JustificationsTechnology vendors may decide to sunset a solution for any number of reasons.

Just a few years ago, biometric authentication was at the leading edge in the fight to combat identify theft, data breaches and other types of financial fraud. Today, the financial services industry is employing a range of security measures, including multifactor authentication, predictive analytics and artificial intelligence, transaction authentication and in some cases, blockchain.

Suncoast accepts consumer loan applications through its mobile banking app, among other channels. In the days following Hurricane Irma, the credit union posted a message on the front page of the mobile app announcing the availability of the loan. Immediately, loan applications jumped from a manageable daily volume of three to four hundred to a high of 4,000 requests in a single day. Suncoast’s consumer loan origination system is set up to automatically pull credit at the time of application.