Access Softek Podcasts
Access Softek, the premier provider of digital banking solutions, is proud to present a series of deep dive conversations exploring the trends, technologies, and innovations in digital banking. In each episode, we explore bold ideas, hidden opportunities, and critical shifts that are redefining the relationship between credit unions and their members. Join us as we rethink what’s possible in digital banking—and how credit unions can lead the way.
Episodes
June 20, 2025 • 4 mins
This episode discusses the advanced security features of Access Softek's digital banking product, highlighting their recent integration of passkey support. Multiple prominent technology companies, including Google, Microsoft, and Apple, are quoted, each emphasizing the superiority of passkeys over traditional passwords. These sources collectively explain that passkeys offer enhanced security through biometric authentication (finger...
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June 19, 2025 • 5 mins
This podcast examines financial institution approach to security budgeting. It highlights how many credit unions erroneously base their security investments on past fraud losses, effectively assuming historical data predicts future threats. The author compares this reactive strategy to foregoing fire insurance because a house didn't burn down previously, illustrating its inherent flaw. Instead, the podcast advocates for a proactive...
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June 19, 2025 • 4 mins
Retrieval AugmentedGeneration (RAG) allows you to focus ChatGPT on your documents. You can askChatGPT a question and it will synthesize an answer from all your policies,procedures, annual reports, website, marketing materials and more.
To create an Assistant is simple; giveit instructions, add your files and you have a very valuable tool. Youmight create an Assistant for underwriting loans or answering questions in thecall center. T...
To create an Assistant is simple; giveit instructions, add your files and you have a very valuable tool. Youmight create an Assistant for underwriting loans or answering questions in thecall center. T...
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June 17, 2025 • 5 mins
This podcast highlights the critical importance of cybersecurity in 2024, emphasizing the significant number of data breaches that have already occurred this year. Cooperating members, a no risk business model for fraud attempts and real time fully automated transferscompound the problem.
When you product shop, look for security innovations you haven't seen before. When you are chased by lions,don't be the slowest in the herd.that ...
When you product shop, look for security innovations you haven't seen before. When you are chased by lions,don't be the slowest in the herd.that ...
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June 17, 2025 • 4 mins
This podcast discusses the challenges and strategies for moving beyond traditional passwords in financial institutions. It highlights that user habits make the transition away from passwords difficult, despite more secure and convenient biometric options being available. Here are two approaches to eliminate passwords: 1. Implementing biometric login across all banking channels 2. Creating an image database of users' faces during on...
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June 17, 2025 • 4 mins
This podcast discusses a critical flaw in traditional Request for Proposal (RFP) processes. It highlights how RFPs, despite their thoroughness, often overlook innovative solutions because they are limited to pre-defined questions. This limitation can prevent organizations, such as credit unions, from discovering potentially transformative features that they haven't yet considered or asked about. There is a simple yet effective solu...
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June 17, 2025 • 5 mins
This episode explores the eventual obsolescence of QuickBooks, mirroring the earlier decline of Quicken as online banking evolved. Business banking platforms will progressively incorporate features currently offered by QuickBooks, ultimately making a separate accounting software redundant. This podcast highlights invoicing as the next crucial feature for business banking to integrate, which would streamline the entire cash flow pro...
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June 16, 2025 • 5 mins
This podcast examines the impact of technological advancements on credit unions, highlighting a common pattern where initial rapid improvement eventually stabilizes until the next significant breakthrough. It draws parallels between past innovations, like the iPhone and early mobile banking applications, and the current rapid evolution of artificial intelligence (AI) and large language models (LLMs). AI's potential impact on credit...
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June 16, 2025 • 4 mins
The discussion highlights the growing ubiquity and significance of Artificial Intelligence (AI) across various sectors. It emphasizes how AI's influence is already evident, citing Nobel Prizes awarded for AI-related breakthroughs like AlphaFold's protein folding prediction. It predicts a transformative shift within financial institutions, moving from technology-centric models to AI-driven operations.
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June 16, 2025 • 5 mins
This episode discusses the outdated and inefficient practices often found in current digital account opening processes. It highlights several key areas where improvements are necessary to create a more secure, personalized, and user-friendly experience.
This discussion promotes the adoption of biometrics for enhanced security, personalized approaches to cater to individual needs, and 24/7 support through live chat and chatbots to r...
This discussion promotes the adoption of biometrics for enhanced security, personalized approaches to cater to individual needs, and 24/7 support through live chat and chatbots to r...
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June 13, 2025 • 3 mins
This episode highlights the urgent need to bolster cybersecurity measures across various sectors deemed critical to American infrastructure. It emphasizes that recent cyber breaches, specifically a significant compromise of the U.S. telecom network attributed to China, necessitate a reevaluation of current security standards. Industries like telecom, energy, transportation, medical, manufacturing, and finance, including instituti...
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June 13, 2025 • 4 mins
This podcast discusses the evolving landscape of cryptocurrency and its implications for credit unions.
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June 13, 2025 • 4 mins
Every person isdifferent and therefore every person should have a digital banking experience tailored to them. This sounds good in theory, but in practice it's very complicated and risky. For example, if the credit union personalizes the memberexperience based on a smart but imperfect guess, in most cases it will be a net negative result.
There is a right way and a wrong way to do personalization.
The wrong way is for the credit unio...
There is a right way and a wrong way to do personalization.
The wrong way is for the credit unio...
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June 13, 2025 • 5 mins
This podcast discusses the importance of aligning a credit union's digital services with the realistic scale of its business members. It highlights how the digital needs of businesses evolve with their size, becoming more complex in areas like accounting access, workflow, cash management, and security. Larger businesses require more sophisticated features, contrasting with the simpler needs of smaller companies that might rely o...
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June 13, 2025 • 4 mins
If someone robs a branch there is a very good chance it will be reported, the police will diligently try to catch the thief, and the thief will be caught.
Not true for cyberfraud. If someone attempts fraud against online banking, law enforcement has little theycan do, and the fraudster has virtually no risk of getting caught. The fraudster is either, “well that just paid for my next vacation. Wonder who I should target tomorrow for ...
Not true for cyberfraud. If someone attempts fraud against online banking, law enforcement has little theycan do, and the fraudster has virtually no risk of getting caught. The fraudster is either, “well that just paid for my next vacation. Wonder who I should target tomorrow for ...
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June 13, 2025 • 5 mins
“If I had asked people what they wanted, they would have said a faster horse.” Attributed to Henry Ford, the founder of Ford Motor company.
It is important to hear the voice of the member but that cannot be the only guide to your roadmap. Nor can it bethe decisive factor in evaluating a new innovation. It will hold back innovation.
It is always possible to find reasons why you shouldn’t try something new. As a student, Fred Smith, th...
It is important to hear the voice of the member but that cannot be the only guide to your roadmap. Nor can it bethe decisive factor in evaluating a new innovation. It will hold back innovation.
It is always possible to find reasons why you shouldn’t try something new. As a student, Fred Smith, th...
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June 13, 2025 • 5 mins
A few years ago Access Softek did a survey of credit union members and their adult children. It’s a complicated and interesting story but one surprising result was the following:
Family members don’t want to bank together. They actively choose to bank somewhere their parents or childrendo not bank.
This creates many problems, but it also represents an important opportunity for those who can motivate families to bank together.
There ar...
Family members don’t want to bank together. They actively choose to bank somewhere their parents or childrendo not bank.
This creates many problems, but it also represents an important opportunity for those who can motivate families to bank together.
There ar...
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June 12, 2025 • 6 mins
This deep dive explores the evolution of digital banking for credit unions, highlighting a significant shift towards cloud-based hosting due to its security, efficiency, and cost benefits. It identifies a growing challenge where the complexity of digital platforms often surpasses the internal resources and expertise credit unions can dedicate. While a traditional model leaves credit unions to manage the product, a managed services ...
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June 12, 2025 • 5 mins
This podcast explores the inherent advantages smaller entities possess when challenging established giants, particularly within the financial sector. It highlights the vast disparity in scale, using the example of a credit union against JP Morgan Chase, and questions how smaller firms can contend with the technological investments of larger competitors. The podcast draws parallels to historical instances, like IBM's decline in the ...
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June 11, 2025 • 4 mins
This episode proposes an innovative approach for credit unions to manage loan risk and support members, moving beyond traditional underwriting methods. It highlights that common causes of bankruptcy like job loss, medical expenses, and divorce are poorly predicted by current loan criteria. Instead of solely relying on repossession, the author suggests credit unions could proactively assist membersby helping them find new employment...
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