Future Banking
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
July 1, 2025 • 4 mins
This podcast discusses the potential for major retailers like Walmart and Amazon to issue their own stablecoins, which could significantly disrupt the financial services sector. These companies collectively command a substantial portion of the retail market, and their entry into digital currencies would add to an already burgeoning stablecoin market that saw trillions in transactions last year. It can negative impact traditional fi...
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July 1, 2025 • 5 mins
This session examines the GENIUS Act, recently passed by the Senate, which aims to integrate payment stablecoins into the U.S. financial system. This legislation defines stablecoins as digital assets designed for payments and settlement, offering a step toward clearer regulation. However, there is a significant unresolved issue concerning the "Know Your Customer" (KYC) requirements for stablecoin recipients. The core problem is how...
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July 1, 2025 • 4 mins
This discussion highlights a significant shift in the landscape of financial transactions, particularly noting a decline in checks and growth in digital payment methods like ACH, debit, and credit cards in the U.S. It draws a stark contrast with China, where internet companies dominate mobile payments, achieving 80% market share through platforms like Alipay and WeChat Pay, while U.S. transactions primarily flow through traditional...
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June 23, 2025 • 4 mins
This episode discusses FedNow, highlighting its anticipated impact on the financial sector. It emphasizes how this new system will transform payments processing and reshape consumer and business expectations regarding financial transactions. A crucial aspect mentioned is the need for real-time fraud prevention to accompany the immediacy of these transfers, ensuring security in the face of quicker transactions.
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June 23, 2025 • 4 mins
This podcast discusses the increasing challenge of auto loan delinquencies within credit unions, highlighting that nearly 5% of borrowers are significantly past due. It emphasizes the critical role of auto loans as a major source of revenue for these institutions, with credit unions holding a substantial portion of the nation's total auto debt. Convenient payment solutions are essential to address rising delinquencies, suggesting ...
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June 23, 2025 • 3 mins
In the next twenty years over 84 trillion in assets will be passed from the silent and boomer generations to their children and grandchildren. The largest wealth transfer inhistory.
If the recipients of the transfer are your members you win, and if not, you lose. The downside is of a magnitudethat is a potentially existential risk to your credit union.
What’s needed is simple. The children and grandchildren of your members must also ...
If the recipients of the transfer are your members you win, and if not, you lose. The downside is of a magnitudethat is a potentially existential risk to your credit union.
What’s needed is simple. The children and grandchildren of your members must also ...
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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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