5 Steps To Prevent Data Breaches At Your Bank

2020-01-15T12:47:14-05:00January 14th, 2020|

There are some categories where no company wants a first-place ranking: number of defective product recalls, number of malpractice suits and largest  number of records exposed in a data breach, to name a few. (That last title, most  records stolen in 2019 (106 million), went to Capital One, a The McLean, Va.-based financial services giant .)

More than 137 million records were exposed in the 10 biggest data breaches in 2019, according to information compiled by the Identity Theft Resource Center and the U.S. Department of Health and Human Services. Six of the 10 largest breaches impacted medical or healthcare organizations, with two […]

Is Your Bank Good Sticky … or Bad Sticky?

2020-01-07T13:41:12-05:00January 7th, 2020|

By Ron Daly

Newton’s Third Law says that for every action, there’s an equal and opposite reaction. But while he’s talking physics, I’m thinking customer retention. All good things seem to have a bad side, and for banks, stickiness is near the top of the list.

What’s sticky?

So, ask yourself if your stickiness is the good kind or bad kind: Do your customers perceive your bank as a sticky bun, offering a satisfying experience that leaves them with a good taste? Or maybe it’s more like flypaper, where customers put up with sub-par service or outdated delivery systems because they feel trapped?

Financial institutions […]

10 Reasons to Choose Virtual StrongBox

2020-01-14T10:06:06-05:00November 1st, 2019|

Virtual StrongBox is a unique platform that enables innovation in the Financial Services sector. Here are ten major differentiators between our solution and other cloud storage providers, collaboration portals, syncing tools and consumer vaults.

Data Security & Patents

Our secure, customizable platform, with its seven patents and Total Information Privacy and Protection (TIPP), is designed with FinServ security requirements in mind. We then couple that data security with convenience and simple, intuitive UX consumers demand.

Mobile First Strategy

Responsive design and a flexible consumer journey allow our partners to build their strategy and differentiators into our solution.

Easy Integration

Since 2013, our online safe deposit box solution […]

Using Virtual StrongBox to Promote a Security-First Message

2019-04-24T10:02:45-04:00November 1st, 2017|

Featured Client: 
Align Credit Union | Lowell, Massachusetts | Asset Size: $550 million

Protecting members’ personal information is a top priority for Align Credit Union. That is why the Lowell, Massachusetts financial institution offers Virtual StrongBox as digital safe in their security suite offering.

Align CU offers the online safe as a member benefit, helping their account holders protect their most sensitive information. With Total Information Privacy & Protection, the platform is the only option online that promises storage space so secure that only the member has the ability to see what’s inside. Not even Align CU or Virtual StrongBox employees can access files within the online safe […]

Using Virtual StrongBox to Simplify the Examination Process

2017-10-12T14:59:22-04:00September 26th, 2017|

Featured Client: 
Honor Credit Union | $755 million in assets | Berrien Springs, Michigan

 

Past exams at Honor Credit Union depended upon a single flash drive. Credit union employees would pass the flash drive between departments to upload requested documents to hand examiners when they arrived at the credit union, shuffling the drive back-and-forth as additional files were requested. This year Honor decided to simplify the process.

Led by Frank Witucki, VP of Risk Management, Honor CU updated how they exchanged information with state examiners by leveraging Virtual StrongBox. The credit union provides Virtual StrongBox to members as a digital safe deposit box and […]

Imagine This: Digital Transformation is Improving Regulatory Exams and Keeping Examiners Out of Your Credit Union

2017-09-20T14:20:42-04:00September 7th, 2017|

What if credit union examiners could do most – or all – of their “field” work remotely, from their home offices? No, really, think about it. You might even envision John Lennon in the background, singing “Imagine all the examiners … living life at home.” But we don’t need to listen to Lennon or other members of the Fab Four to improve processes like credit union exams. All we need is a little creative thinking – and a little help from digital technology.

Why should credit unions care if examiners can do their work and still make it to the kids’ evening […]

three-methods-of-file-exchange

2019-04-08T09:52:49-04:00July 14th, 2017|

With Virtual StrongBox, your customers will not only have a secure place for their digital files, but also a safe way to exchange those documents. There are three ways to exchange documents using Virtual StrongBox.

Exchanging a file with others

Let’s say your customer’s daughter needs a copy of her passport because she lost her physical documentations while traveling abroad. The customer can email a secure link to her travel information to help her get in touch with the embassy and find her way home.

Your customer can decide how many times someone can use the link to download the file directly from your […]

What the Heck is a “Nomophobic” … and Why Should Your Bank Care?

2017-05-17T08:43:29-04:00May 17th, 2017|

Ron Daly, President/CEO
Virtual StrongBox, Inc.
Source: https://www.cuinsight.com/heck-nomophobic-credit-union-care.html

As if our stress-laden society didn’t have enough fears and phobias, now there’s nomophobia – “the fear of being without a mobile phone.” It’s that sinking feeling you get when you can’t find your phone or know you left it at home. The British Post Office coined the term “nomophobia” in 2010, and for some it’s a real anxiety.

That isn’t surprising. Market research firm IDC found that 79% of smartphone users have their phones on or near them every waking hour. There were some 7.7 billion mobile devices worldwide by the end of 2014 – […]

Trying to Boil the Ocean? There’s a Better Path to Digital Transformation

2017-02-13T12:07:18-05:00February 13th, 2017|

By Ron Daly, President/CEO
Virtual StrongBox, Inc.
Source: https://www.cbinsight.com/trying-boil-ocean-theres-better-path-digital-transformation.html

Your bank and our clients have a lot in common. They’re financial institutions and other high-risk companies that know future success is tied to new technologies; yet, implementing a full digital strategy can seem overwhelming. They have talented, energetic people who work hard. And, in common with your bank, our clients face challenges like:

Satisfying customers who want – no, demand – to do banking on their own terms while also expecting a consistent, easy and low-stress experience every single time

Weighing the drawbacks of legacy systems and inefficient workflows against the high cost […]

No weak links: Smart ways to fortify your credit union’s mobile banking security

2018-07-18T10:37:39-04:00January 13th, 2017|

At the turn of the century, American philosopher William James said, “A chain is no stronger than its weakest link.” James was thinking ideologically, but it reminds me of “Red Rover,” the playground game we all played as kids. Remember how teams sent out a player to try to break through the weakest part of the opposing team’s circle? That’s how hackers and cyber thieves look for vulnerabilities in your credit union’s security system.

Find the chinks in the shield

Thanks to the worsening epidemic of online fraud, ID theft and other scams, it’s getting […]