The NAFCU Journal September-October 2020 - 36

INSIDE NAFCU SERVICES

Mastercard, FIS and Open
Lending Earn NAFCU Services'
Innovation Awards
By Randy Salser

W

e're very excited to
announce NAFCU
Services' 2020 Innovation
Awards winners for their
work to support credit unions in fighting
fraud, revolutionizing digital payments
and bringing new opportunities for
auto loan growth to credit unions. Our
Innovation Awards recognize groundbreaking solutions that help credit
unions better serve their members and
grow their institutions. And despite the
challenges this year, we received a record
number of entries. It was thrilling to see
so many of our partners rally around
credit unions to help them innovate their
way to success.
So, major congratulations are in order to
our 2020 winners: Mastercard, FIS and
Open Lending.

Mastercard

Advancements in payments technology
are critical for helping credit unions
become part of their members' lifestyles
and protect them at the same time.
Along those lines, Mastercard developed
NuDetect, a real-time, online fraud
prevention and protection solution,
boasting an amazing 99 percent accuracy.
It uses passive biometrics and behavioral
analytics to identify approved online
users throughout an entire user session
even on different devices. NuDetect
prevents fraudulent transactions, even
when the bad guys get hold of the right
account credentials. With this service,
36

credit unions can provide a better
member experience without compromising security. The tool combats account
hijacking, fraudulent money transfers,
password resets, and the addition of
fraudulent new payees, giving credit
unions confidence in the safety of their
members' data.

FIS

FIS has empowered credit unions to
allow their members to upload payment
card accounts quickly and easily into
a digital wallet. FIS' Digital Issuance
leverages a single account number for
both digital and physical cards and lets
the cardholder place restrictions when
a physical card is necessary. Best of all,
it gets members using their new and
replacement cards immediately, increasing interest and noninterest income to
the credit union, and there's no additional investment by the credit union to
implement. That's quite a way to build
member loyalty, too.

Open Lending

Open Lending has revolutionized credit
union auto lending as we know it with
Lenders Protection. The company's
proprietary LP Score takes in massive
amounts of data from multiple sources
to better predict nonprime borrower
defaults - and it's reached an incredible 99.2 percent rate of accuracy. Open
Lending's tool helps credit unions confidently reach members with nonprime
credit scores and better serve those

in need. Additionally, the company's
pricing platform assists credit unions to
better price for the risk and hit their target rate of return, typically higher than
their other portfolio loans.
NAFCU Services' Innovation Awards,
open exclusively to NAFCU Services
Preferred Partners, are selected by an
independent third-party panel of judges.
Thank you to Farmers Insurance Federal
Credit Union Chief Operating Officer
Kathy Chicas, CUbroadcast creator and
host Mike Lawson, Coastal Federal
Credit Union Chief Member Service
Officer Jim Pack, and CUinsight publisher and CEO Lauren Culp for serving
as this year's judges.
Randy Salser is president of NAFCU
Services.

THE NAFCU JOURNAL SEPTEMBER-OCTOBER 2020



The NAFCU Journal September-October 2020

Table of Contents for the Digital Edition of The NAFCU Journal September-October 2020

The NAFCU Journal September-October 2020 - Cover1
The NAFCU Journal September-October 2020 - Cover2
The NAFCU Journal September-October 2020 - 1
The NAFCU Journal September-October 2020 - 2
The NAFCU Journal September-October 2020 - 3
The NAFCU Journal September-October 2020 - 4
The NAFCU Journal September-October 2020 - 5
The NAFCU Journal September-October 2020 - 6
The NAFCU Journal September-October 2020 - 7
The NAFCU Journal September-October 2020 - 8
The NAFCU Journal September-October 2020 - 9
The NAFCU Journal September-October 2020 - 10
The NAFCU Journal September-October 2020 - 11
The NAFCU Journal September-October 2020 - 12
The NAFCU Journal September-October 2020 - 13
The NAFCU Journal September-October 2020 - 14
The NAFCU Journal September-October 2020 - 15
The NAFCU Journal September-October 2020 - 16
The NAFCU Journal September-October 2020 - 17
The NAFCU Journal September-October 2020 - 18
The NAFCU Journal September-October 2020 - 19
The NAFCU Journal September-October 2020 - 20
The NAFCU Journal September-October 2020 - 21
The NAFCU Journal September-October 2020 - 22
The NAFCU Journal September-October 2020 - 23
The NAFCU Journal September-October 2020 - 24
The NAFCU Journal September-October 2020 - 25
The NAFCU Journal September-October 2020 - 26
The NAFCU Journal September-October 2020 - 27
The NAFCU Journal September-October 2020 - 28
The NAFCU Journal September-October 2020 - 29
The NAFCU Journal September-October 2020 - 30
The NAFCU Journal September-October 2020 - 31
The NAFCU Journal September-October 2020 - 32
The NAFCU Journal September-October 2020 - 33
The NAFCU Journal September-October 2020 - 34
The NAFCU Journal September-October 2020 - 35
The NAFCU Journal September-October 2020 - 36
The NAFCU Journal September-October 2020 - 37
The NAFCU Journal September-October 2020 - 38
The NAFCU Journal September-October 2020 - 39
The NAFCU Journal September-October 2020 - 40
The NAFCU Journal September-October 2020 - Cover3
The NAFCU Journal September-October 2020 - Cover4
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