Under The Microscope
Decommissioning ATM Best Practices
LONDON-Four risk scenarios must be confronted by ATM owners whenever the initial, 7-year to 10-year ATM lifespan is over, according to a new best practices guide from the ATM Industry Association.
The guide covers best practices for protecting consumer data at ATM decommissioning, how to handle secondhand ATMs properly and various liability issues associated with the disposal of ATMs.
"Implementation of these best practices will add another layer of protection around the ATM industry," said Mike Lee, CEO of ATMIA. "We want to avoid situations where an ATM ends up on eBay or in the hands of a criminal who can perform reverse engineering on the machine."
For info: www.atmia.com
Internet Deposits Same As Branches
SAN ANSELMO, Calif.-The gap between the average Internet rate (pure cyber institutions) and national average deposit rates at traditional institutions has diminished over the past four years, according to analysis from Market Rates Insight.
In March of 2007, the national average rate of Internet deposits was 3.50%, compared to the branch average rate of 3.16%. By March 2011, the national average Internet rate was 0.58%, compared to the branch average rate of 0.64%.
Although the national average deposit rate decreased in both Internet and branch institutions, there were variances in the level of APY decreases between the two. The greatest APY decrease in Internet APY occurred in one-year CDs, which dropped from 5.09% in March 2007 to 0.69 in March 2011. The smallest decline in Internet rates occurred in high-yield checking, which dropped from an average of 1.13% in March 2007 to 0.43 in March 2011.
For info: www.marketratesinsight.com
Getting Gens X/Y To Work For CUs
WINDSOR, Conn.-Credit unions hoping to attract young talent will need to change their recruiting strategies if they want Gen X and Y job seekers to apply for job openings.
According to a new study, Gen X and Y job seekers have values that align with a financial services profession, but their perceptions of financial services get in the way.
Younger job seekers have a disconnect related to financial services jobs, said LIMRA Distribution Research, which conducted the study. Generations X and Y job seekers, when asked if they are interested in a financial services sales position, say no. However, almost all say "yes" when asked if they are interested in working in a stable industry with lots of growth potential and opportunities to make a difference in people's lives.
"Gen X and Y job seekers have some real misperceptions about the financial services industry and the image of a sales person within the industry," said Polly Painter Eggers, analyst with the company. For info: www.limra.com