Online banking and credit union community CBANC on Monday (Jan. 10) launched a new platform that features an online marketplace of products and solutions for financial institutions.
The CBANC Marketplace includes data and information for 1,000 products from more than 450 companies that offer solutions and services to banks and credit unions. It also has a catalog of products and services that enable 8,600 U.S. financial professionals to connect with the right vendors and service providers.
“Over the past 10 years, CBANC has been a place for all financial professionals to connect and discover the information they need to succeed,” said Tom Ferries, CBANC CEO, in the company announcement. “Today, the speed of technological innovation is outpacing awareness, and community banks and credit unions need a place to discover what’s available for them and feel confident in their decisions.”
The CBANC Marketplace puts vendors’ products and services in front of a verified audience of community banking and credit union professionals. Companies can add, share and update information in real time to give better insights to their audience. There is no cost to add products to the portal.
The CBANC Community and Marketplace is a free resource for all employees of U.S. financial institutions and members to have access to all available features at no cost to them or their institution.
Related: How Credit Unions Can Work to Identify and Eliminate Fraud Risks
Recent data revealed credit unions’ specific vulnerabilities in online fraud, including leaked employee credentials, insecure email networks and subpar software patch management, translating to an estimated yearly financial risk of direct fraud attacks that can range from $190,000 for small CUs to $1.2 million for large CUs.
Technology solutions that prevent online fraud for third-party vendors exist in the market, making it essential that credit unions implement cybersecurity innovations to avoid potentially devastating effects on both revenues and members’ trust.
The financial risk of a third-party attack on a single vendor runs upward of $300,000 for small CUs and more than $1 million for large CUs, and that risk multiplies with each vendor that has access to a CU’s sensitive data.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
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