Today In Digital-First Banking: OneAZ Credit Union To Work With Lumin Digital; ECB: Next Pandemic Wave Won’t Hit Economy As Hard
In today’s top news in digital-first banking, OneAZ Credit Union has signed a multi-year deal for Lumin Digital to be its digital banking technology, while an European Central Bank board member says that the next pandemic wave won’t likely hit the economy as hard. Plus, the International Monetary Fund has upgraded its global real gross domestic product (GDP) forecast.
OneAZ Credit Union has inked a multi-year deal for Lumin Digital’s cloud-based platform to provide its digital banking technology. Lumin Digital will offer client and retail banking to more than 145,000 OneAZ members when the CU rolls out the platform in June of next year. OneAZ, which was started in 1951, now has more than 20 branches.
Klaas Knot, a European Central Bank board member and Dutch central bank president, said that while COVID-19 infections are on the uptick in Europe, they will probably have less of an economic effect this time. He indicated that it would be less of surprise now that the globe has already undergone the initial shock of COVID-19.
The International Monetary Fund (IMF) has revamped its global real gross domestic product (GDP) forecast for 2020 from -5.2 percent in June to -4.4 percent in October. “The world is coming back from the depths of its collapse in the peak of this crisis, which was the first half of this year,” Gita Gopinath, chief economist and director of the research department at the IMF, said in a digital press event.
Insider fraud is coming to the surface as another threat to the country’s unemployment insurance (UI) program, which is already under attack as criminal groups and digital criminals make away with billions. According to a new alert issued by the Financial Crimes Enforcement Network (FinCEN), state unemployment officials should be alert for collusion among their own ranks by workers aiming to take money.