News

ATM Jackpotting

There is a new form of malware circulating in the United States known at Jackpotting. It is based off Ploutus.D strain of malware first seen in 2013 in parts of Mexico, Europe and Asia. Late last week, this exploit was officially seen in the US and generating concern from ATM owners and operators.

Jackpotting is a physical attack at the ATM where an attacker installs the malware via a thumb drive or CD and can then issue a command to the ATM forcing the unit to disperse cash on demand. Further, the malware can be installed and then accessed at a later date adding a layer of confusion as to when and how the attack may have occurred.

Bancsource has a solution for attacks like this via our Managed Services offering called ManagedSource. Through ManagedSource, we have the ability to harden the ATM from these types of attacks with USB port lockdown, optical drive lockdown, live antivirus and malware detection as well as live definition updates allowing you the customer to be better protected as new threats arise.

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Branch Transformation: Three Steps to Success

With technology continuing to evolve, banking executives must consider and implement changes to remain profitable.

Step 1: To Close or Not to Close.

Contrary to what you may have heard, closing branches does not always improve profitability. Convenient branch access is high on the list of priorities for consumers who are looking for a bank. While many consumers do prefer to use their personal electronic devices to check account balances or make deposits, a large percentage of the population still want a brick and mortar branch where they can get cash, pay their bills, or open new accounts. And, contrary to popular belief, even Millennials prefer dealing with a traditional branch when issues need to be resolved regarding their accounts or when seeking advice on larger more complicated financial transactions.  Whether you consider closing or transforming an existing branch, it’s important to take time to evaluate your market, branch location and customer.

Consideration:  When trying to determine if closing a branch is the route to take to improve profitability Bancsource can help with consulting and distribution strategy resources.

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Anytime Learning Over Mobile Devices

Bancsource is committed to the continued development of our most valued resources, our team members.  We have a number of different learning vehicles available, both in person and virtual.  Adobe Captivate Prime is Bancsource’s customized learning management system, a robust system that allows our technicians access to a virtual learning portal. 

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Bancsource Partnering With United Way

At Bancsource we are committed to serving our local community. This year we are excited to announce that Bancsource is now an official 2017 Day of Caring “Platinum Paintbrush” sponsor for the local United Way branch in Springfield, MO.

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Pioneer Bank replaces branches and ATMS with ITMs to extend hours and enhance services

During the last decade, community banks in the U.S. may have faced more stress than in any previous period.

There €™s the rise of national and nonbank lenders, the increase in regulations and compliance costs, the unprecedented and ongoing technology demands and the dramatic shifts in consumer behavior. One result? Reduced average return on assets.

An €œOld friend with new ideas, € Roswell, New Mexico-based Pioneer Bank is fighting back. In the latest in a series of steps, the Federal Savings Bank is replacing its ATM fleet and two branches with advanced self-service and video-assist ITMs before year €™s end.

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Community bank RCB Bank rolls out branch transformation strategy

If RCB Bank is any indication, some community banks are taking their own lead and rapidly implementing branch transformation strategies tailored to their particular and sometimes wildly varying customer bases.

Based in Claremore, Oklahoma €”best known as the home of Will Rogers and the setting for the musical Oklahoma! €”RCB has more than 40 branches serving everyone from older populations in rural towns of 500 people to millennials in the college towns of Norman, Oklahoma City, Stillwater and Claremore.

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Springfield Business Journal features Bancsource

The Springfield Business Journal featured Bancsource in its Business Spotlight section in print and online in April. Written by reporter Zach Smith, who spent an afternoon at the new Bancsource headquarters in Springfield, the article focuses on Bancsource’s culture shift since being acquired by Cleveland-based private equity firm CapitalWorks in 2015.

The article includes quotes from Bancsource CEO Mychal Kempt and Regional Vice President Brent Burleson as well as Bancsource customers Christy Wild, assistant vice president at RCB Bank and Leah Jo Morgan, vice president of IT and operations at Grand Savings Bank, both based in Oklahoma.

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Bancsource introduces banking equipment service portal CustomerSource

SPRINGFIELD, MISSOURI €” Nationwide multivendor banking equipment and maintenance services company Bancsource has launched CustomerSource, a new self-service customer portal.

CustomerSource provides Bancsource customers 24/7 access to real-time and historical information on service calls status, contract documents and financial details. This includes invoices, line by line tax items, order history, outstanding balances and managing their relationship with Bancsource holistically.

€œCustomerSource puts power into the hands of our customers and is unique in our industry, € said Tahnee Puckett, Bancsource €™s chief information officer. €œNo other company in banking equipment maintenance offers an online portal like this. €

Customers can now place service calls online at any time, check estimated time of arrival, view remote image capture and pull historical service call information.

€œWe developed CustomeSource from listening to our customers and adapting to their needs, € Puckett said. €œIt enables us to turnaround customer requests quicker than competitors. €

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Bancsource growth plans spark move to new headquarters

SPRINGFIELD, MISSOURI — Nationwide multivendor banking equipment maintenance solutions and services provider Bancsource has moved corporate headquarters to a new state-of-the-art building in Springfield, Missouri, and plans to grow employment there 25 percent over the next three years.

Bancsource serves more than 1,500 financial institutions and retailers with equipment services including maintenance, upgrades and sales for ATMs, smart safes, cash dispensers and recyclers, scanners and more along with branch transformation and related solutions.

€œEmployees created the design and layout of the new office space, € said Bancsource CEO Mychal Kempt.  €œThe result captures the entrepreneurial spirit of our company and inspires a higher level of engagement throughout the company and with our customers. €

The dedicated facility in the heart of Springfield €™s retail and restaurant district includes a state of the art call center, client executive briefing room and best in class network management infrastructure.

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Bancsource acquired by private equity firm CapitalWorks

CLEVELAND, OHIO–Cleveland private equity firm CapitalWorks, LLC, announced today it has acquired majority ownership of privately-held banking technology services provider Bancsource, Inc. based in Republic, Missouri. Bancsource provides maintenance services and sales of cash cycle equipment including ATMs, smart safes, scanners and other equipment for financial institutions and retailers nationwide.

€œBancsource provides a high level of service in an industry that demands high quality, € said CapitalWorks Managing Partner Dick Hollington. €œWith its client-centric approach combined with industry dynamics which are opening opportunities to independent technology service providers, Bancsource is well-positioned to assist its client-partners and continue to grow. €

Details of the transaction were not disclosed but Hollington said there will be additional announcements in the future regarding the investment and about management of Bancsource.

€œWe plan to invest in and grow Bancsource, € he said. €œWe believe in the industry and the company €™s position as vendor independent and client focused. €

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