Rancho Cucamonga, Calif.-based CO-OP Financial Services unveiled what it called “a new vision of its advanced digital ecosystem,” aligning payments and financial technology solutions along five categories of products and services.
“Shifting technology, consumer behavior and new fintech entrants are disrupting the financial services industry faster than credit unions can independently respond,” Bruce Dragt, Chief Product Officer for CO-OP, said. “CO-OP exists to integrate and advance credit union services and deliver scale, so credit unions can compete and win by engaging members with the services they expect.”
CO-OP said its mission means the company offers a comprehensive array of products and open solutions, with value delivered to credit unions through a portfolio of answers focused on the challenges credit unions and members face. “The multi-faceted CO-OP ecosystem offers a platform approach for the delivery of products, technology and thought leadership required in a rapidly evolving financial landscape,” Dragt stated.
The reimagined CO-OP Solution Lines are structured as a portfolio and addresses the core needs of credit unions and their members today and in the future:
- Pay. Empowering members to seamlessly and securely make payments anywhere and anytime through a variety of open and private networks, and via holistic credit, debit and prepaid solutions. CO-OP also offers digital wallets, including Fitbit and Garmin wearables, and Apple Pay and Samsung Pay as well as plastics.
- Integrate. The Integrate Solution Line gives credit unions the tools needed to manage the services provided to members. This includes information and analytics to understand and drive those services, such as the MyCO-OP client application portal and the upcoming CO-OP Insights Center. This Solution Line also includes tools that provide the means of integrating CO-OP services across an enterprise, from innovation to delivery to support, including Springboard and the new CO-OP Developer Portal.
- Engage. Expansive digital tools built with the credit union member specifically in mind, designed to connect members to their institution and their accounts directly via digital and mobile innovations, branch and ATM networks, personalized communications, and live and IVR support solutions. The suite of products includes CO-OP ATM Terminal Driving, CO-OP ATM and CO-OP Shared Branch networks, loyalty and rewards, CardNav by CO-OP alerts and controls and the CO-OP Contact Center.
- Protect. Safeguarding members and credit unions with advanced fraud tools to aid accurate fraud detection decisions, interdicting fraudsters while continuing to enable a friction-free experience for members. Solutions include COOPER Fraud Analyzer, now available on the CO-OP Shared Branch network, enhancements to disputes and chargebacks handling, fraud alerts and 3-D Secure 2.0.
- Consult. “Strengthening the ability to meet member expectations today while managing ever-shifting industry dynamics by leveraging CO-OP’s expertise, consultative strategies and innovative thought leadership, firmly rooted in payments, technology and credit union DNA.” Initiatives include SmartGrowth consultation, CO-OP’s Preferred Marketing campaigns and Co-Creation Councils.
“Organizing our products along the CO-OP Solution Lines allows us to help our clients in a highly consultative way, simplifying the search for the right solutions to create credit union growth,” Dragt said.