In April 2017, CO-OP acquired credit-card processor TMG and set out on a journey to integrate the two organizations to become one, united CO-OP. We are proud and delighted to announce that in less than a year, we have reached a significant milestone in that journey. Today, we have unveiled MyCO-OP, a single access point to all CO-OP tools and applications for our clients.
A Uniting of Technology, Resources, Data and Applications
MyCO-OP is a culmination of our work to unite the technology, resources, data and applications inside the new CO-OP. According to CO-OP President/CEO Todd Clark, the portal will dramatically simplify the way credit unions in the CO-OP ecosystem access and use the firm’s applications:
“With MyCO-OP, our clients can access all CO-OP tools and programs with just one username and password, MyCO-OP will make serving members fast, efficient and secure – achieving a key initiative within our digital transformation strategy and tightly integrating the entire enterprise,” said Clark.
A select group of clients have been working closely with CO-OP to beta test MyCO-OP over the last several weeks. We will continue to onboard clients over the next several months, with a phased approach to implementation ensuring all clients receive the training necessary to setup and use MyCO-OP at their credit union. CO-OP will be reaching out to clients as their implementation dates approach.
Portals are a Key Component to Digital Transformation
Many legacy organizations have found portals to be a critical component to digital transformation. This is particularly true for companies like CO-OP that are seeking to drive the growth of the industry it serves through an ecosystem model. IDC predicts that by this year, more than 50 percent of large enterprises – and more than 80 percent of enterprises with advanced digital-transformation strategies – will create or partner with such platforms.
Security Remains at the Forefront
Once authenticated by the system, clients can view all CO-OP applications in one screen for optimum convenience. Launching an application is as simple as clicking on its icon. Yet, it’s important to note, MyCO-OP engineers did not sacrifice security for convenience. Using the latest in multifactor authentication and Identity as a Service (IDaaS) features, MyCO-OP is 2018 PCI 3.2-compliant. In other words, it meets the industry’s most stringent requirements for securing member accounts and data.
Internal Testing Reveals Efficiency Gains
MyCO-OP gives credit unions in the CO-OP ecosystem access to shared branching, ATM, digital solutions, mobile banking, credit, debit, prepaid, P2P and more, all from one highly intuitive, highly secure entry point.
Credit union staff will have friction-free access to every application in the CO-OP ecosystem, allowing them to serve members more quickly and completely. In terms of efficiency gains, CO-OP’s internal testing indicates that a credit union with 25 users will save a total of 450 employee hours per year. This is 450 hours that a credit union will be able to apply to many other purposes, particularly member service.
“MyCO-OP makes things easier for our staff and the multifactor authentication is great,” said Michelle Spencer, Electronic Services Manager of Genisys Credit Union of Auburn Hills, Michigan (www.genisyscu.org), a beta tester of MyCO-OP.
Iterative Approach to Lead to Ongoing Enhancements
CO-OP’s iterative technology culture sets the tone for everything we do. This means MyCO-OP will be enhanced over time, just as CO-OP’s proprietary credit card services application Springboard has been. As we add partners, platforms, products and channels to the CO-OP ecosystem, they will be seamlessly plugged into the portal.
Other enhancements we anticipate in subsequent editions of MyCO-OP include reporting features (piloting with clients already underway), business intelligence tools, extended integration with credit union systems and data, and other advanced features designed to give credit union employees the functionality they need right at their fingertips.
“Credit unions are working hard to transform themselves for the digital era,” said Clark. “Speed is essential to making this happen. By simplifying our many tools, systems and processes into a single, powerful ecosystem, we’re helping our clients better serve members by meeting and exceeding their expectations as digital consumers.”
Learn more about MyCO-OP and CO-OP’s iterative technology culture by registering today for THINK 18, May 7-10, in Chandler, Arizona.
The original article MyCO-OP Delivers on Promises of the New CO-OP can be found on Insight Vault.
