Building for the Future (of Payments, of CX, of Data, of Growth)

August 29, 2018 Todd Clark

Building for the Future (of Payments, of CX, of Data, of Growth)

Our Roadshows are in full swing this month and as I’ve been out talking about digital transformation, I’m always struck by how banking is becoming less about the financial transaction and more about the relational experience FIs are delivering and the form factor that takes. We’re all building for the future to support this hybrid model:  delivering a seamless and secure digital experience and a personalized, human experience at the branch.

Building to enable agile service regardless of channel, requires a transparent understanding of your current member experience.  Sometimes the reality is different than the perception, for instance, 80 percent of CEOs surveyed by Bain & Company believe they deliver a superior customer experience, yet only 8 percent of their customers agreed.  We know that making it possible to meet members where they are, however they want to transact, improves the likelihood of usage across all channels including payments growth and the path to PFI for your credit union.

The member experience can be filled with contradictions as humans are dependably irrational. That’s why understanding their needs and leveraging their transaction data to predict their (irrational) behavior will lead to solutions that will ultimately solve for problems they didn’t even know they had.  At CO-OP our “single member” view of member behavior is the driving force of the work we’re doing now as we build for the future.

With COOPER Fraud Analyzer now in pilot with several credit unions, we are helping predict behavior at the individual and transactional level using data insights. In this way, together we can truly personalize the member experience, delight them with greater convenience and relevance, and experience growth through increased usage.

Improving the member experience when it comes to issue resolution is a huge pain point and another area where CO-OP is building and improving.  We are taking an “integration is innovation” approach to how we bring our two main contact centers, located in Dallas, TX and Urbandale, IA, onto one platform to streamline the experience, while at the same time rolling out enhancements to the IVR, enabling future features to be added more efficiently. We know how important it is to provide your members with top-notch service, and are expanding our contact center functionalities to be able to do even more for you and your members in this space.

Building for the future also means breaking down silos and collapsing resources to streamline operations and deliver customized solutions. For instance, our Client Business Executives are a single contact for everything CO-OP, responsible for helping credit unions identify gaps in their entire payments landscape and to create stronger partnerships with the credit union and CO-OP. This means full service credit, debit, Shared Branch, network, and more all have one resource at CO-OP Financial Services. 

 

A New Model of Client Service Informed By CX

CO-OP views CX as foundational to our seamless and secure ecosystem of payments and financial technology for credit unions. Last year we undertook a comprehensive audit within CO-OP and found our CX was not optimized for the ecosystem delivery members expect. Our imperative is to build and behave in a singular integrated, interoperable environment to optimize the client experience. Key to that is having the right people to lead the effort.  We’re building out our CX team with a new VP of Client Experience, Mark Anghilante, who is working in concert with our product, strategy and ET&S organization to bring client-centric design to our strategy, integrated solutions and service model enterprise-wide.

This work directly informs the new operating model that we are in the process of testing currently with a few beta clients. The new CO-OP Client Engagement Service Model will bring together a core group of experts from our product, sales and enterprise technology teams to work as one, cohesive unit throughout the lifecycle of a client. This model is to designed to improve customer service focusing on ticketing, item accountability and more, offering holistic issue resolution and enabling a more personalized client relationship through a deeper understanding of a client’s needs. Clients will be served more customized product solutions and better integrated technology and support.  I look forward to sharing more information about the new service model as we get closer to rolling out.

This focus on the client experience and the resulting operational changes is enabling our vision to become a reality - an integrated service operating model, where a client-first perspective is applied across the enterprise, informing strategic initiatives and driving continuous improvement.   A crucial part of this CX effort is a comprehensive listening campaign, which brings me back to our 2018 Roadshows. I look forward to hearing from and talking with many of you in the next few months. Please check our remaining dates and locations.

Know that I am part of that comprehensive listening initiative, and am always interested in hearing how we can make your customer experience a better one with CO-OP.

 

Todd Clark

President/CEO

CO-OP Financial Services

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