Boosting Member Engagement and Growth: A Look Inside CO-OP’s 2020 Product Roadmap

CO-OP Financial Services

by Bruce Dragt, Chief Product Officer

At CO-OP, we believe payments are the path to member engagement and credit union growth. Payments bring you into more “life moments” with your members, literally every day of their lives, and that ultimately will lead to deeper relationships. And, as your partner, CO-OP has and in 2020 will extend the credit union industry’s most complete ecosystem of products and services to deliver a payments growth engine for your credit union.

I was pleased to release CO-OP’s 2020 Product Roadmap at our recent Quarterly Update Livecast (watch a recording here). These solutions across our five business lines – Pay, Integrate, Engage, Protect and Consult- are built to maximize member engagement, usage and delight and help speed credit unions on the path towards Primary Financial Relationship status with their members.

Here is what we’re delivering in the first quarter of 2020

    • CO-OP Insights Center – We all know that data is a powerful business tool, but how do we activate that data in meaningful ways. The CO-OP Insights Center is a powerful new business intelligence and reporting tool that will provide a secure, holistic view of your credit unions’ data. In this release you’ll be able to track and measure the performance of your credit, debit and ATM portfolios so that you can take action on those insights.
    • Zelle –  Last year Zelle processed over $187 billion in payments across 743 million transactions.1 With our new Zelle solution, credit unions can now provide their members with access to the Zelle digital payments network, combining the ease and security of moving money via the CO-OP ecosystem with this leading P2P payments avenue. To launch Zelle to its membership, CO-OP credit union clients need only to have CO-OP account-based technology in place and have the ability to integrate Zelle with their digital banking solution.
    • Contactless EMV Expansion – Building upon our existing capabilities to support contactless EMV issuance, we have now enabled clients to utilize the CardPro services to produce Contactless EMV cards. This extends our capability to issue Contactless EMV across the full CO-OP ecosystem.
    • Contact Center Expansion – The CO-OP Contact Center experienced significant technology upgrades which will enable new features and true Universal Agent capabilities at our next Contact Center release in Q4.

 

What’s on Tap for the Rest of 2020

Throughout the year we will deliver additional solutions across our five solutions lines. Among the leading product introductions planned by the end of 2020 are:

    • Pay: Digital card issuance, which will allow credit unions to deliver debit and credit accounts digitally to their members. The APIs needed by credit unions to build the member experiences related to issuance, standard reissuance and for lost and stolen will be made available.
    • Integrate – In addition to the Insights Center, CO-OP will expand the availability of Springboard, a robust, simple-to-use application giving access to all cardholder account information in one place. The Springboard expansion will bring this solution to all card processing clients and enhance its performance, stability and scalability, resulting in a modern tool for today’s digital credit unions. A second release of the Insights Center will also bring fast-follower capability to the tool, including peer benchmarking and other new features.
    • Engage – In addition to Zelle, CO-OP will introduce a new integrated Rewards solution to help credit unions offer a loyalty experience that is personalized, easy-to-use and solidifies the member’s connection with their credit union.
    • Protect – CO-OP will improve its service for managing Disputes and Chargebacks on behalf of credit unions. The tool utilized to provide this service is being modernized and integrated to the overall CO-OP ecosystem. In addition, COOPER Fraud Score will be unveiled, which will be integrated with existing risk management tools and provide a new transaction risk score. The risk score will be generated by machine learning, driven by data proprietary to CO-OP and utilize models developed by CO-OP staff.
    • Consult – Enhancements to SmartGrowth, CO-OP’s card program consulting service. SmartGrowth will be automating and expanding its capabilities and capacity for additional client engagements in order to analyze card program performance, identify key opportunities and execute campaigns to boost portfolio programs.

I am really excited about where we are heading in 2020. CO-OP is growing all five of our solutions lines through continued investment in product development and technology. We are leaning into the power of reinvestment in our organization, for the good of credit unions and their members, and the future of the movement.

You can find a complete set of 2020 roadmap resources, including a recording of our Q1 Product Update, by visiting: https://www.co-opfs.org/Q1ProductRelease.

 

Sources:

1 Zelle

The original article Boosting Member Engagement and Growth: A Look Inside CO-OP’s 2020 Product Roadmap can be found on Insight Vault.

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