Company Remains Debt-Free While Making Significant Investments to Help Credit Unions Grow
RANCHO CUCAMONGA, California – In the midst of a year like no other, CO-OP Financial Services is reporting substantial achievements against goals in the areas of product and technology delivery, expanded digital capabilities and greater credit union member experience and satisfaction.
“Evolving from being a reseller to an ecosystem provider of payments technology and solutions has been our mission since 2016,” said Todd Clark, President/CEO of CO-OP. “Our commitment did not slow down because of COVID-19, but rather took on greater urgency to provide maximum value to the industry. We have turned a year of pandemic into a year of record momentum that will lead to more great work with and on behalf of our clients in 2021.”
CO-OP’s momentum is driven by substantial investment in client and member services – even in difficult market conditions brought on by the pandemic – while at the same time the company will finish the year with sound, debt-free financial performance. In 2020, CO-OP is breaking sales records in new client contracts and the growth of card processing clients. The company is also adding new talent, from data scientists and technologists to contact center agents, fueling the company’s innovation and future vision.
Complete Roadmap of New Products Launched to Deepen Member Engagement and Accelerate Credit Union Competitiveness
CO-OP’s ecosystem is guided by the company’s annual Product Roadmap. Solutions and insights made available from CO-OP this year include services designed to deepen member engagement and help credit unions build an interoperable payments platform:
Zelle implementation. Clients are positioned for fast, successful Zelle implementation enabling easy money movement because CO-OP’s account-based technology is already supported in the credit union marketplace by thousands of institutions and all major core processors.
- EMV Contactless Cards enables clients to give members a fast, secure, touch-free experience at the check-out line, which has never been more important than it is right now.
- CO-OP Insights Center gives credit unions the ability to quickly understand portfolio behavior and make decisions to grow their credit and debit programs.
Before year-end, the company will release the following products to Technical Availability, rounding out a busy year of solutions from CO-OP:
- Digital Card Issuance, delivering digital card credentials to members within minutes, avoiding interruption from new card re-issues and lost/stolen/damaged events.
- CO-OP Lifestyle Loyalty, the company’s new Rewards offering.
- Springboard: Simply designed to unite credit and debit cardholder account information, CO-OP’s Springboard platform has been expanded to integrate real-time access across all CO-OP card processing to improve credit union operational efficiency.
- COOPER Fraud Score, which uses machine learning to create risk-scoring models that determine the level of suspicion on card-based transactions to expand digital and human fraud team capabilities.
“Combined, these upcoming solutions give credit unions a holistic digital engagement suite spanning usage, rewards and security, bringing them into a tighter Primary Financial Relationship with their members,” said Clark.
Aggressive Investment and Key Achievements Bring Leap Forward in Client Experience
CO-OP has placed intensive focus on the interplay of service, technology and solutions to help clients meet the accelerating competitive market and member needs to improve the overall credit union experience delivery. Additional 2020 achievements include:
Experience Centricity and Technology Delivery
- CO-OP Contact Centers played a key role in credit union member services, particularly at the on-set of the pandemic. Technology enhancements enabled CO-OP to maintain high service levels while reassigning large numbers of staff to remote working and handling increased call volumes.
- The enhancements to CO-OP Contact Centers, in addition to client-centric design, contributed to a large client reporting a record high Net Promoter Score in member satisfaction and CO-OP’s largest increase in client loyalty to date.
- CO-OP’s Enterprise Technology and Services increased its output of technology upgrades and releases by 44 percent in 2020, greatly advancing the digitization of company processes.
- COOPER Fraud Analyzer, CO-OP’s machine-learning fraud prevention and detection tool, completed its second year of service on behalf of clients. The high-quality data at the use of CO-OP’s team of fraud analysts adds security while reducing false positives.
- CO-OP THINK delivered record credit union engagement, including the “The Payments Playbook” and nine virtual events to bring new strategies to clients at an unprecedented pace and numbers.
Transaction Rebound Improving Member Engagement
- Transaction processing totals rebounded sharply from the initial lag at the on-set of the pandemic.
Financial Wellness and Support
- CO-OP continued to give back to the credit union community – in 2020, the company will have donated $1.7 million to the credit union system and charities, while credit unions participating in the CO-OP Miracle Match program raised around an additional $800,000.
“Just recently we learned that for the second year in a row banks have bested credit unions in the annual American Customer Satisfaction Index survey,” said Clark. “With the full support of our Board we are investing and building fast to give credit unions the solutions and technology development needed to meet the expectations of today’s members. This is our task as a credit union service organization. This effort has been thoroughly planned and budgeted for so that CO-OP can provide long-term value to all our clients and the credit union movement as a whole.”
For more information on the CO-OP ecosystem for credit unions and their members, visit www.coop.org/Solutions.