Meeting Members Where They Are Through Payments
RANCHO CUCAMONGA, California – CO-OP Financial Services has launched its solutions and technology roadmap for 2022, addressing the fast-changing consumer preferences for digital technologies that accelerated in the wake of the pandemic. The roadmap keys on the need for credit unions to develop active, primary financial relationships with members who are increasingly meeting their own needs with fragmented financial affiliations.
“Credit union members are more empowered than ever, curating their own suite of solutions from multiple providers to meet their everyday financial needs, directly from their devices,” said Bruce Dragt, Chief Product Officer for CO-OP. “The pandemic accelerated that comfort and scaled digital fintech usage across demographics and use cases at a speed we’ve never seen. Now is the time for credit unions to rethink their value proposition, leaning into the humanity of financial services while leveraging technology to meet members right where they are across the day-to-day moments that solidify primary financial relationships.”
New Services in 2022 Include Fraud Management and Family Card Issuance Solutions
In 2022, the company will introduce services that include a new Fraud Management Solution, to help credit unions detect and mitigate fraud. This self-service solution will enable credit unions to view linked fraud cases and events; support the full lifecycle of compromised cards from analysis to action; and customize fraud risk tolerance levels based on pre-defined fraud strategies – all from a single solution.
Additional service introductions facilitating a modern payments experience will include enhancements to the CO-OP Developer Portal, featuring new software development kit (SDK) and user interface (UI) options; and an enhancement of CO-OP Insights Center to offer additional turnkey, centralized reporting capabilities.
Among the new products in 2022 to address members lifestyle needs is a Family Card Issuance Solution. This service allows credit or debit primary account holders to digitally issue cards on their existing account to family members. These cards feature controls and alerts – including spending limits, where to spend and when to spend – that the account owner can put into place and manage within the primary account holder’s online banking experience.
Additional member lifestyle services to be launched in 2022 include CO-OP Pay-Over-Time Transactions, expanded beyond credit to include debit; and Travel Alerts enhancements, to intelligently detect travel and eliminate the need for credit unions to exempt cardholders from fraud rule sets, creating a seamless and safe cardholder experience.
Roadmap Designed Around Two Pillars: Modern Payments Experience and Member Lifestyle.
CO-OP’S 2022 roadmap is based on the company’s comprehensive payments ecosystem for credit unions and their members. CO-OP has designed its roadmap around two pillars: 1) a modern, interoperable and efficient debit and credit payments experience; and 2) a full member lifestyle engagement experience.
CO-OP’s payments experience pillar anticipates the engagement and interaction needs of members while creating a modern, integrated, data-rich, secure and operationally serviceable environment. This platform fully leverages cross-functional integration, simplified technology, deep data insights, modernization of payments and effective, proactive fraud management. CO-OP’s goals for the member lifestyle pillar are to help credit unions boost payments activation, interaction and usage.
“Payments – whether account transfers, bill pay, purchase transactions or person-to-person – offer critical daily touchpoints between members and credit unions,” said Dragt. “Payments experiences also figure prominently into members’ decisioning around the moment-to-moment financial needs that help them achieve lifelong financial ambitions.”
Complete Details Available by Visiting “Inside the Roadmap”
For a complete rundown on CO-OP’s 2022 roadmap, organized by credit union and member outcomes, visit “Inside the Roadmap” here.
Looking beyond 2022, Dragt says CO-OP will continue the development of the company’s integrated payments and fintech ecosystem for credit unions. “Alongside our credit union partners, we will continue to investigate the connection between human and digital engagement, all the while remaining focused on member financial wellness and the credit union mission of ‘people helping people,’ however it evolves.”