RANCHO CUCAMONGA, California – CO-OP Financial Services is introducing CO-OP Insights Center, a web-based business intelligence and reporting platform that simplifies complex portfolio information to produce meaningful, actionable insights. The technology gives credit unions within the CO-OP ecosystem the ability to quickly understand portfolio behavior and make decisions to grow their credit and debit programs.
“In the wake of COVID-19, it is more important than ever for credit unions to understand the trends in member spending,” said Bruce Dragt, Chief Product Officer, for CO-OP. “CO-OP Insights Center aggregates volumes of transaction data and distills it into insights credit unions can use to make sound business decisions. With this new tool credit unions can track credit, debit and ATM usage, implement strategies to improve their portfolio’s performance and ultimately own more member moments.”
Intuitive and Meaningful Data
The new Insights Center includes user-friendly features and interactive, dynamic dashboards that make data analysis a simple, manageable process and enable easy identification of future opportunities for growth. This includes:
- Key portfolio performance indicators over time;
- Transaction spend analysis by day;
- Average card spend and transaction volumes;
- Transaction volume tiers based on monthly card usage;
- Merchant category analysis;
- ATM transaction and individual terminal analysis;
- Cardholder usage and analysis of payment approvals and declines; and
- New cardholder onboarding.
Advanced tools include CO-OP’s data visualization technology, allowing credit unions to quickly assess the health of their portfolio, pull reports and e-mail them to key stakeholders, or export data into different formats for further analysis.
The Insights Center includes comprehensive security and access controls to let the credit union customize permissions, so team members have access to only the data and reports that apply to them.
CO-OP’s platform is unique because of its access to rich data sources, including the nearly 30,000 machines in CO-OP ATM network, debit and credit transactions from cardholders with CO-OP-client institutions and, soon, the CO-OP Shared Branch network.
“The ability to aggregate all of these data sets allows CO-OP’s credit union clients to better understand member patterns, enabling them to create more effective payments and member engagement products and services,” said Dragt.
In future releases of Insights Center, this integrated tool will provide a holistic view of individual members, highlight insights and provide tools and services enabling credit unions to deliver personalized and seamless experiences to members.
More information about CO-OP Insights Center can be found by visiting www.coop.org/insightscenter.