Designed to Positively Impact Everyday Moments for Members Through Payments
RANCHO CUCAMONGA, California – CO-OP Financial Services has updated its product roadmap, reflecting the company’s development of a cohesive and integrated payments and technology platform built to help credit unions become the single trusted financial partner members need.
“CO-OP is committed to providing credit unions with the kind of insightful control and deeper engagement opportunities they need to thrive both now and well into the future,” said Bruce Dragt, Chief Product Officer for CO-OP. “We know our credit union partners often need long lead times to plan for incorporating innovations from CO-OP, which is why we are announcing products that will be generally available and available for technical release in the coming year.”
CO-OP’s updated mix of payment solutions carries forward the strategic vision of the prior two years’ product development, while also delivering on trends brought about by the unprecedented events of 2020. Each of the solutions within the product roadmap fall under one of four focus areas for the upcoming year:
- Payment Activation and Usage
- Data, Insights and Consultation
- Fraud Prevention, Management and Resolution
Products in technical release are products CO-OP will be validating with a small group of beta clients. General availability signifies products that are ready for implementation by all clients. CO-OP plans to enhance the following solutions for technical release in the coming year, unless specifically indicated for general availability:
Payment Activation and Usage
- CO-OP Lifestyle Loyalty provides credit unions with an insights-driven member lifecycle management and communications rewards system that is personalized, configurable and tailored to member preferences, greatly incentivizing card use. (General availability.)
- Digital Issuance enables members to receive their new or replacement digital card instantly and start using it within minutes – promoting seamless, uninterrupted card usage, whether replacing a lost or stolen card or issuing a digital card for the first time. (General availability.)
• Springboard Advancement. This unified credit and debit operational management solution will be advanced to give credit unions a single, integrated tool to more easily and efficiently manage the configuration of their CO-OP products and services.
• Digital Experience Interface provides pre-configured User Interface (UI) offerings that allow for quick and easy integration of CO-OP and third-party services into member-facing channels, eliminating potential resource, bandwidth and speed-to-market barriers for credit unions.
Data, Insights and Consultation
- CO-OP Insights Center Advancements. CO-OP Insights Center became generally available earlier this month, while in the coming year Insights Center will be advanced to put payment portfolio analytics to work by activating credit union data through campaign management and data segmentation.
- SmartGrowth Expansion expands the capabilities of CO-OP’s payments consulting services beyond credit to give credit unions greater access to debit card program performance analysis to boost growth for debit clients.
Fraud Prevention, Management and Resolution
- COOPER Fraud Score. By using machine learning to create risk-scoring models that determine the level of suspicion on card-based transactions, COOPER Fraud Score will have the ability to evaluate and score card authorization requests – improving accuracy in decisioning and stopping real fraud, while enabling legitimate transactions to go through. (General availability.)
- Member Identification and Authentication. A single, integrated platform for a credit union’s ever-evolving identification and authentication needs, CO-OP’s Member Identification and Authentication platform will help mitigate and stop fraud account takeover across an expanded variety of engagement channels.
“Offering a world-class payments experience can make all the difference in establishing a primary financial relationship with members,” said Dragt. “We have invested in creating a payments ecosystem that injects elements like transparency and control, personalization and rewards, immediacy and invisibility to the otherwise mundane payments moments members engage in day-to-day. Working with CO-OP, credit unions have the tools of engagement they need to thrive in the post-pandemic era.”
For more information on products and services from CO-OP, visit https://www.co-opfs.org/Solutions.