TAMPA, Fla.–CO-OP Financial Services is focused on four product areas and will be introducing a number of ongoing releases this year as part of its digital transformation process, according to a presentation made by the company here.
Speaking to a CO-OP Road Show meeting hosted at Suncoast Credit Union’s offices here, Bruce Dragt, chief product officer with CO-OP, noted when it comes to any projects, especially technology, it takes time to get data together, build models, put a business process around it and make things happen.
The things CO-OP will be making happen in 2019, according to Dragt, are focused around data accessibility, payments, service and fraud.
Here’s what he had to say about each of the four areas:
Data Accessibility
Data accessibility, said Dragt, is about managing the ways credit unions connect to member data and account details in order to optimize their portfolios and customize the member experience. In short, “we are turning this into something you can do things with,” he said.
Payments
Dragt said payments is about providing solutions for faster payments to enable easy and secure money movement. As an example, Dragt noted members will still have credit and debit accounts, but the way those members access them is changing.
Service
Service is about providing tools that are easily accessible to deliver the personalized experience credit unions and members expect. It’s a function that is often forgotten, he said. “Your members trust you and count on you a lot. We want to enable you to deliver.”
Fraud
Fighting fraud is about advanced prevention technologies to keep up with evolving fraud trends and to quickly identify suspicious activities. “This is about stopping fraud, but also about telling people who are trusting you that they have the ability to use it without fear,” he said.
Dragt, who in a previous job said he was in the room at meetings when Apple Pay was being developed, said those meetings illustrate a difference between credit unions and other providers.
“They are often searching for dollars, not searching for solutions, as we are,” he said. “What you will see us at CO-OP beginning to do is be laser-focused on a set of things that matter to you and your members and which deliver the digital experience wanted.”
On Tap This Year
Specifically, the digital transformation projects on which CO-OP is focused this year, according to Dragt, are:
- Single Reporting Repository. The goal is to provide holistic, user-friendly access to cardholder and portfolio data and intuitive analysis tools.
- Springboard Platform Expansion. The objective is to provide a robust interface that gives card servicing staff access to member data and delivers operational efficiencies
- Integration Platform. The goal is customization and flexibility that can be brought to credit union digital channels through a “plug and play” environment, according to Dragt.