RANCHO CUCAMONGA, Calif.–Credit unions were offered a “sneak peek” at CO-OP Financial Services’ THINK 18 meeting during an introductory webinar yesterday.
The meeting is scheduled for May 7-10 at the Sheraton Grand at Wild Horse Pass in Chandler, Ariz.
THINK 18 is themed “The Race to Excellence.” CO-OP’s Samantha Paxson, executive vice president/chief marketing and experience officer: transformation strategy, technology and brand, said the meeting will seek to answer why “speed and intelligence will determine your future.”
“THINK 17 was all about digital transformation,” said Paxson. “THINK 18 is going to be more about how we operationally evolve and integrate digital transformation.”
The meeting will also seek to provide answers to what credit unions will need to do to “exceed the expectations of excellence that the modern member expects,” said Paxson.
The meeting is taking place at a time when “race” seems to be the operative word as “many companies are trying to get out in front of the shift,” she added.
For instance, Todd Clark, CO-OP’s CEO, pointed to companies “creeping into our space,” such as Uber, which has added a credit card to the debit card it already had in place.
“Uber already has a debit card and has 350,000 drivers in U.S., and Lyft has a similar number,” said Clark. “And they are paying these people weekly or in some cases every day and putting that money onto a debit card. I don’t look at that as a direct threat, but as an indirect threat to the banking relationship.”
Another company that isn’t so much creeping onto credit unions’ traditional markets as marching right in is Apple, which recently announced an expansion of Apple Pay into P2P transactions using messaging.
“They aren’t just looking at the $20 and $30 payments between friends,” said Clark. “They are trying to build a database of payees and payers and weave their way into the payments structure. Should we be concerned? We should be concerned. But how we get to be a partner in all that is probably just as big an opportunity.”
During the webinar CO-OP pointed to data and surveys showing how quickly the competitive landscape is changing, with 29% of those surveyed saying fintechs are now their greatest competitive threat. At the same time, credit unions are being forced to try to keep up on artificial intelligence, blockchain, robo-advisors, biometrics and more.
Today’s Reality
As technology advances, so does the definition for excellence in digital experiences, noted Paxson. “The speed at which that excellence is delivered needs to be greater than ever.”
She said that for the successful credit union it’s all about speed plus vision, as well as the ability to be flexible and lean.
“It’s a challenge to think about shifting from the inside out, but we know it’s critical because your members are expecting it of you,” said Paxson.
What does the face to excellence mean and where can credit unions do better? Among the things credit unions will need to do, Paxson said, is:
- Sell to buyers at the time, place and channel they prefer.
- Use digital strategies to make products easier to use.
According to CO-OP, at THINK 18, attendees will learn to:
- Lead and advance CUs in the new normal and stay true to our DNA
- Translate trends into products and services
- Partner with unlikely allies and form valuable partnerships.
- Flip old models and discover new paths.
- Use data strategy to deliver a more personalized member experience
- Leverage trust in order to prosper and take advantage of the latest cybersecurity developments
- Have CO-OP help pave the road to excellence.
At CO-OP itself, Clark said the company’s strategy is all about the integration of four components: Digital First; Data (BI and analytics); Fraud and Security; Retail Banking (member-centric innovation across channels)
CO-OP is seeking to open everything using APIs, Clark said, but also offer solutions to CUs that aren’t sophisticated enough to leverage APIs.
THINK 18 will be hosted by Jean Chatzky, financial editor of NBC’s Today Show. The keynote speaker on May 8 will be the most decorated Olympian of all time, Michael Phelps.
For info: www.co-opfs.org/THINK.