SAN DIEGO–CO-OP Financial Services has announced the rollout of CO-OP Purpose, which it is calling a new corporate social responsibility program for credit unions that provides turnkey, impactful community initiatives to advance their mission of empowering peoples’ financial well-being.
CO-OP announced the new program during its THINK Conference here. The program is being tested as it is rolled out before it will be brought to scale, CO-OP said. CO-OP is working with the firm Mission Measurement to create a business case for such programs specifically for credit unions. The results of the study will be available this summer, CO-OP said.
“CO-OP Purpose combines social mission with innovation to give credit unions a unique way to capitalize on their opportunity to attract consumers looking for both in a financial institution,” said Samantha Paxson, chief marketing officer for CO-OP. “The program extends our movement’s traditional commitment to ‘people helping people’ and includes financial literacy education outreach, philanthropic and charitable giving, new ways of collaborating with colleagues and consumers, and access to research on the business case for corporate social responsibility.”
CO-OP Purpose, said CO-OP, is “marrying the fintech revolution with mission by partnering with the National Credit Union Foundation and other potential partners on two new financial literacy programs:
- The CU Network + Library Network Coaching Program. Currently in beta, that program will bring financial literacy to a trusted community hub – the local library. Libraries and credit unions will partner to help educate people and improve their financial lives. The idea is based on one of the winning ideas from the CO-OP THINK Prize 15.
- The Credit Union + Yoobi Classroom Initiative, which is being rolled out in partnership with the socially-driven school supply company. Upon completion of feasibility studies, the initiative will enable credit unions to donate financial literacy kits along with Yoobi classroom packs to underprivileged schools. The Yoobi partnership follows a talk that was given to the THINK 15 meeting by company co-founder Ido Leffler.
In addition to the two financial literacy initiatives, CO-OP Purpose incorporates existing social responsibility initiatives, including:
- The Credit Union Innovation Project, in partnership with OpenIDEO and powered by MasterCard. According to CO-OP, the initiative gives credit unions and OpenIDEO’s global community the means to collaborate and execute ideas, generating unique connections between consumers and their financial services provider. CO-OP said the program builds on the success of the CO-OP THINK Prize 15, in which collaboration between credit unions and OpenIDEO innovators generated several new financial inclusion projects. Core to the project are a Fellowship program and specialized tools for credit union employees to co-create the future of human-centered financial services.
- CO-OP Miracle Match, a $1-million-annually matching program that encourages credit unions to conduct fundraisers for Children’s Miracle Network Hospitals. CO-OP matches these fundraisers via CO-OP Miracle Match, as well as in-product donations via solutions like Sprig by CO-OP, ShopSPOT rewards and Charitable Giving at the ATM. This program helps children at hospitals local to the participating credit union, regardless of ability to pay.