RANCHO CUCAMONGA, Calif. – To help credit unions meet their member-engagement and top-of-wallet goals in 2018, CO-OP Financial Services said it has launched enhancements to its Member Rewards and ShopSPOT by CO-OP merchant-funded solutions.
“Competition for the attention and business of financial consumers is picking up steam,” said Shazia Manus, chief product and strategy officer for CO-OP, in a statement. “Our goal is to make it not only easy, but incredibly enjoyable for members to do business with their credit unions. Our enhanced rewards programs are designed to build engagement, deepen loyalty and drive revenue for our credit union clients.”
CO-OP said its BP Pay at the Pump rewards feature gives credit union cardholders a seamless, convenient way to redeem points. “This new feature is a part of the Member Rewards by CO-OP solution, giving credit unions a competitive, robust rewards offering as part of CO-OP’s card processing solutions,” the company said. “Anytime a member who has earned at least 2,000 points swipes their card at a BP pay-at-the-pump terminal, they will be prompted to use the points for $0.50 off per gallon. The member simply accepts and fills their vehicle as normal, earning the discount on up to 20 gallons of gas.”
Manus called the feature is a prime example of the seamless member experiences credit unions in the CO-OP ecosystem will be able to deliver in 2018. For the credit union, she added, solutions like real-time point redemption deliver on top-of-wallet, and increasingly top-of-digital-wallet, ambitions.
“The merchant-funded rewards program ShopSPOT by CO-OP helps differentiate credit union credit cards by connecting cardholders to hyper-local merchant rewards, all while keeping program costs under control for the issuing credit union,” CO-OP said.
Beginning in January 2018, the merchant-funded rewards program will be available to all credit unions in the CO-OP ecosystem. Notably, this includes those credit unions that joined the company as a result of CO-OP’s April 2017 acquisition of TMG, it added.
“Digital transformation is a journey, and we are excited to demonstrate incremental achievements as we traverse this path alongside our clients,” said Todd Clark, CO-OP President/CEO. “The credit unions in the CO-OP ecosystem see clearly the value frictionless, rewarding experiences bring to the member relationship. In partnership with them, we are designing, building and connecting to the apps consumers turn to for hyper-personalized and predictive financial experiences.”
For more info: www.co-opfs.org.