Four Strategies to Stay Top-of-Wallet During Black Friday and Beyond

The holidays are the biggest time of year for consumer spending. Between Black Friday, Cyber Monday and Small Business Saturday, credit unions will see a huge spike in spending among their members, making it a unique opportunity to boost their credit card programs.

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Seven Payments and Technology Trends to Watch in 2019

Change is happening at an unprecedented rate within payments. Part of that is fueled by emerging technologies, but a lot of it has to do with the shift in consumer behavior and expectations. And while this will create a number of business challenges for credit unions – it will also generate a lot of opportunities.

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Are you Empowering Your Members in the Fight Against Fraud?

Fraudsters stole more than $16.8 billion from 16.7 million U.S. consumers in 2017, according to Javelin Strategy & Research. With payments shifting to online and mobile channels as well as P2P, wearables and other smart devices, fraudsters have more pathways to infiltrate a consumer’s account and are quickly exploiting any security gaps. For example, card fraud for online purchases alone rose by 15% in 2017.

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Plan Ahead: 5 Tips to Prep for a Natural Disaster

September is National Preparedness Month and the perfect time for credit unions to reflect on ways to prepare for when natural disasters strike.

2017 was a record year for natural disasters in the United States and 2018 is following suit with the recent California wildfires and with hurricane season now upon us. While these events have devastating effects on the land and communities in their path, the impact can be minimized with the help of the right support structures.

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Five Must Reads: The ROI On Financial Wellness

Last week had CO-OP thinking about all the ways credit unions improve lives in their communities – especially as California’s raging wildfires prompted Patelco Credit Union, Members 1st Credit Union, Sierra Central Credit Union, Golden 1 Credit Union and no doubt many others to step up and help. (Check out CUAid.coop if you want to help too.)

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COOPER Pilot Marks Major Milestone for Future of CO-OP

COOPER Fraud Analyzer is now live and in production for five pilot credit union clients! Over the next 90 days, COOPER Fraud Analyzer will scrutinize the Shared Branch transactions of these credit unions to provide real-time fraud monitoring. And later this year, COOPER will begin analyzing your credit union’s Shared Branch transactions to help fight fraud.

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Four Travel Tips for Keeping Your Members Connected and Safe

If your members are among the 87 percent of Americans planning a vacation this summer, now is a perfect time to offer them a few tips on ways to keep their information and money safe. We all know traveling can be hectic and it can easy to forget to do things like setting up travel alerts, scheduling bill payments and safeguarding accounts against theft. Now, more than ever, keeping members’ data and accounts secure is a top priority for credit unions and your members will thank you for putting their travel safety top-of-mind (even if they forget to).

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Five Must-Reads: Top of Wallet, Top of Mind

How do you make it to the top – top of wallet, top of app and top of mind? In the end it comes down to engagement: the more engaged your members are, the stronger the connection you will have with them. So how does a product, campaign or organizational culture inspire engagement? In a crowded, competitive marketplace, it isn’t just about having the latest technology or even the best product; trust, security, and human understanding must all factor into driving engagement and building connections with your members.

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Should You Be Preparing for a Cashless Future?

Are we becoming a cashless society? Research by Capgemini and BNP Paribas suggests that might just be the case; their recent study projects that digital payments will reach 726 billion worldwide by 2020. And we are only scratching the surface.

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Five Must-Reads: Winning the Usage Game

Although we rightly invest a great deal of time thinking and reading about new technology, the real upshot is usage. How are members actually using (or not using) your technology, apps and services – and how might we cultivate greater usage going forward?

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Winning the Race to Excellence with a Member-First Strategy

When it comes to achieving excellence, the term “experience” gets thrown around a lot. Companies and industries are constantly brainstorming ways to connect and build relationships with the consumers they serve, ultimately by providing a certain type of experience.

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Closing the Access Gap Through Shared Branching

Today’s smartphone economy has given consumers instant access to more goods and services than they could have imagined even just a few years back.

 

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What Does an AI-Driven Future Look Like for Credit Unions?

Artificial intelligence and machine learning are already having a big impact on financial services. Chatbots are taking over online customer service, robo-advisors are automating asset management, and fintech companies are investing significantly in AI-powered solutions.

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How to Talk to Your Members about Cybersecurity

Cybercrime incidents are at an all-time high. According to Accenture, last year the average U.S. business dealt with over 130 instances of successful data breaches. This is an alarmingly high number that will only rise as hacking, cyberattacks and fraud have become more sophisticated. Now hackers often use cyberattacks on a single account to penetrate the broader network and commit large scale fraud, like what happened with the recent cyberattacks in Mexico.

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Dodd-Frank Rollback: Why Deregulation is a Huge Win for Credit Unions

Last week ushered in a big legislative win for credit unions on Capitol Hill. Following a major industry push to reverse restrictions that Dodd-Frank legislation placed on credit unions after the 2008 financial crisis, the “Economic Growth, Regulatory Relief and Consumer Protection Act,” better known as S. 2155, was passed by Congress and signed into law by President Donald Trump. The new legislation is a first step towards providing relief to smaller banks and credit unions from what some would call costly and burdensome rules.

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How CO-OP is Helping Credit Unions Evolve to Become a Dominant Financial Ecosystem

A common debate in the digital era is which type of organization has the advantage. Startups have little risk, incredible agility and the freedom to let imagination run wild. Incumbents have data, customers, an established brand and financial resources. Credit unions, incumbents in a quickly evolving financial services marketplace, have one more valuable asset startups do not – trust.

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Your Race to Excellence Starts Now

Thanks to the rapid evolution and adaptation of technology, business – even society – is changing faster than ever before. This transformation and its numerous layers and complexities can be intimidating for seasoned business executives, not to mention those just joining the credit union movement. With both the technology ecosystem and consumer expectations changing daily, how do we know when and where to “jump in”?

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How Digital Is Sparking a Credit Union (R)evolution

According to Jamie Dimon, “Silicon Valley is good at getting rid of pain points. Banks are good at creating them.”

With the digital demands of credit union members advancing all around us, the question remains: how can we better address their “pain points,” and is the best approach evolution – or revolution?

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Open Banking is Coming and May Change Fintech Forever

Open Banking essentially creates an ecosystem of data sharing, which in theory could revolutionize the banking industry. While still a new concept, Open Banking has been embraced by many countries in Europe, with the European Union already supporting regulation through the Revised Payment Services Directive (PSD2) in January 2018.

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5 Must Reads: Innovating on the Member Experience Through Multi-channel Integration

As our lives become increasingly integrated, the boundaries between consumer channels continue to blur. This week, CO-OP Financial Services takes a selective look at how multichannel/omnichannel integration is changing everything from how we shop to how we exercise, buy gas for our cars and order hot coffee and donuts.

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Digital, Data and the Race to the Home Screen

For decades, payments teams have chased “top-of-wallet” status. With the rise of mobile, though, our ambitions have changed, and now we’re competing for “top-of-device” status. We want our apps front and center when members unlock their phones, open a Chromebook or power on an iPad.

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Meet the People Behind the Passion: How CO-OP is Integrating to Innovate

The world is changing more rapidly than ever and so are the needs of today’s credit unions. That’s why at CO-OP, they’re constantly evolving our products, services, and partnerships in order to provide the best solutions to our clients. But innovation is about more than just building new products; it’s also about seamlessly integrating existing ones. That’s why CO-OP created MyCO-OP, to unite all of their tools and applications into a single access point.

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Keeping a People-Helping-People Industry Relevant in a Digital World

It is undeniable that physical money is disappearing from our financial lives. A lifetime ago, standing in line to deposit a paycheck, stopping by the ATM for weekend cash or viewing payment cards as the physical mechanism for accessing accounts was normal. Now, these representations of money are becoming invisible, replaced by digital transactions that exist as data only. Direct deposits, P2P money transfers and mobile payments are the new normal, and their functionality is measured in terms of effortlessness.

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Making Digital Click with Legacy Channels

Engaging consumers wherever and whenever they want means engaging across multiple channels, including a full complement of digital and physical options. Realizing this potential isn’t easy.

“Consumers want to transact in a multitude of ways: by phone; at an ATM or shared branch kiosk; inside a credit union branch; by PC, tablet or smartphone; or using an IVR system. Consumers demand payments anytime, any way they choose to suit any scenario,” says Dr. Kathy Herziger-Snider, senior vice president of Debit/Prepaid Shared Branch Product. Upgrading legacy channels with omni-channel features like the ability to conduct ATM transactions using a mobile phone helps credit unions make the leap into this new reality.

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2017: A Truly Transformative Year for CO-OP Financial Services

At the beginning of 2017, we set a goal to deliver more seamless, more secure payment experiences to more credit union members. That theme took on even deeper meaning as we began to apply that same promise to the ways our credit union clients could expect to interact with CO-OP.

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3 Ways to Build Better Member Experiences

This article previously appeared on CUinsight.

“Wow, what a great experience.” Those five words should be at the top of members’ minds after every interaction with their credit union. Whether they’re engaging in person, online or over the phone, members should be guaranteed a positive experience. In fact, it’s what they expect.

For three out of five Americans, getting a better experience is a reason to try a new brand or company (or credit union). First Technology Federal Credit Union, a $10 billion institution based in Silicon Valley and serving technology-driven companies, wants to ensure its members don’t feel that need to switch. Creating member loyalty involves three key steps at First Tech.

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Where Will CO-OP’s Security Roadmap Take Us in 2017?

Fighting fraud is one of the biggest challenges credit unions face right now. CO-OP has developed a four-part roadmap for 2017 to help clients mitigate fraud and reduce false positives.

"Throughout this year, we are introducing new tools in a layered approach,” says Stephanie Pike, senior product manager for CO-OP. Because fraud is such a complex, rapidly-changing threat today, this means using a variety of tools and approaches. “Sometimes clients will ask why there have to be so many mechanisms in place,” Pike says. “Fraud is changing so rapidly, you can’t just rely on one tool or technology.”

It’s equally important to balance security against member experience. While members want greater security, they do not want to sacrifice effortless transactions to achieve it. “Right now, we’re seeing this dynamic at work with fallback transactions. Some issuers are being overzealous and blocking all transactions,” Pike says. “The vast majority of these are legitimate, so issuers have to find a way to balance security against the members’ need to complete transactions successfully.”

Sharper tools and support from CO-OP can help. The four key elements to CO-OP’s security roadmap are:

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New Shopping Innovations Bring Traditional Cards and VR Together

Earlier this year, billionaire technology and entertainment entrepreneur Mark Cuban told CNBC he believes the next 10 years will produce the biggest technological revolution in history.

That’s a tall order, given how much technology has changed our lives in the last decade or so. From the iPhone and Facebook to Uber, Snapchat, Spotify, AirBnB, GoFundMe, and Pinterest, it’s hard to imagine how we ever socialized or did business in the past.

Technology continues to shake up the payments landscape, too – which has credit unions and other financial institutions scrambling to keep pace.

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Mobile Payments 2.0: How CO-OP is Redefining the World of P2P

Fintech is advancing quickly, bringing a host of new mobile payment options to a world of consumers on the go. From Apple, Samsung, Microsoft and Google to Facebook, PayPal, FIS and others, never in the history of payments have so many major players vied for what many believe is such an enormous future market opportunity.

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Trends in Social Payments: Why Venmo Leads the Way with Millennials

The race to the top of the mobile P2P payments market is on. In fact, global research firm Ovum projects that the value of mobile P2P transfers will reach $270.93 billion worldwide in 2019.  According to Ken Research, P2P transfers will emerge as one of the two fastest growing segments of U.S. fintech between now and 2020.

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Corporate Social Responsibility Can Be Impactful and Easy

CO-OP Financial Services is announcing CO-OP Purpose, a new corporate social responsibility program for credit unions that provides turnkey, impactful community initiatives to help credit unions advance their mission of empowering people to achieve financial well-being.

“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.”

According to the 2015 Edelman Trust Barometer, public levels of trust in business are at their lowest since 2008. Organizations that are able to enhance their net positive contributions to society are more likely to earn the trust of consumers.

Promoting corporate social responsibility is more than a feel-good initiative. At CO-OP’s THINK 16 Conference, attendees will be hearing from Perry Yeatman, External Director for Mission Measurement, who will be speaking on how corporate social responsibility programs can be profitable. She will be offering examples from companies such as Kraft and Unilever. In addition, CO-OP has commissioned a study by Mission Measurement to look at the business case for such programs specifically for credit unions. The results of the study will be available this summer.

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