Today’s members increasingly seek to adopt digital tools that improve their financial well-being. According to new research from EY and Co-op Solutions, 66% of members use some form of digital payments, yet only 16% report doing this directly with their credit union.
For credit unions to continue to lead the way, they need to reexamine what it means to be member-centric. Yet, credit unions can’t do this alone. During this pivotal time in the history of the credit union movement, the spirit of cooperation inherent in the word “cooperative” has never been more important.
In keeping with that spirit, CO-OP Financial Services has rebranded as Co-op Solutions, with a new name, corporate tagline, and logo. The rebrand represents Co-op’s ongoing evolution as a proven innovator of reliable, secure, digital-first payments for the modern member, and fintech solutions for credit unions.
Co-op has adopted “Make every experience matter” as its credo, which is supported by a new corporate mission statement: “To connect credit unions to the technology, strategic partnership and scale they need to best serve their members now and into the future.”
“The refreshed brand reflects the transformation we’ve made into the partner dedicated to helping our clients become their members’ primary financial relationship,” said Samantha Paxson, chief experience officer of Co-op.
The financial services landscape is undergoing a sea change, accelerated in part by the global pandemic that struck in early 2020. Co-op is committed to serving the evolving needs of credit unions and their members. With the rise of fintechs and the maturing of mobile apps, consumers are discovering they can pick and choose among a wide range of services. Loyalty to a single financial institution is no longer the norm. Consumers—particularly those within the younger demographic—are feeling empowered as they seek out active payment solutions and other tools to meet all their financial needs.
To engage this new breed of financial consumer, credit unions need to create exceptional digital experiences.
“At Co-op, we began walking this path five years ago when we fully embraced digital delivery and committed to deploying significant changes to our service delivery model,” Co-op President/CEO Todd Clark said. “We recognized the need to design and build a modern payments platform that offered an ever-adaptable solutions ecosystem of secure and convenient digital services.”
Co-op has evolved from being a reseller of others’ products to building a technology ecosystem to address the lifestyle needs of members in daily payments. Not only do credit unions have a true fintech company within the movement, but a consultative partner in providing complete solutions for members.
Today, the company is ready to help credit unions become, and keep, members’ primary financial relationship. And, because every credit union is different, Co-op brings a core-agnostic, configurable approach to building a modern payments strategy that is right for credit unions and members.
What members most desire now is meaningful experiences that support their financial well-being. And Co-op Solutions is committed to helping make every experience matter.