CO-OP: Credit Card Program Integration Not Just for Members

Do you crave greater integration in your credit union work? We hear you. If you hope to improve your member experience, the tools and processes you use must improve as well. Insight Vault caught up with Jennifer Kerry, Vice President of Credit Issuer Processing at CO-OP Financial Services, to ask a few questions about how CO-OP is applying the idea of integration to its credit programs.

CO-OP Insight Vault:

We’ve been hearing a lot in the industry about how consumers want integration. Is the same true for credit unions?

Kerry:

In relationship to credit card processing, we hear all the time from credit unions that they are looking to streamline and to reduce the amount of friction they experience between systems. What I mean by that is, they want to be able to view member data on credit, debit and ATM without logging into different vendor systems. Ideally, many want to reduce the number of vendors as well, so that they don’t have to worry about competing or incompatible systems.

That desire helped motivate CO-OP to partner with The Members Group for full-service credit processing. Through that partnership, we’ve been able to offer credit unions the best of debit and credit processing in an integrated whole. Our systems work together, and so do we.

Our credit union clients use a single log-in credential for debit and credit card platforms. By making it easier to view member data across platforms, we hope we’re making it easier to understand and put that data to use.

CO-OP Insight Vault:

Credit also has many components to it. Is there a need for the various components to work together more effectively as well?

Kerry:

That’s true in so many ways. For a long time now, speed and integration have been critical in fraud prevention and detection, for example. No one questions the need for the best and fastest integration when the issue is fraud.

But we’re looking to apply the same principles across the board. We know that having a rewards program is table stakes. Now the question is, how easy is it for members to understand and use their rewards? We’re working on some exciting new ideas to make member rewards more engaging – and easy for credit unions and their members to use.

CO-OP Insight Vault:

Does that create an integration challenge for CO-OP?

Kerry:

It’s a challenge we’ve been working toward for years now. The idea is for credit unions to be able to upgrade and enhance their programs easily, without costly and disruptive transitions. By thinking this way, we’ve been able to develop some compelling new APIs we think credit unions – and their members – will love. And they won’t require massive investments of time and resources to get up and running. By making things easy, integration should provide an incentive for credit unions and their members both to add and use the best technology available.

Our work on the front end should save effort for the end user, whether that user is a credit union member or one of our member credit unions.

Learn more about CO-OP Full Service and In-House Credit here.

Strategic Link is the NWCUA’s wholly-owned service corporation, using the power of aggregation to provide the Association’s member credit unions with exclusive, high-quality, competitively-priced products and discounted services. Contact Director of Strategic Partnerships Craig Reed at creed@nwcua.org today to find out how Strategic Link can help your credit union save money while meeting its goals in 2014 and beyond.

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