Five Key Takeaways from CO-OP’s Think 20 Virtual Conference
May 26, 2020
CO-OP Financial Services’ fintech solutions give credit unions the competitive advantage they need to be the most convenient option among competing financial services providers.
On May 7, Strategic Link partner, CO-OP, hosted its first-ever THINK 20 Virtual — an all-digital conference that brought together over 2,000 credit union professionals for six hours of intelligence sharing and strategy building.
With keynotes and discussions that covered a variety of topics — from the new consumer financial wellness landscape to effective pandemic response planning and digital transformation — THINK Virtual allowed credit unions to hit pause and ideate on ways to strengthen their business in the wake of COVID-19.
Below are the five biggest takeaways that came out of the event.
- Credit unions are the compassionate banking alternative.
Credit unions are truly rising to the challenge in this time of uncertainty. In an audience poll asking what credit unions are doing in response to COVID-19, the majority answered, “Offering cardholder payment relief solutions to members.” By responding to members’ anxiety and financial stress caused by COVID-19, credit unions are demonstrating why they are the Primary Financial Relationship that members need, especially now.
- Digital transformation was, is, and will continue to be essential.
In only a few months, COVID-19 has changed everything about the way people do business. Credit union leaders are thinking more broadly about how a digital transformation can prepare their systems and back-office capabilities to stay ahead of members’ needs. For CO-OP, the past three years spent trekking down the path of digital transformation paid off enormously when the pandemic hit.
- Emotion is the currency (and it can’t be bought).
The goal of every credit union is to cultivate emotional connections with their members, and that only happens through trust — not marketing. Maintaining that trust means meeting and exceeding expectations beyond the transaction experience. Members need to feel emotionally attached to their credit union at every stage of the member journey. Emotionally connected members view their credit unions as giving them the confidence they need to improve life for them and their families.
- Credit unions are boldly doubling down on their mission.
COVID-19 has brought a lot of financial and emotional hardships over the last several weeks. The credit union industry motto, “People Helping People,”has never been more relevant. As credit unions continue to navigate these uncertain times, they are dreaming of new ways to expand that mission, not only for their members but also their communities and employees.
- Each credit union will have a different path over the coming months.
CO-OP has teamed up with EY to provide The Credit Union Strategic Investment Assessment. After taking the assessment, credit unions will receive:
- Tailored recommendations customized for each credit union on where to place strategic bets;
- Insights on how to drive growth now and in the future;
- Incremental penetration opportunities hidden within specific member segments; and
- A diagnosis of potential gaps in a credit union’s capabilities and member offerings that could help it earn Primary Financial Relationship status.