Member Rewards by CO-OP is offered in three ways - as a Member Rewards-branded version; a white-labeled, credit union-branded version; and as a standalone merchant-funded rewards program, known as ShopSPOT. By offering all three versions, credit unions can create a differentiated program and control costs.
"With the growing importance of rewards in card programs, the time is right to offer the new Member Rewards by CO-OP and create a superior loyalty product that will drive member engagement and help grow credit union revenue," said Stan Hollen, President/CEO, CO-OP Financial Services. "This new solution offers a variety of options for credit unions big or small."
Member Rewards by CO-OP is a seamless, cohesive product that includes a best-in-class merchant-funded rewards program. It provides more than 30,000 standard card-linked (in-store) offers, the ability to add custom local merchants and more than 3,000 online merchants are available via the ShopSPOT site or with an optional browser plug-in.
In addition, CO-OP offers the convenience of a mobile app that enables members to check balances, reach customer service, search for local deals and easily redeem points for e-gift cards. At no extra cost, CO-OP also provides member service via 24/7 live agent member service. Most importantly, the new member rewards program is among the most customizable on the market, offering credit unions the ability to create a solution unique to address their specific objectives.
Rewards programs continue to grow in popularity and are increasingly becoming a decision driver for consumers when choosing what card to use. According to research from Augeo Marketing, cards tied to rewards programs on average show a 33 percent increase in transactions per active account and a 29 percent increase in monthly spend per active account.
With the new Member Rewards by CO-OP, credit unions can offer their members a compelling, flexible rewards program featuring a variety of redemption choices and merchant-fundeddeals that drive home the local credit union difference.
As part of the upgraded program's roll-out, CO-OP is hosting a free, hour-long webinar on Thursday, October 29, 2015, at 2 p.m. Eastern entitled "Make Your Rewards Program Pay." To register, visit http://info.co-opfs.org/10-29MakeYourRewardsProgramPay_Landing.html.
Available to all credit unions, additional information and details about Member Rewards by CO-OP can be found by visiting http://www.co-opfs.org/memberrewards.
About CO-OP Financial Services
Based in Rancho Cucamonga, Calif., and founded in 1981, CO-OP Financial Services is the nation's largest credit union service organization in terms of number of credit unions, assets and members. The company helps credit unions thrive by providing products and services that make it more convenient for members to do business with them. With a motto of "Be There. Be More," CO-OP's products fall into three business lines, including "Locations," (ATM, shared branching and call center services); "Card Payments" (debit and credit processing) and "Mobile/Virtual" (mobile, online, check imaging, bill pay services). To learn more visit www.co-opfs.org.