RANCHO CUCAMONGA, Calif. – As consumers continue to engage remotely and aggregate their financial lives from a multitude of apps and institutions, there is significant opportunity for credit unions to shift their strategic approach and win members through their daily exercise of making payments.
This is the premise of a new guide from CO-OP Financial Services, which offers strategies leveraging payments as a pathway to earning primary financial relationships with members.
“The Payments Playbook: A Credit Union CEO’s Guide to Winning the Payments Game” is available immediately for free download by visiting http://visit.coop/paymentsplaybook.
The Payments Playbook is a part of CO-OP’s program of strategic counsel for credit union CEOs and other leaders. The company will also be hosting a CO-OP CEO Forum on Wednesday, August 19. The forum is a virtual extension of the THINK conference, featuring experts from within and outside the credit union industry. Among the presenters will be Taco Bell CEO Mark King, who will provide insights about activating change in organizations based on his more than 20 years as a President/CEO of large companies across a range of industries. To learn more about this event, visit www.co-opfs.org/thinkvirtual.
“Payments already represent the vast majority of member interactions with the institution that holds their primary financial relationship,” said Todd Clark, President/CEO of CO-OP. “Think about the dozen times per day, year-round, that a member dips, taps or clicks to pay, and how that everyday interaction can lead to more opportunities within your credit union – from lending to selling other products and services. CO-OP processes more than eight billion transactions annually; that volume alone tells us that payments can be one of the credit union’s most powerful drivers of revenue and membership growth.”
Clark continues, “By focusing on achieving PFR status, credit unions can continue to maintain the trust and loyalty of their members, in this present COVID-19 environment and long into the future.”
The following is a brief look at four winning payments plays, each of which is explored in much greater depth in the playbook:
Deliver an Exceptional Payments Experience
Leverage Data to Understand and Predict Member Needs
Invest in Tools That Give Members Transparency and Control
Maximize the Member Experience When There’s a Problem
For more information on CO-OP’s credit card programs for credit unions, visit www.co-opfs.org/Credit.