Attendees Tune in to ‘Payment Trends and Winning Member Engagement’

"Primary Financial Relationship" presentation slide

Is your credit union embedding at least one of four strategies — if not all — into your members’ payments lifestyle? Think immediacy and personalization, “no touch” experiences, protection, and always-on service.

Todd Clark, CEO of CO-OP Financial Services, helped credit union professionals visualize what’s possible in the payments world as he spoke during the fourth day of Virtual REACH 2020 (Nov. 4), providing an overview of how one of the largest credit union service organizations (CUSOs) in the nation is building a payments-and-fintech ecosystem for credit unions.

“You want to incentivize behaviors that are not only good for members but good for your credit union as well,” Clark said. “Higher and more rewards to members will actually lead to more revenue, which you can divide and use back toward your membership.”

That’s not all. He said if a credit union has not implemented a no-touch payments experience, it’s not that members aren’t using one. They are finding it from another financial services provider.

So what does an integrated payments experience look like? According to a recent consumer survey, Clark said the percentage of respondents’ top choices were: 78 percent want security and fraud prevention; 75 percent want a payments platform; 46 percent want a rewards experience; 42 percent want aggregation capabilities; 41 percent want data transparency; and 17 percent want personalized service. They are all important, but the top picks should be duly noted.

“At CO-OP, an enormous amount of our resources are going into our platform, giving the member their own user interface and control so they can take care of their own payment cards through the financial process,” he said. “It’s about blending payments and transactions together to help build belief in your credit union.”

His breakout session was one of a couple, in addition to more REACHtalks and Spark Sessions that same day on “Payments Transformation: The Movement to Instant Payments,” “Digital Convenience: Creating a Connected Experience,” and “Data Analytics in Action.”

You can watch Todd Clark’s session and also catch the entire conference in real-time or on-demand! Click here to experience this exclusive virtual conference on Oct. 26, 28 and 29, and Nov. 4 and 5. REACH 2020 is one of the credit union industry’s premier annual events, drawing leaders and system partners from across California, Nevada and the United States.

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