CO-OP Financial Services Celebrates 40th Anniversary with a Year of Product Roadmap Achievements on Behalf of Credit Unions12/28/2021
CO-OP Financial Services celebrated its 40th anniversary in 2021 with numerous achievements that signal its continued leadership in building a modern financial services experience.
“CO-OP’s mission for the past 40 years has been to champion the growth of credit unions and their members’ financial well-being, and we are just getting started,” said Todd Clark, President/CEO of CO-OP. “In the past year we invested $50 million in our technology roadmap to ensure our clients remain competitive, strong and able to delight their members with leading-edge technology and services. Our financial strength, which has allowed us to transform into a true financial technology engine for the credit union industry, was bolstered by record-breaking payments transactions of more than 8 billion in 2021.”
Product Roadmap Investments
CO-OP’s investments are reflected in the many market-leading solutions the company delivered this year, all designed to help credit unions meet their members needs as they continue to migrate to more digital services. New products include Digital Card Issuance, expansion of the CO-OP Springboard card servicing application and the introduction of CO-OP Resolution Center, the company’s proprietary new disputes and chargebacks processing platform, designed with credit union input.
In addition, CO-OP launched COOPER Fraud Score, a machine learning tool to detect, prevent and mitigate fraud. During its initial free-trial period for clients, COOPER Fraud Score successfully identified and stopped fraud attempts that would not have been detected otherwise. COOPER Fraud Score saved clients more than $200,000 in fraud in the first two weeks of service.
“These product deliveries are the fruit of our multi-year investment plan and validate the strategic decision to leverage a strong, debt-free balance sheet and invest capital on behalf of our clients to provide new products and services,” said Clark. “The past year was the strongest yet for technology delivery, and in the past five years we have launched more than 150 products to help our clients meet the seamless digital payments experience their members expect today. We intend to continue this path of innovation, as we announced with our 2022 product roadmap in September.”
More information about CO-OP and its work on behalf of credit unions can be found here.