Credit unions work together on strategy, solutions and experience

CO-OP Financial Services in the US wants to provide 'a tangible platform for collaborating on shared business issues'

Credit union leaders are coming together through a number of co-creation councils to help shape the future of their services.

The three groups are organised through CO-OP Financial Services, which provides payments and financial technology to credit unions, and they will look at strategy, solutions design and experience.

“We believe that all three co-creation councils will provide credit union leaders a tangible platform for collaborating on shared business issues,” said Samantha Paxson, chief marketing and experience officer, CO-OP Financial Services. “Financial services is a rapidly transforming and highly competitive environment. To thrive in it requires diverse ideas, brave thinking and a co-operative spirit.”

The Strategy Co-creation Council will work to provide strategic insight on the best use of CO-OP’s assets.

“Collaboration is paramount to the continued success of the credit union movement,” said Todd Link, a member of the Strategy Co-creation Council and SVP, risk management and remote delivery, for Dupaco Community Credit Union, based in Dubuque, Iowa. “You need futurists, operations, HR pros, accountants and other disciplines around the table. And then you need builders. CO-OP’s commitment to co-creation leverages a time-honoured and proven method of accelerating growth and development.”

Four subcommittees within the Solutions Design Co-creation Council will co-develop features on a wide range of products from payments tools to fraud prevention technologies. Their goal will be to create solutions that solve a variety of problems confronted by credit unions and the members they serve.

Solutions Design Co-creation Council member Chris Sibila believes participation in the group will help credit unions of all sizes remain relevant in the face of increased competitive pressure from fintech.

“It’s critical we remain vigilant about scanning the environment for emerging financial services solutions,” said Mr Sibila, EVP and CIO at Elements Financial Federal Credit Union, based in Indianapolis, Indiana.

“The collective sharing of experiences will not only help shape CO-OP’s future; it will help shape the entire movement’s future. I’m excited to interact with both CO-OP and other credit union leaders to build industry-leading solutions that drive growth and success for all credit unions.”

The objective of the Experience Co-creation Council will be to help optimise engagement and the service experience of credit union members and the credit union personnel who support them.

“The Experience Co-creation Council is an essential component of the organisation’s commitment to member-centric innovation,” said Ms Paxson.

“Everything we do from a product, systems and experience perspective has to be purposefully designed with the end-user in mind. As the unequivocal experts on the credit union member, our credit union partners will bring invaluable discernment to both validate and challenge the strategies CO-OP’s teams develop.”

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