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CO-OP FINANCIAL SERVICES RELEASES WHITE PAPER ON THE ‘HOW’ OF DIGITAL TRANSFORMATION

Paper Explores Seven Strategies for Credit Unions Evolving for Digital Consumers

CO-OP Financial Services has released a new white paper, “Seven Strategies to Accelerate Your Digital Transformation,” providing practical guidance for credit unions positioning themselves for growth in a digital world.

“While most financial services providers understand the ‘what and why’ of digital transformation, they are less comfortable with the ‘how,’” said Todd Clark, President/CEO, CO-OP. “We’ve seen firsthand the acceleration of the digital marketplace and understand that digital transformation is the only solution forward. This paper identifies seven essential strategies we’ve discovered through our own shift from a legacy organization to a digital-first, integrated ecosystem.”

Credit union leaders will learn why each of the strategies for accelerated digital transformation is critical to success in the digital era, as well as how to begin implementing them within their credit unions.

The seven strategies explored in the paper are:

Be Member-Centric. Being member-centric in the digital age means going beyond meeting expectations to surpassing and anticipating them.

Use Data to Optimize Engagement. Data analytics generates distinctive member profiles that inform hyper-personalized services.

Be Digitally Accessible. Open Application Program Interface (API) strategy and a strong click-and-mortar mix can help credit unions reach members through digital-first channels.

Drive Excellence through AI. Artificial intelligence and machine learning drive experiences and new data in real time.

Make Security as a Growth Driver. Design the security experience to be frictionless and anticipatory through a mix of cybersecurity and machine learning.

Integrate Channel Experiences. A seamless consumer experience at every touchpoint is a crucial retention tool and the primary reason people stay with their financial institution. 

Embrace Platform Thinking: Behave as an Ecosystem. Innovate across channels and think at the platform level – embracing partnerships and delivering new services unique to the credit union movement.

The free white paper can be downloaded immediately at CO-OP’s white paper landing page. 

In addition to the white paper, CO-OP is partnering with credit unions on their digital transformation through a variety of strategic counseling and educational opportunities. Among these opportunities is CO-OP’s 2018 “Roadshows,” taking place in various locations around the country throughout the summer and fall. To learn more about content and schedule, visit the Roadshows webpage.

About CO-OP Financial Services: CO-OP Financial Services is a payments and financial technology company whose mission is ensuring the success of the credit union movement. CO-OP payments solutions, engagement services and strategic counsel help credit unions optimize member experiences to consistently provide seamless, personalized multi-channel offerings, while delivering secure, sophisticated fraud mitigation service. For more information, visit www.co-opfs.org.

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Cooperation Among Cooperatives: Stories From the Inside

Pat Connealy at the 2016 NACUSO Network Conference
Patrick Connealy at the 2016 NACUSO Network Conference

Each month we highlight at least one NACUSO member by interviewing one of their top executives. It’s an opportunity to tell their story in a casual and fun way. This month we sat down with Patrick Connealy.

PART ONE: Life Story and Experiences

What’s your current position and can you give me a brief overview of what it is you do in your work?

I’m the Executive Vice President of Commercial Banking for the National Cooperative Bank and I oversee nine Business Development officers that cover a variety of cooperative business segments nationwide.

What would you say most motivates you to do what you do? What are you most excited or passionate about?

I’ve been working with co-ops my whole life and have been with NCB for 30 years.  I started my career in the agriculture co-op banking business and spent seven years with them including three years with the Farm Credit Administration. I moved to NCB in 1986 when the bank was six years old. We fill the financing gap for co-ops that are not agricultural or electric co-ops.  I am most passionate about the long term customer relationships developed by NCB- some of which have been with us since 1980!

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