Co-op Weekly: Ethical use of data and credit unions


Mindful practices ensure ethical data use worthy of member trust 

Fears about how data is collected, used, and shared are more relevant now than perhaps at any other time in history. In fact, 86 percent of survey respondents recently said they are increasingly concerned about data privacy, while 40 percent said they don’t trust companies to use their data ethically.

If there’s one asset credit unions are eager to maintain, it’s trust. Therefore, becoming intentional about member data ethics will be a critical piece of every credit union’s strategic plan going forward.


Industry Insights

5 ways to drive penetration, activation, and usage of cards through analytics 

The Co-op CU Growth Outlook research study shows that payments are key for credit unions to drive revenue and profitability. As fintech upstarts become increasingly competitive, engaging members daily through payments enables credit unions to provide a superior experience to strengthen member relationships and build trust.

But growing credit and debit portfolios can be challenging, especially without a clear understanding of members’ spending and payment behaviors. The ongoing tracking and analysis of three commonly used metrics—penetration, activation, and usage—can go a long way toward providing that understanding.

Credit unions can effectively increase their members’ card usage and grow their portfolios by developing strategies in these three areas. Learn from the Co-op SmartGrowth team why now is an ideal time to optimize growth in your payments portfolio.

2021 Co-op Annual Report: The rebranded Co-op Solutions – a renewed call to action to meet your needs 

Now available, the 2021 Co-op Solutions Annual Report reveals highlights from the last year and a look at what’s ahead for Co-op and the credit union industry overall. The theme is “Make Every Experience Matter,” Co-op’s new tagline but also a bellwether of what’s to come. Each time a member pays for something – multiple times every day — it is an experience that matters, bringing that member into a closer relationship with their credit union.

Like our partner credit unions, the pandemic accelerated our transformation journey as we invested in building the right platform to make digital solutions easy to produce and simple to ingest by our clients, all designed on top of an integrated technology, data and security stack.

In 2022, we will continue innovating and delivering, with a laser-like focus on your success.

Product Highlight

How an installment payment program can help credit unions compete with fintechs 

Thanks in part to the rise of ecommerce and digital payments during the pandemic, Buy Now, Pay Later (BNPL) offerings are popping up everywhere, from big banks to retailers. While consumers enjoy the flexibility afforded by installment payment options, credit unions have an enormous opportunity to leverage this growing trend to better serve their members and grow their primary financial relationships.

Read more about Co-op Pay-Over-Time Transactions, a new solution built specifically for credit unions and designed to help members achieve their financial fitness goals to help compete with fintechs in this space.

This content is for CU BUSINESS eMagazine , Special Deal: 2 websites , and NEW! The Leadership Team Builder Group Subscription members only.
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