How many times have you said this exact thing? But in 2014 this sentiment took on a whole other meaning. With so much innovation, change and activity at hand, attempting to do everything alone was beyond impossible. It was bad strategy.
This past year, key partnerships enabled CO-OP and its credit unions to move forward with speed:
- OnDot, CO-OP’s partner on CardNav by CO-OP, won multiple awards for its breakthrough card control technology – including Best of Show at Finovate Spring 2014 and Popular Science’s Best of What’s New for Security. With CardNav, credit unions can introduce brand new security technology to their members, which makes this a big win for you. On October 29, we announced that Bethpage FCU became the first credit union to launch CardNav, an event duly noted by the trades.
- The Members Group, our partners for full-service credit processing, helped our clients enjoy a banner year in credit growth. Not only does TMG provide a seamless operational experience for CO-OP credit unions, but they also kept full-service credit clients on track with evolving technologies like EMV.
- CO-OP’s investment in tech innovators Alkami and Finivation is paying dividends. Our partnership with Alkami is helping credit unions offer a fully-integrated online and mobile banking bill payment solution (see December 1 news release on First Tech FCU here, and a story in Credit Union Journal here). Finivation’s role in CO-OP product development continues to maximize efficient connectivity in support of emerging product lines.
- In case you missed it, Apple Pay was our 2014 story of the year. What made this story a happy one? Visa and MasterCard worked overtime with CO-OP to make it possible for CO-OP credit unions to participate in Apple Pay. CO-OP is now a Visa Engaged Issuer-Processor for Apple Pay and CO-OP client, Idaho Central Credit Union, is now live with Apple Pay.
With so much rapid-fire change going on, keeping our clients up to date has been nearly as challenging as providing the right products and services. This year we were thankful for the support we had from all of our partners, who participated in THINK Evolution and THINK It Out sessions, added key insights to our webinars, and worked with the CO-OP team to help us understand the trends, innovations and opportunities that shaped this dynamic year.
Did partnerships play a bigger role for you in 2014? If your experience was anything like ours, two things were increasingly evident. First, staying ahead of new developments requires partnership. New technology, business models and consumer expectations – they all add up to new, heavy demands on your organization. Instead of trying to be the expert at everything, reach out.
That leads to our second revelation: Cooperation is everything. Big banks may have size; financial services upstarts may have chutzpah. In this industry, we have each other. This year our team got a little bigger, bolder, more ambitious – and maybe a little more like a family. We hope yours did too.