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By Daniel Burk, SVP Business & Product Development
Recently, CO-OP Financial Services conducted a roadshow in Boulder, Colorado. CU Service Network attended and participated in this transformational event. I wrote down three takeaways from this information-packed seminar.
Over the past few years, CO-OP has been acquiring several companies that provided financial services – especially for delivery channels. Recent acquisitions included CUSC (our shared branching network), FSCC (a competing shared branching network), CUNA Mutual’s call center and TMG (credit card and other EFT services). I believe the original intent was to create a world class financial services provider for credit unions. At the same time, CO-OP uncovered a treasure in the data that was generated from the individual companies. It’s like mining for coal and discovering there are diamonds that make the endeavor much more valuable.
It was very clear in the seminar that CO-OP is investing its future to become a “digital” company. Common themes that were shared at the roadshow included:
Another hot topic was cyber security. A number of presentations touched on current issues, trends and solutions that CO-OP is creating to combat these threats. CO-OP had recently announced its “Cooper” solution. It combines data with machine learning and artificial intelligence to better mitigate risks when using their services, including: shared branching, credit cards and debit cards.
I had the pleasure of providing a shared branching update to the 100 or so attendees. Did you know that we have almost 5,700 service centers in the shared branching network? We are second only to Wells Fargo when it comes to branches. Also, CU Service Network manages about 10% of those branches in 7 states.
And when it comes to members selecting their financial institution – the number one factor is the proximity of a convenient branch.
My three takeaways:
For more information on shared branching and the my takeaways from the road show, contact me at (720) 945-7235 or firstname.lastname@example.org
Daniel Burk is responsible for Sales, Marketing and Product Development at CU Service Network. He was instrumental in expanding the shared branching network into 7 states and 550 service centers. In recent years, Dan managed the introduction of the CU Works back office product line: accounting, compliance, HR and IT services. A cornerstone of Dan's ethics are to provide the best experience possible for our credit unions.