Over time, the improvements in card activation are just one powerful example of how integrations across technologies via APIs (application programming interfaces) have resulted in faster, more efficient processes and a much better member experience.<\/p>\n
\u201cIt\u2019s interesting to view the progression of one isolated function like card activation and consider how there are so many more functions like that, which together have transformed a member\u2019s experience and the way they engage with their credit union,\u201d says Brian Friedman, Director, Product Management, Integrate, for Co-op Solutions<\/a>. \u201cAt Co-op, we\u2019re allowing those individual functions to be seamlessly embedded into digital application delivery and packaging them into broader use cases, making it easier for credit unions to implement.\u201d<\/p>\n Today, credit unions aren\u2019t just competing with the community bank down the street. They\u2019re also lined up against leading fintechs like PayPal and Chime for their members\u2019 wallet share. The most significant factors are convenience and the ability to offer members the products and services they want.<\/p>\n Co-op\u2019s 2022 \u201cCU Growth Outlook<\/a>\u201d market research, conducted in partnership with EY and Filene, found that fintechs are harnessing payment products to accelerate growth and take over the marketplace. For example, since last year,\u00a0PayPal has experienced five times relative growth in primary financial relationship, and Chime showed 18 times growth<\/strong>.<\/strong> Moreover,\u00a078 percent of respondents don\u2019t expect their credit union to offer the digital payment options\u00a0that are right for them.<\/strong><\/p>\n How can credit unions reverse this trend? By investing in their digital ecosystems to provide members with the convenient, always-on financial services experience they desire \u2013 and demand. To achieve this and meet their members where they are today, credit unions must be innovative and agile \u2013 ready to offer the latest digital payment solutions quickly and efficiently. The best place to start is with integrated solutions<\/a>.<\/p>\n Integrated solutions help credit unions achieve a digital maturity that can rival even the most sophisticated fintechs. Credit unions can implement digital-first solutions and leverage them in the best way for their \u2013 and their members\u2019 \u2013 unique needs.<\/p>\n Integrations can help credit unions in at least two important ways. First, by helping them achieve operational excellence through increased efficiency. Second, a modern ecosystem of digital solutions that works seamlessly together enables credit unions to provide members with compelling benefits, including digital delivery and anytime\/anywhere convenience.<\/p>\n The opportunities for improved efficiency and member convenience through integration are virtually limitless. One example is Digital Card Issuance<\/a>, which gives members a seamless, touchless and secure way to immediately access their credit or debit card accounts through a mobile app or online banking system while waiting for a new or reissued physical card. By delivering digital credit and debit credentials instantly, Digital Card Issuance allows members to continue using their cards without interruption \u2013 while keeping the credit union\u2019s cards top of wallet and top of mind.<\/p>\n The world of financial services is increasingly driven by speed, convenience and a relentless focus on consumers\u2019 evolving needs. Integrations are one important way credit unions can keep pace with the latest innovations while meeting their members where they are today \u2013 and tomorrow.<\/p>\n
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