Banking

CO-OP Upgrades Springboard Platform To Launch In January

Springboard, the credit card servicing application from CO-OP Financial Services, is being launched to credit unions this month, giving workers access to member card data in real time.

According to a press release, the new version of Springboard, which is in its fourteenth edition, provides more security-focused features, including a security token to provide a higher level of protection for credit unions and members. The company stated that an invalid address indicator will alert staff at credit unions more quickly if there is an instance of fraud.

Other features of the service include access to data intelligence for credit union staff and members, the ability to access multiple accounts from one screen and, available to select Springboard users, a new CO-OP Shared Branch Management Report that provides, what the company said, is better insight into customers. The report will detail how members are using shared branch services and gather data, such as the largest branch network.

“Our approach to technology is always iterative and user-focused,” said Shazia Manus, chief product and strategy officer for CO-OP, in the press release. “Springboard is an excellent illustration of this approach, given the product team’s continuous improvement of the platform. Importantly, innovation isn’t deployed simply for innovation’s sake. Every new feature is built into Springboard to solve a specific member problem or improve a specific member experience.” Manus claimed Springboard is the only application like this available to credit unions.

Springboard’s announcement comes as credit unions are embracing the use of Big Data to better serve their clients. In an interview with PYMNTS’ Karen Webster, Matthew Maguire, chief data officer at CO-OP Financial Services, said that machine learning and artificial intelligence can help speed the digital transformation of credit unions as they seek to cement relationships with customers or forge new ones.

Maguire joined CO-OP in 2017 after more than a decade at Bank of America, where he told Webster there are key similarities in what lies before the biggest of banks and financial institutions (FIs) within the credit union space. Namely: “Data is coming in from different places, and the challenge is how do you accumulate [those data points] and make it all connect,” with an eye on completeness and usefulness to credit unions.

——————————

PYMNTS STUDY: THE CROSS-BORDER MERCHANT FRICTION INDEX – JUNE 2020

The PYMNTS Cross-Border Merchant Friction Index analyzes the key friction points experienced by consumers browsing, shopping and paying for purchases on international eCommerce sites. PYMNTS examined the checkout processes of 266 B2B and B2C eCommerce sites across 12 industries and operating from locations across Europe and the United States to provide a comprehensive overview of their checkout offerings.

TRENDING RIGHT NOW