RANCHO CUCAMONGA, Calif.—CO-OP Financial Services has upgraded Member Rewards by CO-OP.
The CUSO has added a more robust merchant-funded program and now offers the product in multiple versions to provide greater customization to credit unions.
CO-OP explained that Member Rewards is now offered in three ways – as a Member Rewards-branded version; a white-labeled, credit union-branded version; and as a standalone merchant-funded rewards program, known as ShopSPOT.
“By offering all three versions, credit unions can create a differentiated program and control costs,” the company stated.
“With the growing importance of rewards in card programs, the time is right to offer the new Member Rewards by CO-OP and create a superior loyalty product that will drive member engagement and help grow credit union revenue,” said Stan Hollen, president/CEO, CO-OP Financial Services. “This new solution offers a variety of options for credit unions big or small.”
Member Rewards by CO-OP is a seamless, cohesive product that includes a best-in-class merchant-funded rewards program, the company explained. It provides more than 30,000 standard card-linked (in-store) offers, the ability to add custom local merchants and more than 3,000 online merchants are available via the ShopSPOT site or with an optional browser plug-in.
“In addition, CO-OP offers the convenience of a mobile app that enables members to check balances, reach customer service, search for local deals and easily redeem points for e-gift cards. At no extra cost, CO-OP also provides member service via 24/7 live agent member service. Most importantly, the new member rewards program is among the most customizable on the market, offering credit unions the ability to create a solution unique to address their specific objectives,” CO-OP said.
Rewards programs continue to grow in popularity and are increasingly becoming a decision driver for consumers when choosing what card to use. According to research from Augeo Marketing, cards tied to rewards programs on average show a 33% increase in transactions per active account and a 29% increase in monthly spend per active account.
“With the new Member Rewards by CO-OP, credit unions can offer their members a compelling, flexible rewards program featuring a variety of redemption choices and merchant-funded deals that drive home the local credit union difference,” the company said.
As part of the upgraded program’s roll-out, CO-OP is hosting a free, hour-long webinar on Thursday, Oct. 29, 2015, at 2 p.m. ET titled “Make Your Rewards Program Pay.” To register visit http://info.co-opfs.org/10-29MakeYourRewardsProgramPay_Landing.html.
Available to all credit unions, additional information and details about Member Rewards by CO-OP can be found by visiting http://www.co-opfs.org/memberrewards