CO-OP Financial Services on Monday said it is launching three “Co-creation Councils” to focus on the changing face of payments.

The Rancho Cucamonga, Calif.-based company said the new councils will give credit union leaders an opportunity to “take an active role in shaping the future of payments.”

“Participants in three unique client groups with three distinct missions will kick off their participation with initial meetings this week,” the company said in a statement.

According to CO-OP, the three councils represent the “evolution” of client advisory teams that had been in place at CO-OP and TMG prior to the consolidation of the two companies in April 2017. The relaunched councils are: the Strategy Co-creation Council, Solutions Design Co-creation Council and Experience Co-creation Council.

Samantha Paxson, chief marketing and experience officer for CO-OP Financial Services
Samantha Paxson, chief marketing and experience officer for CO-OP Financial Services

“We believe that all three Co-creation Councils will provide credit union leaders a tangible platform for collaborating on shared business issues,” said Samantha Paxson, chief marketing and experience officer for CO-OP Financial Services. “Financial services is a rapidly transforming and highly competitive environment. To thrive in it requires diverse ideas, brave thinking and a cooperative spirit.”

The Strategy Co-creation Council is intended to provide strategic insight on the best use of the company’s assets. The group’s ultimate goal will be to put these assets to work for the betterment of the credit union movement, CO-OP added.

“Collaboration is paramount to the continued success of the credit union movement,” said Todd Link, a member of the Strategy Co-creation Council and SVP, risk management and remote delivery for Dupaco Community Credit Union, Dubuque, Iowa. “You need futurists, operations, HR pros, accountants and other disciplines around the table. And then you need builders. CO-OP’s commitment to co-creation leverages a time-honored and proven method of accelerating growth and development.”

CO-OP said four subcommittees within the Solutions Design Co-creation Council will co-develop features on a wide range of products, from payments tools to fraud-prevention technologies. The company said the goal will be to create solutions that solve a variety of problems confronted by credit unions and the members they serve.

Solutions Design Co-creation Council Member Chris Sibila believes participation in the group will help credit unions of all sizes remain relevant in the face of increased competitive pressure from fintech.

“It is critical we remain vigilant about scanning the environment for emerging financial services solutions,” said Sibila, EVP and CIO at Elements Financial Federal Credit Union, Indianapolis, Ind. “The collective sharing of experiences will not only help shape CO-OP’s future; it will help shape the entire movement’s future. I am excited to interact with both CO-OP and other credit union leaders to build industry leading solutions that drive growth and success for all credit unions.”

CO-OP said the objective of the Experience Co-creation Council will be to help optimize engagement and the service experience of credit union members and the credit union personnel who support them.

“The Experience Co-creation Council is an essential component to the organization’s commitment to member-centric innovation,” said Paxson. “Everything we do from a product, systems and experience perspective has to be purposefully designed with the end-user in mind. As the unequivocal experts on the credit union member, our credit union partners will bring invaluable discernment to both validate and challenge the strategies CO-OP’s teams develop.”