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CO-OP Launches Expanded Controls and Alerts Functionality to Increase Member Convenience and Usage

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CardNav by CO-OP Expands Across All Credit and Debit Products; Available Configuration Options Designed to Feature Credit Union Branding

 

RANCHO CUCAMONGA, Calif.–(BUSINESS WIRE)–CardNav by CO-OP, the first-to-market mobile card controls and alerts application, is now available across all credit and debit products and gains a series of new features ensuring the credit union brand is front and center, while supporting a seamless member experience.

 

“Offering controls and alerts is becoming something our members expect”

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New Features and Functionality

CardNav’s latest functionality is focused on making CardNav easier, faster and more convenient for cardholders to use, helping credit unions to stay ahead of member expectations.

 

Enhancements are led by the enabling of members to now manage both credit and debit cards from a single CardNav account. Whereas previous versions offered debit only, the latest iteration addresses the need for integration between the growing number of member touchpoints. By giving members a single view of their entire cards experience, both credit and debit, credit unions can enhance member loyalty while growing one of their most profitable assets.

The new CardNav also offers fingerprint and facial login to authenticate cardholders, making the mobile app login experience more convenient and user-friendly. In addition, member ease-of-use is enhanced with the ability to override a current card control setting by responding to a one-time override alert.

Card controls and alerts are becoming increasingly important to consumers for a variety of purposes, including the ability to turn it off should the card be lost; setting limits and budgets in cases of joint ownership for parents with children going back-to-school with credit cards in hand; setting controls on where and when cards are used for travel, and better equipping cardholders in the fight against fraud.

New Configuration Options – With Credit Union Branding at the Center

With the enhanced CardNav, clients can configure the app in three different ways to suit a credit union of any size, including 1) standalone credit union-branded application; 2) credit union-branded “Companion” application, linked to the institution’s current mobile banking solution; and 3) an API that integrates with the credit union’s existing mobile banking app.

“One size does not fit all – credit unions have different needs and we support those needs with CardNav,” said Dr. Kathy Snider, SVP, Group Leader, Engage Products, for CO-OP. “Some clients will prefer to drive engagement through a single app they control using API integration, some credit unions will opt for a completely branded standalone solution to further the trust members have with their brand, and others will choose to embed the capabilities, which can be done with minimal technology effort.”

Integration flexibility for the credit union is something Jerry Bettens, Chief Information Officer for Michigan First Credit Union, believes is vital in the highly competitive card market. “Offering controls and alerts is becoming something our members expect,” said Bettens. “How you deliver that functionality is the part that can truly make your credit union stand out. Having access to CO-OP’s API really allowed us to use our imagination when it came to integrating CardNav into our mobile and online experience. It allowed us to offer cardholders the kinds of personal touches that are especially comforting to credit union members.”

“Member engagement is absolutely top of mind for credit unions and allowing members to have highly personalized card control at their fingertips is one of the best ways to strengthen the credit union-member relationship,” said Snider. “Empowering members with the ability to decide when, where and how their cards are used is a simple, affordable way for credit unions to demonstrate their ability to provide superior payment experiences.”

For information on CardNav by CO-OP, visit https://campaigns.co-opfs.org/cardnav.

About CO-OP Financial Services

CO-OP Financial Services is a payments and financial technology company whose mission is ensuring the success of the credit union movement. CO-OP payments solutions, engagement services and strategic counsel help credit unions optimize member experiences to consistently provide seamless, personalized multi-channel offerings, while delivering secure, sophisticated fraud mitigation service. For more information, visit www.co-opfs.org.

The Inland Empire Business Journal (IEBJ) is the official business news publication of Southern California’s Inland Empire region - covering San Bernardino & Riverside Counties.

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Banking & Financial Services

2024 Inland Empire Financial Summit: A Milestone in Economic Empowerment

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Uniting Leaders and Innovators for a Thriving Economic Future in Southern California’s Inland Region

The Inland Empire Regional Chamber of Commerce proudly announces the resounding success of the 2024 Financial Industry Update, a landmark event that convened key figures in California’s financial sector. Held on January 18, 2024, at the Ontario International Airport Authority Conference Center, this summit marked a significant moment for economic empowerment and collaboration in the region.

California State Treasurer Fiona Ma, the keynote speaker, expressed her admiration for the region’s financial community: “As State Treasurer, I find constant inspiration in California’s vibrant financial community. The 2024 Financial Industry Update event highlighted not only the dynamic Inland Empire economic landscape but also emphasized the crucial role of collaboration and forward-thinking in our sector. The meaningful discussions and connections formed here reflect our collective dedication to fostering a resilient and prosperous financial future for California. Proud to contribute to this vital conversation, I eagerly anticipate witnessing the positive impacts of our shared efforts unfold statewide.”

Ivo A. Tjan, Chairman, President & CEO of CommerceWest Bank, shared his enthusiasm: “It was an honor to be invited as a guest speaker. The IE has a strong, diversified, and robust business community that is an important economic engine for California. CommerceWest Bank is excited to continue supporting local businesses in the IE and expanding our footprint.”

Hilda Kennedy, President & Founder of AmPac Business Capital, praised the event’s impact: “The Inland Empire Chamber did it again! They brought relevant, high-level content to help businesses plan for success in 2024. State Treasurer Fiona Ma and Ivo Tjan were exceptional! I agree with State Treasurer Ma, the Inland Empire region will save California.”

Christina Scranage, Business Development Manager at Keystone Advanced Solutions, reflected on the event’s value: “Grateful for the insightful conference today! The speakers provided valuable information, making me optimistic about our community’s economic outlook. Huge thanks to everyone involved for such an informative and helpful event!”

The event was highlighted by the participation of industry leaders who provided invaluable insights into the region’s economic landscape. The Financial Industry Update served as a crucial platform for networking, knowledge sharing, and exploring the challenges and opportunities facing the financial sector in the Inland Empire and beyond.

For more information about the event and the Inland Empire Regional Chamber of Commerce, visit www.iechamber.org.

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Banking & Financial Services

All Eyes On The Fed… But Will It Change The US Forecast?

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Federal Reserve Policies At The Root Of Recent Bank Collapses; California: A Better Recovery Than We Thought!

The recession forecasted by so many still hasn’t shown up and is looking less and less likely to anytime soon, according to Beacon Economics‘ latest outlook for the United States and California. Moreover, the recent bank failures that have been capturing headlines are being ‘wrongly viewed’ as heralding a coming downturn, something that misses the actual drivers behind the collapses and that key economic data refutes.

“These bank failures are not a reflection of an unhealthy U.S. economy, they are all about Federal Reserve policy,” said Christopher Thornberg, Founding Partner of Beacon Economics and one of the forecast authors. “Sad by true; the body that is supposed to be the wise shepherd of the nation’s banking system is largely responsible for creating the very stressors that caused Silicon Valley Bank to fail, and the run on others to begin.”

According to the outlook, the U.S. banking system, overall, is the victim of quixotic and rapid changes in Fed policy over the last three years as they have tried to maintain both full employment and price stability – which can be mutually exclusive. “In their existential panic over full employment during the pandemic, the Fed destabilized prices by injecting historic amounts of cash into the economy; in their existential panic over price instability, they destabilized the banking system through interest rate increases,” said Thornberg.

The new outlook acknowledges that the sudden crosscurrents from the bank failures have made the forecast fuzzier because stress in the banking system will eventually show up in the broader economy in the form of tightening credit. However, the new forecast does not believe those stressors, on their own, will rise to the level of a recession. “Cash is still king in the U.S. economy,” said Thornberg. “But if the Fed decides to continue raising interest rates in its quest to slow inflation, it will do more damage to the bank credit industry and that will trigger negative consequences for the overall economy.”

Assuming the Fed slows their roll, which they’ve shown some signs of doing, Beacon Economics is expecting slow growth and no recession in the near-term future. The forecast has real U.S. GDP growth in the first quarter coming in between 1% and 2%, although the margin of error has increased given the policy uncertainty.

In terms of the macro economy, the new outlook points to copious evidence of its health: unemployment in the nation remains rock bottom, consumer spending continues despite inflation, earnings growth is still running above 6% for the median worker, U.S. household net worth remains 30% ($30 trillion) higher than it was pre-pandemic, banks are not experiencing an increase in problem loans, and interest rates have started to stabilize causing asset markets to do the same.

In California, the news grew rosier this month after the state released its annual employment revisions, although a declining workforce continues to hamper economic growth. The revision shows that California recovered more and faster from the pandemic’s job losses than previously estimated: There are 197,000 more people employed in the state today than there were pre-pandemic. The original estimates had the gain at a mere 70,000.

However, in terms of the percentage increase, California’s job growth has been about five times slower than states such as Florida and Texas. “The underperformance we’ve seen is certainly not due to any unwillingness on the part of the state’s employers to hire workers,” said Taner Osman, Research Manager at Beacon Economics and one of the forecast authors. “Rather, California’s labor force contracted during the pandemic and there are well over 300,000 fewer workers in the state today than there were before COVID hit; there are simply not enough workers to fill the number of job openings.”

Deeply linked to its declining workforce is California’s famously expensive housing market, where prices surged an astounding 41% during the early days of the pandemic. Today, higher interest rates have led to a collapse in demand and home sales have returned to their pre-pandemic trough. However, home prices remain 27% above where they were pre-pandemic and the new forecast only expects them to fall by 6.3% in 2023. “Given California’s acute long-term housing shortage, it’s not surprising that price drops will be limited,” said Osman. “And this isn’t anything like the Great Recession because consumer balance sheets are so much stronger today and unemployment rates are at all-time lows.”

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Banking & Financial Services

Why the Bank Failures Don’t Change the Economic Outlook (Mostly); Recession Remains Unlikely in 2023, Says Leading Forecast

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Federal Reserve Policies At The Root Of Recent Bank Collapses; California: A Better Recovery Than We Thought!

The recession forecasted by so many still hasn’t shown up and is looking less and less likely to anytime soon, according to Beacon Economics‘ latest outlook for the United States and California. Moreover, the recent bank failures that have been capturing headlines are being ‘wrongly viewed’ as heralding a coming downturn, something that misses the actual drivers behind the collapses and that key economic data refutes.

“These bank failures are not a reflection of an unhealthy U.S. economy, they are all about Federal Reserve policy,” said Christopher Thornberg, Founding Partner of Beacon Economics and one of the forecast authors. “Sad by true; the body that is supposed to be the wise shepherd of the nation’s banking system is largely responsible for creating the very stressors that caused Silicon Valley Bank to fail, and the run on others to begin.”

According to the outlook, the U.S. banking system, overall, is the victim of quixotic and rapid changes in Fed policy over the last three years as they have tried to maintain both full employment and price stability – which can be mutually exclusive. “In their existential panic over full employment during the pandemic, the Fed destabilized prices by injecting historic amounts of cash into the economy; in their existential panic over price instability, they destabilized the banking system through interest rate increases,” said Thornberg.

The new outlook acknowledges that the sudden crosscurrents from the bank failures have made the forecast fuzzier because stress in the banking system will eventually show up in the broader economy in the form of tightening credit. However, the new forecast does not believe those stressors, on their own, will rise to the level of a recession. “Cash is still king in the U.S. economy,” said Thornberg. “But if the Fed decides to continue raising interest rates in its quest to slow inflation, it will do more damage to the bank credit industry and that will trigger negative consequences for the overall economy.”

Assuming the Fed slows their roll, which they’ve shown some signs of doing, Beacon Economics is expecting slow growth and no recession in the near-term future. The forecast has real U.S. GDP growth in the first quarter coming in between 1% and 2%, although the margin of error has increased given the policy uncertainty.

In terms of the macro economy, the new outlook points to copious evidence of its health: unemployment in the nation remains rock bottom, consumer spending continues despite inflation, earnings growth is still running above 6% for the median worker, U.S. household net worth remains 30% ($30 trillion) higher than it was pre-pandemic, banks are not experiencing an increase in problem loans, and interest rates have started to stabilize causing asset markets to do the same.

In California, the news grew rosier this month after the state released its annual employment revisions, although a declining workforce continues to hamper economic growth. The revision shows that California recovered more and faster from the pandemic’s job losses than previously estimated: There are 197,000 more people employed in the state today than there were pre-pandemic. The original estimates had the gain at a mere 70,000.

However, in terms of the percentage increase, California’s job growth has been about five times slower than states such as Florida and Texas. “The underperformance we’ve seen is certainly not due to any unwillingness on the part of the state’s employers to hire workers,” said Taner Osman, Research Manager at Beacon Economics and one of the forecast authors. “Rather, California’s labor force contracted during the pandemic and there are well over 300,000 fewer workers in the state today than there were before COVID hit; there are simply not enough workers to fill the number of job openings.”

Deeply linked to its declining workforce is California’s famously expensive housing market, where prices surged an astounding 41% during the early days of the pandemic. Today, higher interest rates have led to a collapse in demand and home sales have returned to their pre-pandemic trough. However, home prices remain 27% above where they were pre-pandemic and the new forecast only expects them to fall by 6.3% in 2023. “Given California’s acute long-term housing shortage, it’s not surprising that price drops will be limited,” said Osman. “And this isn’t anything like the Great Recession because consumer balance sheets are so much stronger today and unemployment rates are at all-time lows.”

View the new The Beacon Outlook including full forecast tables here.

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