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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

Falcon Wealth Planning To Celebrate 7 Year Anniversary With Ribbon Cutting Ceremony At Their New Location

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The Inland Empire Regional Chamber of Commerce (IERCC) is excited to announce their newest member, Falcon Wealth Planning, Inc. With that announcement comes a celebration, as the IERCC will be helping Falcon Wealth Planning celebrate their 7-year anniversary with a Ribbon Cutting Ceremony for the grand opening of their new building on April 19, 2022.

For this special event, guests will be able to enjoy a meet and greet with Falcon Wealth Planning’s executive staff, high-quality networking, food, and drink, and most of all a great time. The ceremony will take place between 4:30 p.m. and 6 p.m. and include guest speakers from Gabriel Shahin, Principal at Falcon Wealth Planning, Inc., and Edward Ornelas, Jr., President, and CEO of Inland Empire Regional Chamber of Commerce.

Falcon Wealth Planning focuses heavily on tax planning and works with Certified Public Accountants so that you can breeze through tax season and plan today, avoiding stress during your retirement. With over 30 years of experience, they dedicate their services to preparing creative solutions tailored specifically to you.

The IERCC’s mission is to support and contribute to the interests of commerce and economic prosperity throughout Riverside County and San Bernardino County. They are a progressive, non-profit business organization striving to bring true value to their members, investors, sponsors, and community.

Together, they will be celebrating the grand opening of Falcon Wealth Planning’s new building located at 3400 Inland Empire Boulevard In Ontario, California, on April 19, 2022, starting at 4:30 p.m. Tickets for the event are free. It is highly recommended to register early, which you can do so by clicking here!

If you have any questions or need more information, please contact the IERCC at info@iechamber.org.

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Banking & Financial Services

Q&A Session with Black Cooperative Investment Fund Executive Director—Kaine Nicholas

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Q&A with Kaine Nicholas, Executive Director of Black Cooperative Investment Fund

By Josaline Cuesta, Small Business Majority, Senior California Program Manager, and IEBJ Contributor

Why is financial literacy important for small business owners? What are the pillars of financial literacy?

Financial literacy is the comfort level one may have with topics related to money and its management. Financial literacy is critical to success, and it’s where everything begins for small business owners.  

At the beginning of a business venture, an entrepreneur can be cash-challenged and relatively inexperienced in practical business versus theory. It is important that while learning the business terrain, entrepreneurs have at the very least, a baseline of financial literacy to question documents and do calculations or have support to negotiate effective business terms. Any terms that are negotiated at the beginning of a venture can significantly affect the projections or the valuation of a business. These effects can vary widely, depending on the comfort level of financial literacy. 

The pillars of financial literacy are banking, budgeting, saving, credit, debt, and investing. What matters most to small business owners is budgeting, banking, and credit, and we recommend focusing on that order for small business owners. Understanding the numbers, having the assets with banking partners that can offer solutions, and building business and personal credit are all imperative to small business owners. BCIF and its trusted partner, AmPac Business Capital can help everyone gain a firm awareness of these pillars.

What’s needed to create a strong financial plan?

What is needed to make a strong financial plan is the actions that happen alongside writing the actual financial plan. While one may be uncertain of the “hockey stick” or optimistic revenue, what people can control is the cost. Know those costs and how they change in a good, better, or best scenario to keep you prepared.  

No one likes surprises. There is security and comfort in knowing that costs are consistent and predictable. Spend time conducting the research and use due diligence so that you and the financial partners understand the financial plan and financial statements. 

What’s in a business plan, and why is having one essential for a small business owner? 

A business plan is a document that, at its most basic level, can help small business owners navigate the who, what, where, why, and how to generate income with a product or service. The business plan tells the reader that this “document” is your prototype on paper. The business plan also helps readers understand the basic valuation of your business. 

If your business plan is on paper, does it articulate the vision, or is it a requirement for a loan program? The business plan is important because it represents as the creator of the business. Thinking business out on paper can reduce mistakes in real-world execution.  

What’s the best way to document and share major changes to a business plan with your financial advisor and employees, such as becoming a corporation or expanding to another state? 

Ensure the establishment of company meetings and hold them routinely, preferably with quarterly updates. This allows stakeholders to receive firm-wide public information and establishes communication between leadership, management, and employees. 

What are some tips for thinking strategically about cash flow?  

One tip is to understand what is in the pipeline and/or accounts receivables and monitor subscriber trends to your products or solutions. When I ask business owners how their business is doing, they usually respond with, “it’s going well.”  And I always ask myself, what does that really mean, and is the owner aware of the items that support healthy cash flow?

Is a personal credit score relevant to small business success? What defines a “good credit score” and how can you maintain one?

Personal credit is relevant to businesses at the earlier stages of a business. If used correctly, one should leverage good credit and create business credit as soon as possible. Personal credit and business credit are created differently and operate differently. That difference can be critical to accessing capital. Unfortunately, a “good credit score” is not universal. We recommend owners investigate the potential creditor by asking what numerical score and credit history on the credit report will produce a favorable outcome. A credit score and credit report are two components that contribute to a sizable credit decision. With that information, the small business owners have a credit “road map.” What is most important is that the business owner is proactive in the credit conversation. One can maintain and learn more with one of BCIF’s trusted partners, AmPac Business Capital.  

What are the top three easy-to-navigate business loans for a startup business? Do the types of loans that are needed change in your 2nd or 3rd year of business?

The top and the easiest loan is a zero-interest loan based on an alternative way of evaluating personal credit and traditional risk models. If one can find a small business loan that targets a certain demographic or type of business, that should be extremely helpful. Third, look for a small business loan that can be forgiven. 

The types of loans that could change in your second or third year of business can be tricky. Business success and loan/funding gaps require careful consideration, but most important, predictability. 

How will I know that a financial literacy resource is proven and credible?

Financial literacy is a journey. One way to affirm credibility is to compare it to your financial situation. Always have a backup resource for validation.

How can the average entrepreneur improve their financial literacy?

This is an important and critical question that I will answer in an alternative, more direct way. I strongly recommend these three words as ways to improve personal and business financial literacy:

  • Curiosity
  • Humility
  • Discipline

Start with opening your mail and being curious about the words that you do not understand in your statements. Call the service number and ask the person to explain what these words mean regarding your account. It sounds simple, but it truly is a free lesson that benefits your personal or professional situation. The information is memorable because the asker is learning even when configuring the question. (Do not forget your tax person or accountant.   They are your resources).

Humility helps your behavior when you ask a question, and you partially know the answer, but you ask questions to attain mastery.  

Lastly, you must be disciplined and determined when you call the service line or account representative when you do not fully understand a financial term. Do not feel like you are wasting their time asking basic questions. If they have chosen to do business, service your needs, or hold your money, you are only using your mutual rights within the relationship. 

What is the best way to stay abreast of COVID relief funds and resources in the Inland Empire area?

Contact the Black Cooperative Investment Fund (BCIF) at www.bcifund.org, 310-904-6336, reach out to our partner, AmPac Business Capital at www.ampac.com, or visit Venturize: https://venturize.org/—Small Business Majority’s free online resource hub for small business owners who need help accessing tools and resources to grow their businesses.

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Banking & Financial Services

Northwestern Mutual Grows Southern California Presence

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Company opens new office in Ontario, California

Northwestern Mutual, a financial security company focused on comprehensive financial planning through both insurance and investments, is announcing the opening of a new office in Ontario, California, at 3633 Inland Empire Blvd, Suite 790. 

“This expansion gives us the opportunity to build meaningful new relationships, offer career opportunities and meet a need for financial services in an underserved community,” said Matt Plocher, managing partner, Northwestern Mutual. “We’re looking forward to providing unmatched  financial guidance to our clients in Ontario and the surrounding communities and helping them  accomplish their financial goals.”  

The new office, led by Managing Director Amber Romo, was developed through a collaboration with the Northwestern Mutual distribution growth ventures team, a group focused on serving underpenetrated markets and competitive recruitment. It will offer financial planning services to the city’s underserved Hispanic and Asian communities. In addition, the office will identify opportunities for financial education and support of locally-owned businesses. 

“Our recruiting efforts will focus on diverse communities in Ontario, with an emphasis on area colleges and universities,” said Romo. “We’re excited to engage with the community and provide personalized planning solutions that will help put our new clients on the path to achieving their  financial dreams.”  

Romo will lead the Ontario office comprised of a diverse team of six financial professionals, all of whom live in Ontario or the surrounding area. The team plans to expand its presence in the community. 

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