Wednesday, April 22, 2020
CO-OP Financial Services (www.co-opfs.org) has posted a think piece on credit union support for members as they begin receiving their stimulus checks. The piece comes on the heels of one of CO-OP’s biggest weeks for call center activity. CO-OP Contact Center offered more than 28,000 calls on Thursday, April 16 alone; it was the highest single day volume ever. Similarly, transaction volumes across the CO-OP Shared Branch network rose 19 percent year-over-year on April 15.
In the piece, CO-OP outlines three ways credit unions can prepare to support members as stimulus money makes its way to mailboxes and share accounts:
1. Prepare support channels. As members anticipate and ultimately receive stimulus checks, credit unions can take several steps and measures to ensure their digital, mobile and in-person channels are prepared for the increased volume.
2. Prepare for check fraud and account takeovers. Credit unions should remind members to be extra careful with their account and financial information, as fraudsters are using the stimulus check program to increase fraud attempts.
3. Prepare to increase engagement via financial health channels. Members are making all kinds of decisions about their payment mix, taking personal loans, using cards and combining a whole host of tactics to make sure their financial life is staying on a stable path during uncertain times. Credit unions should encourage members to use budget tools to help spend their stimulus checks wisely.
CO-OP Financial Services will focus its Thursday, May 7 THINK 20 Virtual event on how credit unions can set their strategy to be the financial services providers most able to help Americans in the COVID-19 economic environment. THINK 20 Virtual is a free event open to all credit unions, and complimentary registration can be completed immediately at https://co-opthink.org/virtual-registration.
The full think piece on supporting members as stimulus checks arrive can be read here.