LAS VEGAS-Debit is "the place to be right now," according to Stan Hollen, president and CEO of CO-OP Financial Services. "Debit is growing, and remains a focus for the CO-OP Network."
"Credit union innovation will attract savvy buyers," he said. "Think of CO-OP Network as the R&D arm of credit unions. We are looking at mobile phones, contactless cards, paperless technology and check imaging with our resources and technology. And, we are working hard with CUNA Mutual to reduce card fraud."
As an industry, CUs are "falling behind" on image capture, Hollen warned. He said the largest three banks are implementing image-capture ATMs that take cash or check deposits without envelopes, "and are treating these as a competitive advantage."
In 2010, CO-OP Network will be keeping a close eye on legislation that could affect interchange, Hollen promised. CO-OP Financial Services saves credit union members $200 per year, he said. Hollen noted CO-OP is the largest CUSO in the country with 3,200 credit unions, 1,200 member-owners, 27 million CU members, 3,400 shared branches, 28,000 CO-OP Network ATMs, 9,000 deposit-taking ATMs and 160-million total transactions per month.
