In what is a recurring feature, Finopotamus spotlights innovative women who are positively impacting technology applications in the credit union industry, and beyond. For this issue, we visited with RewardOps President Beth McCoy.
By W.B. King
Twenty years ago, while working at Air Canada in sales development, Beth McCoy became interested in technology due to the company’s entry into web-enabled service solutions. Beginning her professional career in 1999 as a sales analyst, it was her position with Air Canada that marked her official entry into all things tech.
“I also had the opportunity to work on mapping data flow across the airline’s various systems,” McCoy told Finopotamus. From this point forward, she was drawn to projects that were both challenging and rewarding.
“I’m energized by the opportunity to breathe new life into a stalled brand or launch something completely fresh, which inspires me to think outside the box,” she shared. “Throughout my career, this excitement led me to help launch and grow two loyalty startups — one of which grew into a multi-million-dollar global player in its industry.”
Wearing Many Hats
Before landing at the Toronto-based RewardOps in 2018 as a vice president of partnerships, she also served as vice president of a private Canadian loyalty and incentive company. Later, as an entrepreneur, she was a consultant for Canadian and North American brands, including Petro Canada and US Bank.
“It’s the dynamic nature of building something from the ground up, making things happen, and getting results that truly motivates me. I’m a quick study and thrive in high-pressure environments, always keeping the big picture in mind while focusing on the details,” said McCoy, who in 2022 was named president of RewardOps. The fintech offers a cloud-hosted, software-as-a-service (SaaS) engagement commerce platform in the rewards space.
“I’ve worn many hats throughout my career, helping clients with everything from innovation to contract negotiation and strategic planning, all while leading teams to implement technologies and achieve strong business outcomes,” McCoy said. “Ultimately, my passion for creating order out of chaos and fostering meaningful relationships drives me forward.”
McCoy noted that a positive change in technology departments is that they no longer “guesstimate” project timelines. “Today, they are equipped with the tools, knowledge, and aptitude to provide more accurate and reliable timeframes,” she continued. “The department’s approach to innovation has also changed.”
To ensure new technologies are properly vetted and forecasted, McCoy said the RewardOps team always asks the following four questions:
1) Does it align with our company’s vision?
2) Is there genuine interest in pursuing it?
3) Does it have broad appeal to our clients?
4) Will it differentiate us from competitors?
“If we see this as a viable opportunity, then we’ll explore implementation and integration, as well as projected costs. We’re constantly balancing our clients' needs with those of RewardOps and the market,” she explained, noting that the company employs 38 team members, 14 of whom are tech-facing. “Every member of the leadership team is involved and on board before we move forward with any decision, which ensures alignment and shared commitment across the organization.”
Smart, Dynamic and Forward-Looking Women
Growing up, McCoy didn’t have to look far to witness how effective and impactful women can be in the workplace. “My mother was an incredibly talented elementary school teacher and a passionate affirmative action advocate, so from an early age, I understood that while barriers exist for minorities and women, they can be overcome,” she said.
“It’s encouraging to see more women entering the technology sector,” she added, noting that the majority of RewardOps leadership team is women. “People often remark on our predominantly female leadership team, and I always respond: ‘I simply chose the right person for the job from a diverse pool of candidates.’"
While studying at Humber College, McCoy had a female mentor who encouraged her to pursue her career path and another woman at Air Canada who served as an early champion.
“Both women were smart, dynamic, and forward-thinking—unafraid to explore and implement fresh ideas. They cared deeply about their companies, their mission, and their people. Their focus was always on advancing the organization, rather than simply advancing themselves,” she continued. “If you were fortunate enough for them to see potential in you, they worked tirelessly to support your growth—offering guidance, coaching, and exposure to new opportunities and unique projects, all while championing you every step of the way.”
At RewardOps, McCoy continues to pay all these positive and inspiring experiences forward. “I admired both of these women immensely, and they set an example I’ve sought to embody throughout my own career: spotting talent, nurturing it, providing opportunities for growth, and encouraging others to push beyond the limits of their roles,” she told Finopotamus.
Pay With Points
With four financial institution clients and one credit union, Mc Coy said RewardOps is excited to see more credit unions expanding beyond traditional gift cards.
“Our credit union client now empowers its members to use their rewards toward a variety of financial products and services, as well as credit card purchases. For instance, members can apply their rewards to cover all or part of their insurance premiums, invest in savings products, or make payments on loans,” she explained. “Additionally, they can use rewards to pay off purchases at restaurants, entertainment venues, travel expenses, and more.”
By offering members flexibility on redeemable rewards points, McCoy believes credit unions can improve member satisfaction and engagement, while creating a more personalized experience.
“This adaptability not only attracts and retains members but also encourages increased usage of the credit unions’ cards and strengthens brand loyalty. Furthermore, credit unions can gather valuable insights into member preferences, leading to more effective marketing strategies and enhanced offerings,” she noted. “A diverse rewards program positions credit unions to remain competitive and relevant in today’s financial landscape.”
Among trends McCoy is watching is the evolution of “diverse redemption options” in the retail sector, such as “Pay with Points.” The challenge in this niche space, she noted, is how to effectively use these reward points at the point of sale.
“To date, no one has fully mastered the point-of-sale experience, as it largely hinges on seamless integration. We are actively integrated with our sister brand, Carlson Marketing Solutions, as well as the vendor community and core systems, to enhance this experience,” she explained. “We have exciting things in the works around the holiday season.”
Partnerships Drive Innovation
While McCoy said that credit unions traditionally had a reputation for being conservative when it came to investing in technology, and sometimes slow to embrace innovation, this perception has shifted.
“Credit unions have increasingly embraced fintech partnerships, with many larger ones now operating more like traditional banks. Unlike banks, credit unions often offer greater flexibility, more diversified business lines, and a stronger focus on consumer needs,” she said. “Credit unions prioritize loyalty; it’s fundamental to their existence. We see significant opportunities to support credit unions in evolving their engagement models and driving innovation.”
Recently, RewardOps worked with a credit union implementing a “modular loyalty program,” which began with offering gift cards and was gradually enhanced, adding features based on member needs.
“Since integrating our solution, this credit union has experienced an increase in member retention and engagement,” she noted. “These collaborations benefit both the credit unions and their members, promoting mutual growth.”