Co Op Saylent Find Increases In MotherS Day Purchasing
CO-OP, SAYLENT FIND INCREASES IN MOTHER’S DAY PURCHASING
RANCHO CUCAMONGA, Calif., and FRANKLIN, Mass. (May 13, 2014) - Mother's Day, traditionally the day telephones are the busiest as grateful children remember to call the family matriarch, also turned out to be a memorable day for restaurants, book stores and craft shops.
Merchants of all these services recorded customers spending more money with them than in the previous year, according to an analysis of debit card transactions by CO-OP Financial Services and Saylent.
"Did you know that Mother's Day was first celebrated in the United States in 1908, the same year that the country's first credit union was founded?" said Stan Hollen, President/CEO of CO-OP. "The purchasing activity this weekend by credit union members shows one great American tradition supporting another - and is another encouraging sign for the economy."
This analysis of sales is based on more than 11.4 million transactions made from Friday, May 9, through Sunday, May 11. The results cover debit card activity nationwide by members of credit unions that use CO-OP for transaction processing. The year-over-year comparison was performed through an advanced analytics solution, CO-OP Revelation, powered by Saylent, and was conducted by Saylent's Insight360 consulting team.
Among the highlights of the CO-OP Revelation data:
- As one of the most popular merchant categories, restaurant transactions were up 12% from 2013 with a corresponding growth in total dollars spent of 11%.
- The highest overall growth came from artist supply and craft shops, showing an 83% increase in total transactions.
- Book stores showed solid growth, with a 17% increase in
transactions and an 18% increase in total spend.
- Among smaller volume merchants, precious stone, watch and jewelry merchants posted a 31% increase in overall spend.
- Gas stations and fuel purchases grew slightly at a 6% rate in volume and a 7% rate in spend.
- Florists, department and discount stores were generally flat from 2013 to 2014.
"CO-OP Revelation provides detailed and timely analysis on card usage to enable the credit unions to better understand what motivates their members," said Tyson Nargassans, president and CEO of Saylent. "Whether those payment analytics are used to develop offers on those purchases preferred by Mom or help mitigate fraud related to a major breach, CO-OP Revelation allows participating credit unions to serve their members better every day."
The role member transaction data analytics can play in business decision making by credit unions will be addressed at next week's THINK 14 Conference. The conference, sponsored by CO-OP, is taking place May 19-22 at the Sheraton Hotel in New Orleans. The Monday afternoon agenda session "THINK Impact: Delivering Top Member Experiences from the Insight, Out." will include among the session participants Saylent, provider of the software that powers CO-OP Revelation. Registration for the conference is $799 for credit union employees, who may still register at www.co-opthink.org.
For more information on CO-OP Revelation, visit www.co-opfs.org.
About Saylent
Franklin, Mass.-based Saylent provides financial institutions with analytic software that improves profitability and product innovation by delivering smarter, deeper, actionable insights on the financial behaviors of consumers and businesses. With Saylent's solutions - Card360, which provides payments intelligence for card issuers; and Account360, a cloud-based relationship product and pricing platform - financial institutions are empowered to drive new revenue streams and increase loyalty by delivering programs and solutions that their customers and members desire. To learn more visit www.saylent.com.
About CO-OP Financial Services
Based in Rancho Cucamonga, Calif., and founded in 1981, CO-OP
Financial Services is the nation's largest credit union service
organization in terms of number of credit unions, assets and
members. The company helps credit unions thrive by providing
products and services that make it more convenient for members to
do business with them. With a motto of "Be There. Be More," CO-OP's
products fall into three business lines, including "Locations,"
(ATM, shared branching and call center services); "Card Payments"
(debit and credit processing) and "Mobile/Virtual" (mobile, online,
check imaging, bill pay services). To learn more visit www.co-opfs.org.
