FRANKLIN, Mass. and RANCHO CUCAMONGA, Calif. - August 27, 2014 - Almost everyone has seen the videos of friends, family, celebrities and many others dumping ice water over their heads as part of the ALS Ice Bucket Challenge. While it has been a highly successful social media initiative, it's been shown that increased awareness of ALS was not the only accomplishment. Donations to the charity have escalated significantly.
Saylent, which provides data analytics software for financial institutions, and CO-OP Financial Services, a financial technology provider to credit unions, analyzed ALS donation-related debit card transactions conducted by members of CO-OP's credit union clients. The analysis was done on a sample of 70 out of 900 credit unions. Analysis comparing Aug. 1-18, 2013 to Aug. 1-18, 2014 uncovered that:
"It's been exciting to watch the ALS Ice Bucket Challenge go viral, and it's great that in addition to the awareness-generating aspects of this campaign, significant money has been raised as a result," said Tyson Nargassans, president and CEO of Saylent. "Our analysis demonstrates that credit union members are among the many that have contributed to this very worthy cause."
"The credit union movement has always been characterized by a people helping people ethic, dedicated to making local communities better," said Stan Hollen, President/CEO of CO-OP. "The donations to the ALS Association in the past month shows that tradition springs from the members themselves."
The results cover donations-related debit card activity by members of credit unions that use CO-OP for transaction processing. The comparisons were performed through Saylent's Card360 offering, an advanced analytics solution offered through CO-OP as CO-OP Revelation.
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.