RANCHO CUCAMONGA, Calif. and FRANKLIN, Mass. –Well-targeted marketing and incentives are being credited for driving a 201% increase in average monthly spending among credit union members in a “Season of Giving” promotion from CO-OP Financial Services.
During November, credit union members across the country participated in the CO-OP Financial Services debit card marketing promotion, managed by Saylent Technologies. The program targeted low-spending debit cardholders, identified through the CO-OP Total Revelation payment intelligence tool.
The 201% increase is based on spending that went from $62.60 per-card, per-month to $188.87 per-card for November. In addition, average signature debit transactions per card grew 74% to 6.73; average per-transaction spending was up 73% to $28.01; and average signature debit interchange per card was up 131% to $2.78.
When targeted members increased their spending, a contribution was made in their name to a tree planting program. This led to contributions for planting 8,240 trees on behalf of the 824 cardholders who did so, according to CO-OP Financial Services.