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Carefull

The Cooperative Bank - Roslindale, MA

2022 Community Committment Awards Submission

  • Protecting Older Americans
  • Asset Size: Small

The Cooperative Bank (TCB) has served as a bedrock of the Boston community for more than 120 years. TCB takes pride in standing by its customer families for the long haul, including up to and past retirement. As these customers age, their bank balance grows. 82% of TCB's assets are currently held by those over age 55.

Before TCB could gain new, younger customers, it first needed to protect and engage those customers with most of its assets: older adults - who are also the most vulnerable to scams, fraud, and money mistakes.

TCB searched for solutions and was very excited to announce its partnership with ‘Carefull,' a new innovative tool that protects and coordinates the daily finances of older adults. Carefull provides intelligent, technology-driven oversight to let older adults and their caregivers better safeguard their financial transactions. The platform analyzes checking, savings, and credit card accounts for late or missed payments, behavior change and mistakes, unusual banking activity, plus over 30 other issues that can impact older adults' finances, from cash transfers to charitable contributions that unknowingly recur. Older adults, families and caregivers receive a notification if any fraud or issues are detected.

https://www.thecooperativebank.com/carefull/

https://www.thecooperativebank.com/carefull/