UPDATE: In September of 2008 Shryk changed its name to iThryv to alleviate the difference between name and product.
Shryk provides the iThryv next generation online banking platform to financial services organizations, and the integrated weProsper.org community to promote financial literacy.
Shryk provides a next generation online banking platform that creates an immersive environment for users. Shryk has developed the first three flavors, and these are directed at Youth (5 to 11 years old) Teen (12 to 17 years old) and Young Adults (18 to 24 years old.) The system allows users to manage their own bank accounts and be trained in financial literacy at the same time. The Shryk system may be the silver bullet that has been missing in the battle against the issues the US is having with financial literacy. At the same time, we provide a business solution to the banking and credit union industries to start the customer for life paradigm with young kids in a way that provides a whole new set of products for the financial industry. The second half of this model is that Shryk provides access to the platform to schools and teachers for free, through the weProsper.org community site. This allows a city to start kids in kindergarten with a simulated banking platform that looks exactly like what they will be able to use at a bank with real money when they choose. Not only does this enable schools to teach financial literacy on a sophisticated online delivery system for free, it also provides the onramp to drive new customers to our banking customers. The combination of both sides of this model is being hailed by many people in the financial literacy world as a possible breakthrough use of technology. Shryk is enabling win-win public/private partnerships between financial institutions, schools, and parents in a way that is financially feasible for all. While providing an environment for young people to manage their own finances in a way they simply cannot do at this time.
Shryk solves the following specific problems: 1 â€“ A solution for teaching financial literacy at the point of transaction that is robust and unique. This is critical because of statistics such as the fact that approx. 25% of the personal bankruptcies in the US are filed by people 25 years old or less. 2 â€“ A service that helps banks and credit unions make more money through saving them costs on servicing small kids account on paper, making stickier relationships with parents, and providing an avenue for additional fee revenue 3 â€“ A free tool for schools to teach financial literacy. Many are being mandated to do this by their state government, yet are getting no funds to implement it.
Future flavors that are being planned will target senior citizens, the Spanish community, and young married couples.