Mar 22 '17
Larky Helps Credit Unions Tackle Growth and Relevancy Challenges
I'm pretty good at buying shoes. I do it a few times a year, have a pretty solid idea where to shop and what's going to feel comfortable on my feet.
Buying a car is the other end of the spectrum for me. I've only done it twice in my life. It feels overwhelming and intimidating. When I last purchased a car, I was so focused on the car itself, negotiating a price, and making sure that I could still play all of my mix tapes, that I hadn't thought much about how I would finance my purchase. The dealer was happy to help guide me toward financing, but my credit union wasn't an option they suggested.
Every day your members are bombarded with choices, and sometimes those choices are forced on them and can dilute loyalty to businesses they already have relationships with. The average number of financial accounts a consumer has is almost certainly higher than your credit union’s accounts per member average. How do you meet the relevancy challenge and ensure that your members are engaging with you?
Research and Pilot Results
Research from the recent collaboration between Filene and Larky, a mobile loyalty platform, showed that in order to promote effective member engagement, credit unions need to create new and relevant ways to deliver opportunities and messaging. Larky develops discounts with local merchants on behalf of credit unions. The Larky membership engagement application automatically notifies members of location-based savings opportunities at these select local merchants, and members see those savings at the cash register.
When the pilot concluded last year, we saw that the program did indeed help credit unions engage in an automated, relevant way: 96% of Larky users said it adds value to their financial institution relationship. This geographically targeted member discount program delivers money-saving offers to the member’s smart phone. Wherever the member goes, they are served discounts to local merchants and retailers.
Our pilot participants reported another unexpected benefit of Larky: Because it provides local merchants with free advertising, Larky offers a window to establish and grow engagement with small businesses and increase interchange income.
Click here to learn more about Larky. Cut through the clutter and deliver a win-win: Help members save money, help local businesses thrive, and boost your bottom line.
Today, Larky partners with 36 credit unions across North America. In the past 3months, Larky added four more members of the Filene family. We join Larky in welcoming:
- United TeleTech Financial Federal Credit Union
- Unitus Community Credit Union
- Credit Union One
- Blackhawk Community Credit Union
Next time your members are buying shoes, a new car or even a cupcake at the local bakery, your credit union has a chance to be part of that conversation. And of course that transaction.