Larky leaves a powerful impression for crowd of 1400+ at Finovate.

Robert McGarvey with the CU Times covered Larky's presentation at Finovate on Wednesday. Here's a bit of what he said...

 

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Posted on September 25, 2014 by AndrewB - No Comments

Topics: Financial Institutions, Loyalty, Events

Infographic: How Are Millennials Transforming the Banking Industry?


LARKY INTELLIGENCE

With over 86 million people in the generation known as Millennials (born early 1980's to early 2000's), the banking industry is poised to see a major shift in how people want to interact with their financial institutions. LARKY INTELLIGENCE has uncovered some amazing statistics to give you a glimpse into the future. How Are Millennials Transforming the Banking Industry? Take a look.

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Posted on September 15, 2014 by AndrewB - No Comments

Topics: Financial Institutions, Mobile, Infographic

Why & How a Point-of-Sale Discount Program Pumps Up Customer Loyalty

Businesses like yours are common in today’s marketplace. No offense, but your members may think of you as “just a bank,” “just a credit union,” or “just a commodity with nothing unique to offer.” Ugh.

If you are viewed as just another _______ [fill in the blank], then you're in a precarious position, subject to the whims of your customers, and an easy target for competitors. All they have to do is offer a slightly better deal or a new value-added benefit, and presto change-o, your potential and current customers are heading in their direction.

 Could you be more than a commodity?

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Posted on September 12, 2014 by AndrewB - No Comments

Topics: Financial Institutions, Perks and Discounts, Loyalty

What Does “Customer Loyalty” Really Mean for a Financial Institution?

Almost twenty years after Frederick Reichheld wrote “The Loyalty Effect,” we all understand that customer loyalty leads to…

  • Increased retention rates.
  • More referrals.
  • More spending per customer and less price-sensitivity.
  • Decreased costs for servicing customers.
  • Increased profits over time. (In fact, by increasing retention rates by just 5%, profits could increase by 25 to 95%, and golly, that statistic really packs a punch.)

But for a bank or credit union, what does “loyalty” really mean?

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Posted on September 12, 2014 by AndrewB - No Comments

Topics: Financial Institutions, Loyalty

CU Insight-Filene Research Institute announces the launch of mobile app pilot

Consumer Finance think tank excited to announce Larky pilot to benefit credit unions and their members

MADISON, WI (August 4, 2014) – Filene Research Institute, a consumer finance think tank, is excited to announce the launch of a pilot with Larky, a start-up organization based in Ann Arbor, Michigan. Larky is the brainchild of Gregg Hammerman and Andrew Bank who were frustrated by their inability to use discounts they were due from various member organizations.

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Posted on September 12, 2014 by AndrewB - No Comments

Topics: Financial Institutions, News

How Does Engagement Affect Wallet Share?


A 2014 study by Ernst and Young asked 32,000 consumers, "What would you be willing to do if your bank or credit union offered a better experience?"  Larky Intelligence shares the answers in this informative infographic.

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Posted on September 10, 2014 by AndrewB - No Comments

Topics: Financial Institutions, Perks and Discounts, Infographic

How Financial Institution Leaders Can Build Business Loyalty

"You earn reputation by trying to do hard things well."
~
Jeff Bezos

What you do as the leader of a financial institution in your community is not easy. You understand your community in ways that most others just don’t. You help people start businesses, stay in business, and grow their businesses.

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Posted on September 09, 2014 by AndrewB - No Comments

Topics: Financial Institutions, Loyalty

What's Wrong with Most Discount Programs?

wrongs_rights

First let’s list the wrongs…

  • Discounts at the wrong time - Some discount programs are “after the fact.” Customers get rewards, points, or discounts on future purchases after they make a purchase. That means they have to remember to use the discounts later.
  • Discounts in the wrong place - Some programs notify people about discounts when those people are in bed trying to catch some Zzz’s, driving down the highway, slaving over a project at the office, or far away on vacation. If the discount notification comes at the wrong time, it’s likely to be ignored or forgotten.
  • Discounts that are hard to attain - Some programs require participants to “earn” their discounts – “Spend $10,000 > Get a space-age toaster oven.” Customers have to meet a spending threshold to feel the benefit. Otherwise, they don’t get that nifty oven.
  • Discounts that require a change in behavior - Some programs require that people swipe a special card, manage coupons, or show a toggle on their key ring. Without the card, coupon, or toggle, they might not get the discount. And all those darn loyalty cards make for a very fat wallet!

So, what does it take for a discount loyalty program to really work?

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Posted on September 09, 2014 by AndrewB - No Comments

Topics: Financial Institutions, Perks and Discounts, Loyalty

Get a Front Row Seat for a Ride to the Cutting Edge

Larky's Team is hitting the road this fall to talk with innovative financial institutions about how to delight customers AND boost the bottom line. Yes, you can do both at the same time. Larky's point-of-sale instant discount platform helps your customers save $1,000+ per year and keeps your institution top of wallet.

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Posted on September 08, 2014 by AndrewB - No Comments

Topics: Perks and Discounts, News, Events

Context Cuts Through the Clamor in a Crowded Marketplace

Here are two words for you – “contextual technology.”  Ponder that phrase for a moment… Are you yawning? Well, stop it. Yes, it’s a ho hum phrase, but “contextual technology” is a huge game changer. It’s bigger than MC Hammer’s pants in 1988, and it’s getting increasingly pervasive every day.

What does “contextual technology” mean?

Contextual technologies are those that “understand” you and your environment – like your location, your daily schedule, your heart rate, or the number of steps you took today. In their book, “The Age of Context,” Robert Scoble and Shel Israel explain how 5 technological forces - mobile devices, social media, big data, sensors, and location-based services – will dramatically change the way we live and work in the future.  The change is already well underway, and Larky’s web + mobile loyalty platform is part of that revolution. 

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Posted on September 08, 2014 by AndrewB - No Comments

Topics: Loyalty, Mobile

How Does Member/Customer Loyalty Affect Financial Institutions?


Only 51% of banked consumers are confident that they'll remain at their current financial institution in the next six months. Yikes! And even if they stay, it doesn't mean they're loyal. Retention does not equate to loyalty!

Check out these other powerful stats The Larky Smarts Team uncovered when looking into customer loyalty.


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Posted on September 08, 2014 by AndrewB - No Comments

Topics: Financial Institutions, Infographic

How Financial Institutions Can Attract Those Mindful, Mobile Millennials

They were born between the early 1980s and the early 2000s - Generation Y, the Millennials, New Boomers – and their numbers are indeed booming. In the US, there are 86,000,000 of them; that’s 7% more than the Baby Boomers! The Millennials have their own unique traits, values, and attitudes about finances & financial institutions. 

  • They strive for wealth in their lifetime. Based on 50+ years of research conducted at the University of Michigan's (“Monitoring the Future”) and UCLA (American Freshman survey), 75% of Millennials “consider wealth a very important attribute” compared with 45% for Baby Boomers. According to Western Union research, Millennials will be the highest earning generation in the U.S. in 10 years.

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Posted on September 08, 2014 by AndrewB - No Comments

Topics: Financial Institutions, Mobile

Consumer Affairs-An App The Reminds You When You're Due a Discount

An app that reminds you when you're due a discount

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Posted on September 07, 2014 by AndrewB - No Comments

Topics: Perks and Discounts, News

CNN Money-15 Best Financial Sites and Apps

15 best financial sites and apps

Smart new websites and apps that will change the way you save, shop, bank, invest and more.

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Posted on September 05, 2014 by AndrewB - No Comments

Topics: Financial Institutions, News

What Can You Give Customers Today to Ensure Loyalty Tomorrow?

Inspiring loyalty tomorrow is as simple as one word - "Attention!" Yes, pay attention to your customer. No, not just any old attention.   She doesn’t want the stale e-newsletter that you send to every household, and she doesn’t want another flier advertising a good deal on a home equity loan. She wants specific, personalized attention related to the things that she cares about. Here’s a figure from Accenture’s 2013 Global Consumer Pulse Survey to back us up:

79% of consumers said they would be more loyal if my bank or credit union “contacted me proactively to let me know about ways to save money or enhance my experience with them.”

Say what? Your customers actually want you to contact them?! Yes, as long as it’s specific to their own experience. And get this…

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Posted on September 04, 2014 by AndrewB - No Comments

Topics: Financial Institutions

ABC 7 On Your Side: Michael Finney's Top 3 Shopping Apps

7 ON YOUR SIDE: MICHAEL FINNEY'S TOP 3 SHOPPING APPS

Here are the apps: Red LaserWalla.by and Larky.

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Posted on September 02, 2014 by AndrewB - No Comments

Topics: Perks and Discounts, News

Good Housekeeping-Larky: An App that Helps You Save Money

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Posted on September 01, 2014 by AndrewB - No Comments

Topics: Associations, Perks and Discounts, News