AndrewB

Recent Posts

Standard Card Rewards Are Not Enough to Drive Card Usage

When most credit cards offer enticing rewards, how can community banks and credit unions ensure that their cards get used?

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Community banks and credit unions often complain, “Our clients have our card, but they don’t use it.” While your customers may have your card in their wallets, they are savvy about their payment options. They know they have a choice, and they tend to prefer to use cards that offer the best benefits.

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Posted on May 15, 2015 by AndrewB - No Comments

Topics: Financial Institutions, Perks and Discounts, Payments

Banks’ Share of Wallet Could See Large Decrease

If 27.1% of consumers do not intend to buy another product from their bank, then how can community banks and credit unions compete?

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According to the 2015 World Retail Banking Report (WRBR) by Capgemini & EFMA, wallet share for financial institutions has been negatively impacted due to declining levels of customer service and an increasing number of non-bank providers of banking products.  The report states, “Perhaps the most foreboding finding of our 2015 survey was the large decrease across the globe in the likelihood of customer buying another product from their primary bank.”

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Posted on May 15, 2015 by AndrewB - No Comments

Topics: Financial Institutions

Eleven Tactics for Banks & CUs to Shift Marketing Dollars To Mobile

Are you worried that your financial institution's "old school" marketing tactics (like billboards, trinkets, and print materials) aren't reaching or connecting with your current and prospective clients?

This cheat sheet can help!

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Posted on April 17, 2015 by AndrewB - No Comments

Topics: Financial Institutions, Mobile

Why Aren’t People Using Our Rewards Program?

Because consumers prefer instant gratification and personalized rewards over delayed gratification and generic rewards.

In a survey of 2700 U.K. consumers by Grass Roots Group, 54% said that they believe it takes too long to earn rewards in loyalty programs. In fact, 27% of them have stopped using a loyalty program because of the length of time it takes to earn a reward.  

So what do consumers want from loyalty programs then?

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Posted on April 15, 2015 by AndrewB - No Comments

Marketing Must Evolve or Banks Face a ‘No-Growth Death Spiral’

“Banks that don't fundamentally reevaluate and retool their approach to marketing strategy, budgets, ROI and data analytics are doomed.”

from The Financial Brand

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Posted on March 13, 2015 by AndrewB - No Comments

Topics: Financial Institutions, Mobile

Larky Launches New Site for Financial Institutions & Health Insurers

How does our new web site smell? Better than the old one, we hope.

Back in the day, Larky was entirely devoted to helping consumers get the discounts they deserved, so our web site was consumer-facing. But ever since launching our B2B loyalty and discount platform, smart people at financial institutions and health insurance companies have said things to us like…
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Posted on March 11, 2015 by AndrewB - No Comments

Topics: Financial Institutions, News

Siefer Report: Oswego County Federal Credit Union Launches Local Mobile Discount Program

Bill Carhart, CEO, Oswego County Federal Credit Union talked with the Siefer Report about the launch of their Larky powered app, Community Cash.

"The days of just promoting your basic products and services are over," says Carhart. "You have to deliver more value to your members through finding ways to make their lives easier."

Read the full story: This New York community CU plan to increase debit card usage and fee income with a new merchant discount app.

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Posted on March 03, 2015 by AndrewB - No Comments

Topics: Financial Institutions, Case Study

Larky Talks with Linda Bodie of Element Federal Credit Union

We sat down for a chat with Linda Bodie (Chief Innovator & CEO at Element Federal Credit Union (EFCU) based in Charleston, West Virginia) who told us about the launch of Element Edge, the EFCU-branded version of Larky’s mobile discount program.

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Posted on February 23, 2015 by AndrewB - No Comments

Topics: Financial Institutions, Case Study

Real-Time Engagement: Too costly for Community Banks and Credit Unions?

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For marketers at financial institutions, the big buzzword over the past five years has been “ENGAGEMENT.” In fact, we’d bet our piggy bank that when your financial institution planned its marketing strategy for 2015, one of your top questions was, “How can we ENGAGE with our clients?” Then after you brainstormed ways to encourage engagement, your CFO’s next question was probably, “How much will all of that cost?!”

Until recently, methods for customer engagement were expensive and time-consuming. The big banks could afford to allot big bucks to ad agencies to create compelling content for social media and other channels, so customers would (hopefully) think of their FI as they shopped, ate, played, and worked. Meanwhile, community banks and credit unions spent precious time and money trying to connect with and engage new and current clients, so those people would choose their FI for each and every financial need.

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Posted on February 21, 2015 by AndrewB - No Comments

Topics: Financial Institutions, Mobile

How to Build Real Relationships with Virtual Customers (Cheat Sheet)

From Our "Mobile Marketing Cheat Sheet" - Ten tips for credit unions and community banks to build real relationships with their virtual clients.

As mobile and online banking technologies advance, bank and credit union marketers have an increasingly daunting challenge – how to reach people that never visit your branch.

A statistic from Bankrate.com suggests that nearly one-third of your customers may never enter the front door of your financial institution or interact face-to-face with your staff, so how can you build meaningful relationships with those who prefer to use digital channels? And just because those clients don’t come into your branches, does that mean that they wouldn’t appreciate a personal relationship with their banker?

Contrary to popular belief, people who bank via digital channels still value personal touches from their credit union. Indeed, these folks are real people who might actually like to know the people who keep their money safe, sound, and earning interest.

As a financial institution marketer, it’s your job to connect with these folks and make them feel valued because many of them will turn into your most profitable customers as they hit their peak earning and borrowing years. So what can credit unions and community banks do to build real relationships with people they may never see?

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Posted on February 21, 2015 by AndrewB - No Comments

Topics: Financial Institutions, Mobile