Case Study: Belvoir Federal Credit Union

 

Belvoir_Bucks

Belvoir Federal Credit Union was organized in 1946 by employees of the Engineering Center on Fort Belvoir, Virginia. Today it serves the entire Fort Belvoir community with $320 million in assets and 26,000 members worldwide.

Larky spoke with Jason Lindstrom, Chief Marketing Officer, about their recent launch of Belvoir Buck$, powered by Larky.

What caught your attention about Larky?

As part of Filene Research Institute’s i3 group, I learned about Larky early on and the value was immediately clear. Larky is part of Filene’s Pilot Study that helps credit unions become aware of the latest innovative new products and services.  

Like many credit unions, Belvoir Federal has been struggling to build a quality rewards program for our members.  When we learned that Larky was a mobile app that could alert our members to discounts and motivate them to use the rewards, we knew we had the a winning solution.  

Why do you feel a mobile-based program like Belvoir Bucks will work for your members?

Our Larky-powered program is a great fit for Belvoir Federal, and military credit unions in general, for several reasons;

First, our members are young and tech-savvy. They appreciate and use technology tools to make their lives easier. For example, over 85% of our members are signed up for e-statements.

Second, our population is very mobile.  They tend to be on (Fort Belvoir) base for a period of time, then go out into the world. Belvoir Federal wants to maintain the relationship with those members and mobile technology is how we can do it. Our members may not be near a computer all day, but they often have their mobile devices handy.

Finally, Larky was able to build some amazing perks at our local merchants. Larky’s relationships also provide our members with national perks, which they can use as they travel across the country. The quality of perks our program, Belvoir Buck$ provides is impressive, and allow our members savings at merchants they already spend money.

How has your experience been in getting it all set up?

Larky made the whole set up and implementation easy for our marketing team.  They handled contacting our local merchants, added our branding to the app, and gave us the tools we needed to launch. Partnership is the word that comes to my mind as I think about Belvoir’s experience with launching Belvoir Buck$ with the Larky team.

How are you creating awareness of the program among the Belvoir Federal staff?

We began by promoting the Belvoir Buck$ app to our staff and ensuring the entire team understand the value of the program and why we were offering it to our members. We want them to be comfortable using the app so they will comfortable sharing it with our members. On the first day of our internal promotion, more than half of our staff signed up. Our CEO, Patty Kimmel has downloaded the app and used the perks. We learned early on from the Larky team how important this was and it has resulted in early success for our team and members.

Tell us what you’ve done to spread the word about Belvoir Buck$.

This too, has been pretty easy. Larky provided us with tools and best practices to help us launch Belvoir Buck$.  They gave us the ideas and we made them fit our branding guidelines to ensure it was consistent with our messaging and integrated into our marketing. One of the best tools so far was a mobile-friendly email complete with links to the app and our branding that we sent to our membership. Downloads of the app shot up once the email was sent.

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How’s it going?  

We are excited with the early success Belvoir Buck$ is experiencing. I use the analytics site that Larky provides to track downloads, sign-ups and perks of our users.  I appreciate the 24/7 access to sign-ups, number of perks and memberships that helps quantify our marketing efforts.  In our world, it is critical to understand the cause and effect of our marketing efforts and Larky has the tools that help us clearly understand the benefit of certain campaigns.

What’s ahead?

Driving adoption, engagement and loyalty. We’re working closely with Larky to set goals and execute the plan we’ve laid out for the next year. Next we’ll expand our perks offerings to keep the program interesting and useful.  Finally we’ll begin to use the mobile notification features in the app to promote our products and services. We are excited about the future as we strengthen our connection with our members through our partnership with Larky.  

Want to read another Larky Case Study? Try Christian Financial Credit Union Launches Community Cash

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Posted on July 13, 2015 by AndrewB - No Comments

Topics: Financial Institutions, Case Study