Kentucky Bankers Association Selects Larky to Provide Mobile Rewards Programs for Member Banks

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The Kentucky Bankers Association has chosen Larky as a new vendor solution for Kentucky member banks.

Ann Arbor, MI, June 1, 2015:  Larky, a mobile local discount program for community financial institutions, today announced that the Kentucky Bankers Association has chosen them as a new vendor solution for Kentucky member banks. Larky provides consumers with a free, simple, and fun way to receive discounts at local businesses by purchasing with their bank’s credit or debit card. Member banks can boost their customer retention and acquisition, improve cross-selling of mortgages, auto loans and other financial products, and increase interchange revenue.

The KBA’s Vendor Solution program is based on a recognized need among member banks for higher quality and more unique card-based rewards programs. As banking becomes more homogenous, community and regional banks are facing greater pressure to differentiate, add more value for customers, and make their marketing dollars work harder.

“KBA is responding to needs of its member banks and working with innovative companies that offer solutions to banks' most pressing problems,” said Ballard Cassady, President & CEO, Kentucky Bankers Association.

“KBA selected Larky to become part of our Vendor Solutions program because they provide a cutting-edge technology solution to help our member banks grow share of wallet, build their portfolio of local business and retain customers. Larky offers a mobile marketing platform that each bank can make uniquely their own.”

Larky has developed a new type of customer engagement platform that delivers instant savings at the point of sale, and enables banks to offer relevant products and services right when customers need them. Larky negotiates compelling discounts at local merchants on behalf of its bank clients. They provide bank-branded iOS and Android mobile apps, and using location-based services, the platform sends mobile alerts to users when they are physically near a qualifying merchant discount. To redeem the discounts, users pay with their bank’s credit or debit card – driving card swipes and interchange revenue. The platform can also suggest relevant products to customers at the right time and place. For example, when a customer drives onto a car dealer’s lot, the system can send them a notification about the bank’s auto loan rates and offer an incentive for financing through the bank.

“We are delighted to have been vetted and selected by the KBA to earn their marketing support,” said Andrew Bank, Co-Founder, Larky. “With community banks facing stiff competition from technology providers entering the financial industry, they must have the tools and resources to hold their ground and retain clients. Larky provides banks with a mobile platform to communicate and engage with their clients, local businesses and their community.”

“Larky will provide KBA members with webinars, white papers, and educational articles to help them understand how mobile messaging can work for their bank. We are excited to begin this mutually beneficial marketing partnership.”

Larky helps banks solve problems with:

  • Wallet share, loyalty, and retention. According to a 2015 World Banking Report by Capgemini & EFMA, 73% of customers are likely to purchase their next product from a non-primary bank.  Larky provides frequent discount reminders and keeps bank brands top-of-mind, increasing the likelihood that customers will turn to their primary bank for their next financial product.
  • Support for local economy.  Building a strong local economy is important to community banks. Larky’s mobile messaging platform alerts users to nearby deals drives traffic to local merchants.
  • Interchange revenue. Users receive instant point-of-sale discounts when they swipe their bank’s debit or credit card, which helps to keep this card top-of-wallet.

To learn more about Larky, contact Andrew Bank at 734-531-8489 or andrew@larky.com

About Larky

Larky builds compelling customer rewards programs that help community financial institutions boost loyalty, drive non-fee income, and support local businesses. Larky cultivates valuable point-of-sale discounts at beloved local and national merchants that help members save $1,000+ per year simply by using their existing credit/debit cards. The turnkey web and mobile platform sends users location-based alerts at the right time and place to ensure they receive their discounts. Follow them on Twitter (@getlarky), LinkedIn and Facebook. Or visit www.larky.com.

About Kentucky Bankers Association

The Kentucky Bankers Association, a nonprofit trade association that has been providing legislative, legal, compliance and educational services to its member institutions since 1891. KBA's directors and staff work together with its members to make the financial services industry a more effective and successful place to work. The strength of the KBA is bankers unifying as an industry to speak as one voice. To learn more visit www.kybanks.com.

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Posted on May 21, 2015 by AndrewB - No Comments

Topics: Financial Institutions