Summit Credit Union set to launch Larky: A Filene Research Institute pilot
MADISON, WI (December 17, 2015) — Filene Research Institute announced today that Summit Credit Union has signed up to participate in a Filene Impact Lab program, Larky. Larky is a web and mobile loyalty platform that enables credit unions to provide members with customized merchant-funded point-of-sale discounts at local and national merchants using location-based smartphone alerts and personalized messaging.
Thirty-five percent of financial products purchased in 2013 were from consumers’ non-primary institutions, according to Bain & Company’s Customer Loyalty in Retail Banking: Global Edition 2013. Yet, customers who said they were “promoters” of their primary bank (those who gave an NPS of 9 or 10) to their credit union bought 14% more products than “detractors.” Credit unions who use Larky have increased both member loyalty scores and revenue.
“We are very excited to be working with Filene and Larky to add even more value to Summit’s Oodles rewards program. With Larky, our members will have access to exclusive money-saving offers to local and national retailers, restaurants, and more. The Larky platform provides an Oodles app that will remind members of exclusive offers based on their location. Better offers that save our members more money and that are easily downloadable or accessible through our website, Larky is definitely a win for everyone,“ adds Chris Schell, SVP Marketing, Summit Credit Union.
Many may know Filene Research Institute for its research projects. Market testing and new program pilots are a significant and valuable part of the Filene Method.
Tansley Stearns, Chief Impact Officer at Filene is excited not only about the pilot, but the overall potential of testing new ideas. “Credit unions have told us that research is not enough. We must help credit unions put it into action to create true impact for people. Through our pilots, credit unions are able to bring new ideas to life for their members with Filene’s support in the background to analyze results, share best practices collaboratively and make improvements to concepts being tested.”
Results from the Larky pilot will be collected over the next several months and will include data regarding improvements to interchange income, how share of wallet and loyalty were impacted, member response to the mobile platform and more. To learn more about Filene’s pilot work in the Incubator and Impact labs, visit www.filene.org.