Core processing solutions provider Sharetec announced today that it is expanding its relationship with mobile engagement and loyalty program specialist Larky. Sharetec plans to use Larky’s technology with credit unions that use Sharetec’s core system to increase engagement through better membership perks, and boost revenues with more effective cross-selling strategies.
“With our location-based platform, members receive mobile notifications when they are near a specific location where there is a special offer or the credit union wants to promote a specific product or service,” Larky CEO Gregg Hammerman said. “This encourages local purchasing at the most convenient time for the member while increasing cross-selling opportunities for the credit union.”
Larky’s relationship builds on the collaboration the two companies announced last April. The company’s merchant-funded loyalty platform gives CU members instant savings and discounts at local retailers while simultaneously extending the CU’s brand. Larky provides a CU-branded iOS and Android mobile app and sends smartphone alerts to users when they are physically close to a merchant where a qualifying reward is available. Customers save as much as $1,000 in qualifying discounts, and institutions can earn additional interchange revenue from more frequent use of their credit or debit cards.
GBS Credit Union VP Dan Miller said, “The challenge to reach members is significantly lessened with the Larky platform as this tool engages and alerts members to relevant cost-saving information.” Miller added that by making it easier for credit unions to market their financial products and services to members – especially mobile-oriented members – also “strengthen(s) the credit union’s cross-selling success.”
Headquartered in Ann Arbor, Michigan, Larky demonstrated its new Android app, as well as new white-label mobile and web solution at FinovateFall 2014. Larky’s platform has been deployed most recently with First Alliance CU in Rochester, Minnesota, and with United Teletech Financial FCU in Tinton Fall, New Jersey. In December, Larky’s Hammerman and VISA’s Head of Community and Regional Accounts Doug Leighton sat for an interview with Filene to discuss credit unions and digitization.
With $2.4 million in funding, Larky includes North Coast Technology Investors, Michigan Angel Fund, Ann Arbor SPARK, and the First Step Fund among its investors. The company was founded in 2012.