A new mobile rewards program, “Lake Trust GO,” will soon be available to the more than 170,000 members of the Lake Trust Credit Union courtesy of a new partnership between the credit union and Larky.
“Our Larky-powered rewards program will produce tangible savings for members and create stronger and longer-lasting relationships that improve the health of our community-based credit union,” said Danielle Brehmer, Lake Trust Credit Union’s SVP for brand, strategy and culture. She believes the solution will grow Lake Trust’s commercial and retail membership as well as increase wallet share and interchange revenue.
Larky co-founder Andrew Bank called Lake Trust CU “innovative” and one of Michigan’s leading credit unions. Lake Trust Credit Union has more than $1.6 billion in assets and serves customers in a 35-county area in Michigan. Lake Trust CU was established in 2010 as Detroit Edson Credit Union (est. 1944) and NuUnion Credit Union agreed to merge to form what is now Michigan’s fourth largest credit union.
From left: Co-founders Greg Hammerman and Andrew Bank demonstrated the Larky platform at FinovateFall 2014.
Larky helps financial institutions, healthcare insurers, and membership organizations engage their customers and members by providing location-based discounts via “client-branded” online and web platforms. The solution supports local businesses, and Larky says that increased wallet share and better retention rates are among the benefits for banks. Lake Trust CU customers enrolled in the free GO local rewards program will receive discounts when paying with their Lake Trust credit or debit cards at the more than 220 local merchants around Ann Arbor, Brighton, Detroit, Grand Rapids, Howell, and Lansing. The standalone app is available on both iOS and Android.
The Lake Trust CU deployment follows news earlier this month that the Kentucky Bankers Association had selected Larky to provide mobile rewards programs for its member banks. The technology is also being used by Coast Hills FCU ($839 million in assets); Christian Financial Credit Union ($325 million in assets); and Chelsea State Bank ($290 million in assets); as well as by Blue Cross Blue Shield of Michigan.
Larky was founded in 2012 and is headquartered in Ann Arbor, Michigan. Founded by Andrew Bank and Gregg Hammerman, the company has raised more than $2 million in funding.