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Personalization and One-to-One Communication

Gregg Hammerman has seen first hand what works when it comes to personalization. In fact, in 2012, he launched a company built around the entire premise of personalization.

Hammerman is now CEO of Larky, a mobile engagement platform that enables financial institutions to put the right message on an account holders’ lock screen at the right place and time. However, personalization and push notifications– while effective– can be difficult to implement. Not only do the timing and location have to be perfect, there is a careful balance between messaging and spam. On top of that, privacy is often a top concern for both financial institutions and their end users.

We caught up with Hammerman to tap his expertise on implementing a personalized user experience.

When it comes to personalization in fintech we often hear of sending offers to the right consumer at the right time in the right place. What is the most challenging aspect of this?

Hammerman: It’s critical to make sure that these communications are relevant, meaningful, and helpful to the consumer. We work closely with financial institutions to create experiences that use these communications to make people feel like they are part of a special club.

Three key things make our programs a success. First, we recommend segmenting an audience so you can tailor messaging for a person who has a mortgage, someone who recently purchased a car, a student with a new checking account, and other unique parameters that shape consumer habits. Second, scarcity is a powerful component. Consumers want to know that they have access to something special that isn’t available to everyone. Third, communications need to be fresh. Consumers want to see new messages and new experience opportunities on a regular basis.

What measures does Larky have in place to keep banks from fatiguing their customers with too many alerts and messages?

Hammerman: We work closely with our financial institution clients to give them complete control over how they communicate with their customers. The financial institution is always able to increase or decrease messaging frequency based on what is the best fit for their audience.

From an end-user perspective, account holders can snooze messages, turn off some types of notifications, and more. A lot of this discussion returns to making sure that these communications have high value. If every time I go for an auto repair, my financial institution tells me that I can save $100 because I’m a valued account holder, I’ll never fatigue from that message.

Thinking about geo-targeting, how does Larky balance a user’s privacy with the need to know their physical location?

Hammerman: Larky has been on the forefront of user privacy since our initial solution launched in 2013. We believe that users have the right to access any information that is collected or stored about them, and the right to obtain that information and have it destroyed if desired.

We are in compliance with all regulations from Europe and California. We plan to continue to lead and innovate on privacy. We don’t sell the data that passes through our servers. It’s not part of our business model. We have never and will never share any user information with any third parties.

Aside from knowing a consumer’s location and the best time to send a relevant offer, how else does Larky help banks with personalization?

Hammerman: We’re now working with financial institutions to leverage data from their other systems to help personalize communications. For example, we help improve new account holder onboarding with touchpoints that welcome and educate new clients and help them become more engaged with the financial institution.

We’re able to help financial institutions create campaigns that reach out to only their account holders who have an auto loan, just one account with the financial institution, recently started direct deposit of their paycheck, and much more. We’re finding that partnering with financial institutions to personalize the right message to the right consumer increases the impact of the campaign and includes account holder engagement.