Artificial Intelligence and Machine Learning Power a New Era of Account Holder Engagement
ANN ARBOR, Mich., March 28, 2023 – Larky, a fintech provider helping financial institutions proactively connect with their audience in the right place and at the right time, today announced its new nudge® Score functionality. Larky is the first company of its kind to use artificial intelligence (AI) and machine learning to help financial institutions better engage with their account holders. The new feature is live on the platform and in use by clients today.
The Larky nudge® Score uses artificial intelligence to predict how a new push notification message might perform after it is sent. Combining natural language analysis with a model that examines patterns from all messaging sent through the platform, the nudge® Score is Larky’s newest market-leading technology in creating proactive, high-performance account holder engagement for financial institutions.
“Our clients generate a lot of high-quality engagement data on a daily basis, and I’m very excited to leverage that to offer our clients visibility into how their message may be received by account holders and give them the ability to improve those messages even before they are sent out,” said Kurt Schaldenbrand, Larky CTO and VP of Product. “There’s power in data, and we’re big believers in turning that data into measurable outcomes for our clients.”
To predict a nudge® Score, the platform first analyzes the words used in the message for their natural sentiment, or words that are more naturally positive than negative in nature. A machine learning model is applied to compare the draft message against the history of all previous messages sent through the platform. The model then makes a prediction based on the success of those prior messages and combines both parts into a single score for easy comparison. The platform also provides context for the score and recommendations on getting even better engagement with account holders.
Financial institutions leverage Larky’s platform to distribute messages to account holders regarding important branch information and account updates, promote relevant product offerings, share local community news and more. Using geolocation technology, nudge® push notifications can also be used to alert account holders at a time, place and setting best suited to their needs to increase chances of effective reach engagement.
“Push notifications provide a unique opportunity for growing account holder engagement through impactful, personalized messages, and it’s crucial for financial institutions to have all the data they need to successfully spark that engagement,” said Gregg Hammerman, Larky CEO. “I’m thrilled that Larky is the first in our industry to bring this new technology to market so our clients have even deeper insight into the effectiveness of the messages they send to account holders before they’re sent, backed by the power of real, actionable data.”
The Larky team will add additional exciting capabilities to the scoring engine, allowing it to consider the type of message, time of day and day of week for each message sent. The type of message will be factored into the analysis to make sure the machine learning model differentiates between product promotion messaging, brand promotion and operational announcements. The time of day and day of week each message is sent will also be considered as this has already been shown to be an important factor, demonstrated in Larky’s most recent Larky Lowdown report.
Larky, the market leader of consumer engagement technology, empowers financial institutions to proactively connect with their audience in the right place, at the right time. The company advances digital transformation in the banking sector through its Larky nudge® platform, which delivers tailored turnkey push notification campaigns to selected account holders. For more information, visit https://nudge.larky.com. Follow Larky on LinkedIn and Twitter.