ANN ARBOR, Mich.– The fintech Larky is reporting its new nudge Score functionality has made it the first company 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, according to Larky.
The company said 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 to create proactive, high-performance account holder engagement for financial institutions,” the company said in a statement.
The company explained that 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 company said, adding that 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.
‘Ability to Improve’
The platform also provides context for the score and recommendations on getting even better engagement with account holders, Larky said.
“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.”
Messaging Leveraged
Larky said financial institutions leverage its platform to distribute messages to account holders regarding important branch information and account updates, promote relevant product offerings, share local community news and more.
Larky further explained that 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.”
Ongoing Improvements Cited
According to the company, the scoring engine will continually be improved by adding additional facets for analysis. It added that 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. It will also take into consideration the time of day and day of week each message is sent.
It’s Called Fresh for a Reason. And We Offer Home Delivery. For Free!
The biggest, best and freshest news reporting in credit unions remains free in ’23! Each morning CUToday.info delivers its daily Fresh Today news update offering the latest headlines and breaking news right to your email, with the easy-to-read headlines format allowing you to click on the stories that interest you most in order to learn more.
If you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time—and it’s free!
Please note that after signing up you may need to go to your Spam/Junk folder and mark the morning headlines email as safe. CUToday.info does not provide its list of readers and emails to outside parties, and we will not be contacting you to sell you an extended warranty or sending you any links so you may cash in on an inheritance you didn’t know was coming.
And did we mention it’s free?
Please note and/or make your IT department or email administrator aware the emails will be coming from the domains CUTodayinfo.com and CUTodayinfoReply.com