Larky and Finov8r partnered with a few specific goals in mind including deepening relationships with existing partners including Q2, creating new partnerships with new digital banking providers, expanding the use cases for Larky Nudge product to include more commercial banking use cases that would allow banks to more effectively source the lowest cost deposits, and utilizing the Finov8r network to source more leads for the Larky product.
Finov8r was excited to partner with Larky to help the company meet its goals of reaching new clients, establishing new partnerships and deepening relationships. Finov8r was able to utilize an extensive network and decades of experience in commercial banking to help Larky meet its goals.
Overview of the Problems the Client Was Experiencing
Developing Use Cases Centered On Commercial Banking
Leaning into the success Larky was already experiencing with retail oriented banks and credit unions, Larky was focused on developing use cases focused on commercial banking using retail users as a bridge to identify business owners that would use the bank or credit union commercial products.
Identifying Opportunities for Additional Growth in the Client Base
In a crowed fintech landscape where most banks and credit unions are heavily marketed, Larky was seeking more strategic ways to bring the communications product to market by leveraging the Finov8r network.
Creating New Relationships with New Digital Banking Providers
Given the prevalence of fintechs that require a digital banking provider to distribute their product, digital banking providers are often slow to onboard new fintech partnerships. Larky was seeking ways to more efficiently onboard with specific digital banking providers like NCR who had significant market share.
Deepening Relationships with Existing Digital Banking Providers
Leaning in the relationships Larky had already built with digital banking partners and the existing relationships Finov8r brought with top executives at many of these same partners, Larky needed to deepen relationships in order to continue to grow the base of clients and accomplish some specific goals.
Overview of the Solutions to the Problems
Developed a Base of Prospect Banks Focused On Commercial
In working with Larky over the course of 2-3 months, Finov8r and Larky built a base of prospect banks that understood the vision of using a product mostly designed for a retail use case to bridge over to commercial banking use cases. It is known that many business owners utilize retail bank accounts for their own personal banking needs, but also use retail accounts as operating accounts for their businesses. Being able to utilize the Larky Nudge product to promote commercial banking products and services increases the effectiveness of the Nudge product and helps the banks and credit unions accomplish their objectives.
Provided Key Introductions That Closed New Deals and Created New Revenue
Larky and Finov8r worked together to make key introductions that yielded new, multi-year client relationships. These strategic introductions to the key decision makers inside the banks and credit unions in many cases reduced the sales cycle for Larky and provided revenue earlier than would have otherwise been possible.
Provided Key Introductions to C-Suites of Existing and New Partners
Larky and Finov8r also worked together to facilitate key introductions to the C-Suite of important new digital banking providers and core banking providers, both of which are important channels in the distribution of the Larky product. The founder of Larky commented that "these c-suite introductions were key because my team likely would not have been able to get to key decision makers in the c-suite as quickly with a warm introduction which helped us establish partnerships more effeciently."
Results of the Solutions Proposed and Executed
Executed Contracts With New Bank Clients
Within 120 days Larky closed a significant new relationship with a $4b bank who will begin using the Larky Nudge product in a commercial use case.
Developed A Significant Pipeline of Prospects
Through the efforts outlined above, Larky has a significant pipeline of 3-5 new banks that are likely to sign within the next 6-12 months. These prospects include both banks and credit unions and include both retail and commercial use cases.
Developed New Partnerships with Digital Banking Providers
Larky is developing new relationships with digital banking providers, notably one of the top digital banking providers with significant market share, which will likely provide a channel to at least 300 new banks and credit unions in 2025.