Independent Banker - October 2019 - 27
Setting the scene for
mobile wallets
Payments
Mobile wallet technology is becoming a
staple in the payments arsenal of many
community banks, both large and small. Many of these
financial institutions are considering the next steps to
make this payment product more secure, more useful
and more appealing to a wider swath of customers.
By Karen Epper Hoff man
ike so many products and services, mobile wallets
have crossed the chasm from being an optional off ering
that might appeal to the most tech-savvy early adopters a
few years ago to a payment product that most customers
expect their bank to make available.
Driven by consumer demand and the desire to make relationships
stickier and build customer loyalty, mobile wallet
technology has become increasingly popular among community
banks within the past four years. Larger community
institutions tend to off er all three of the major mobile walL
lets-Apple
Pay, Samsung Pay and Google Pay-to appeal to
the broadest swath of smartphone-toting customers. And,
after building a signifi cant customer base, several of these
early leaders are eager to take their mobile payment off erings
to the next level.
Avidia Bank rolled out Apple Pay roughly three years ago,
according to Todd H. Wood, a digital banking manager for
the $1.5 billion-asset community bank in Hudson, Mass.
" At the time, everyone was putting up signs about mobile
wallet, and we looked at ourselves and said, 'There's no way
to track the usage here,' " Wood says. Since then, the bank
has added support for the other two major mobile wallets
and the off ering has " gained some traction, " he adds.
Bank of New Hampshire in Laconia, N.H., followed a
similar path, launching support initially for Apple Pay in
November 2015 when it fi rst became available through the
$1.7 billion asset-community bank's core vendor. Bank of
New Hampshire added support for Google Pay-then called
independentbanker.org Q 25
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Independent Banker - October 2019
Table of Contents for the Digital Edition of Independent Banker - October 2019
Table of Contents
Independent Banker - October 2019 - Intro
Independent Banker - October 2019 - Cover1
Independent Banker - October 2019 - Cover2
Independent Banker - October 2019 - Table of Contents
Independent Banker - October 2019 - 2
Independent Banker - October 2019 - 3
Independent Banker - October 2019 - 4
Independent Banker - October 2019 - 5
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Independent Banker - October 2019 - 7
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Independent Banker - October 2019 - Cover3
Independent Banker - October 2019 - Cover4
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