Independent Banker - September 2017 - 72

Nuts & Bolts
PAYMENTS EXCHANGE
Upward mobility
A mobile payment strategy can pay dividends for community banks in terms
of customer attraction and cross-selling. The key, experts say, is incorporating
mobile payments deliberately, rather than just trying to keep up with the crowd.
By Mary Yerkes
former community banker.
The 2017 FIS Consumer PACE
Report said, " Providing up-to-date
digital payment options, including
mobile wallets and P2P options, is
an absolute must for winning over
younger consumers, especially young
millennials, and the importance of
these options [is] quickly rising with
older consumers, as well. Not offering
these options is an Achilles heel for
community banks. "
With 57 percent of community
bank customers over the age of 51,
the greatest potential for growth
focuses on reaching out to attract and
retain high-income millennial and
Generation X customers. Currently,
these segments account for only
37 percent of the customer base at
community banks.
If community banks hope to
remain relevant and continue to
grow, reaching this demographic is
imperative, and delivering on their
desires for mobile payments and
services is the only way to draw
younger customers away from bigger
banks and fintech companies.
H
old on to your hat.
Mobile payment
adoption is picking up
speed, and it's time for
community banks to
get in on the action.
According to First Annapolis
Consulting, adoption of mobile
payments is increasing steadily;
74 percent of consumer respondents
to the 2016 Study of Mobile Banking
and Payments reported having made
at least one mobile payment in the
past 12 months, up from 40 percent
in May 2015.
The same study revealed 51 percent
of respondents had a mobile wallet;
yet, only 7 percent of users reported
having a mobile wallet with their
bank. What is staggering about this
statistic is that 45 percent of respondents
would prefer to work with their
bank instead of a fintech company or
other provider.
" Nonbank providers are cannibalizing
our clients, and if we don't start
delivering competitive digital products,
including mobile, that trend will
continue, " says Tina Giorgio, ICBA
Bancard president and CEO and a
72 ICBA IndependentBanker September 2017
Developing a strategy
Forming a solid strategy that delivers
can be easier said than done.
" One size doesn't fit all, " cautions
Giorgio. " While mobile and digital
should be priorities, what you deliver
and when you deliver is key to success.
So much depends on your target
segments and markets. "
Rather than rushing into mobile
payments just because they feel
under pressure to do so, community
banks should consider how mobile
payments fit into their overall growth
and service plan and consider the

Independent Banker - September 2017

Table of Contents for the Digital Edition of Independent Banker - September 2017

Table of Contents
Independent Banker - September 2017 - Intro
Independent Banker - September 2017 - Cover1
Independent Banker - September 2017 - Cover2
Independent Banker - September 2017 - Table of Contents
Independent Banker - September 2017 - 2
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