Blog

More banks add mobile payments to enhance customer experience

January 30, 2014 by Jim Ghiglieri — Senior Vice President, Corporate Communications, SHAZAM

According to a recent Independent Community Bankers of America survey, mobile payment offerings continue to rise at community financial institutions.

Thirty-seven percent of community FIs currently offer mobile payments, an increase of 23 percent over 2011. Another 43 percent will add mobile payments by 2015.

Larger community FIs are out in front, with 54 percent of FIs with $501 million or more in assets offering mobile payments. Community FIs with $251 million to $500 million in assets are following closely, at 46 percent.

The report points out that community FIs look at payments as a means of establishing enduring relationships with their customers. Just 59 percent of community FIs said that growing their bottom line is one of the main reasons to offer mobile payments.

That's compared to 70 percent in 2011. Although 55 percent of community FIs continue to view payments as a source of efficiency, more now look at payments as a means of enhancing the overall customer experience.

Additionally, 40 percent of community FIs offer person-to-person payments, that's up from 27 percent in 2011. Another 28 percent plan to implement P2P in the next two years, with higher rates of planned deployment among larger FIs.

Also, the survey revealed that community FIs continue to view debit cards as vital to customer relationships. Ninety-nine percent ranked debit cards as "important," and 87 percent considered them to be "very important."

Community FIs' efforts to increase mobile payment offerings are a testament to their overall philosophy to be customer focused. Meeting the expectations and requests of their customers is a hallmark of community FIs' operations.

Continuing to offer the latest and greatest in payments technology is increasingly important to consumers, and community FIs are working to answer the call.

Read more about mobile banking.

About Jim Ghiglieri

---

None

Connect with Jim: