Frictionless client experience and regional service assistance through benefits and payment combination

SPONSORED MATERIAL PROVIDED BY BANGOR COST SAVINGS BANK

Bangor Savings Bank released the combination in between its Buoy Local^® rewards program and its debit cards to enable clients to perfectly make benefits while going shopping in your area.

Bangor Savings Bank just recently incorporated its Buoy Local^® rewards program into its debit cards to improve its cardholders’ purchase benefits experience. The bank achieved the combination through its cooperation with vibrant payment processing leaders to establish programmable payments innovation.

In 2016, Bangor Savings Bank released Buoy Local, a purchase rewards program for consumers to make benefits while supporting regional merchants. Through the Buoy Local application, rewards members linked their Buoy Local card to a financing source, such as a credit or debit card. They provided their Buoy Local card to make purchases at getting involved merchants, and it was processed through their connected financing source.

The Buoy Local program experienced constant development with merchants and customers. However, the Bank acknowledged a chance to improve the client experience. By incorporating the Buoy Local program with the Bank’s debit card, Bangor Savings Bank might remove the requirement for customers to provide a Buoy Local card when purchasing, and the requirement to determine getting involved and nonparticipating merchants.

In March 2020, the Bank began the combination task through programmable payments innovation. The Bank’s objective was to incorporate the Buoy Local rewards program with its existing debit card item, the Bangor Savings Bank Debit Mastercard^®.

The Bangor Savings Bank task groups dealt with cardholder leaders Fiserv and fintech partner PayWith Worldwide Inc. to produce a first-of-its-kind switch that sits in between Fiserv’s Electronic Platform for Online Communications (EPOC^®) debit platform and the core banking system. Named the Fintech Switch, the innovation takes a look at each deal to figure out if it is with a taking part Buoy Local merchant. If the response is no, the deal continues as it typically would. If yes, the Fintech Switch checks to see if the cardholder has a points (“Buoy Bucks”) balance that need to be used. Simultaneously, it includes the deal’s benefit indicate the built up balance by connecting to a different benefits database. The Bank kept the app so cardholders can pick to quickly search for getting involved merchants in the Buoy Local union in Maine and New Hampshire, and to handle and track their Buoy Bucks.

Not just does incorporating the Buoy Local program into its debit cards minimize friction, however registering in the benefits program is simple. Once a customer has actually set up the Buoy Local application on their mobile phone and included their Bangor Savings Bank debit card as the payment source, they merely negotiate with their debit card at getting involved Buoy Local service and make benefits for every single dollar invested, which can be redeemed for future purchases. A customer does not need to provide a Buoy Local card, keep in mind which card in their wallet to utilize, or cross-check to see if a merchant is a Buoy Local individual. Points are instantly made at all getting involved merchants, and any Buoy Bucks used to the purchase will be credited to their Bangor Savings Bank account.

Bangor Savings Bank sees much more possible for the Fintech Switch programmable payments innovation. The Fintech Switch permits the clients’ debit card includes to alter gradually or when brand-new functions appear. Customers will have the ability to select helpful functions and eliminate any they don’t require. For example, the bank and its programmable payments partners are dealing with an option to update overdraft options to provide completion user more real-time openness and control. The bank understands that offering its clients, whether merchants or customers, with the right tools at the correct time, will assist provide on the core objective to serve clients and produce more powerful and more thriving neighborhoods.

Since its beginning, Buoy Local has actually effectively maintained $6 million in sales within the Northern New England economy. The rewards program has more than 10,000 users and a growing network of more than 1,600 getting involved companies. This vibrant program produces much deeper relationships throughout the bank’s footprint as customers and merchants see Bangor Savings Bank’s dedication to their shared success. Supporting regional companies is at the heart of neighborhood banking and Bangor Savings Bank thinks that flourishing regional companies produce strong neighborhoods.