Independent Banker - September 2020 - 32

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bank's card on PayPal, " Nathwani says.
" Banks can also increase utilization of
their cards by offering mobile apps for
person-to-person payments. "
In Scotia, N.Y., $483 million-asset 1st
National Bank of Scotia doesn't offer
rewards on cards. Instead, the bank
competes by providing a high level of
customer service.
When the community bank mails
cards to new customers, staff follow up
with a call to make sure customers activate
the card-not just for security, but
also to drive income via interchange
fees. The bank also offers SecurLOCK
on both its debit and credit cards, in
which customers can immediately dispute
charges.
" The customer service behind our
cards is something that big banks cannot
do, " says president and CEO John
Buhrmaster. " What makes our cards
competitive is our customer service. "
Maximize card benefits
To encourage customers to put their
cards on file online, community banks
should substitute cardholder information
with tokens, says Tina Giorgio,
president and CEO of ICBA Bancard in
Washington, D.C. " Tokenization is just
one of many things community banks
can do to make sure their customers'
information and identities stay safe, "
she adds.
Community banks should tout the
convenience of putting a card on file
with customers' favorite merchants
via email marketing campaigns and
their websites, says David Shipper, a
senior research analyst at Boston-based
Aite Group.
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Banks can offer bonus points or a
cash incentive for utilization, as well
as promote purchase protections or
warranty benefits for purchases made
with the card, he says. Banks can also
encourage customers to add their cards
to mobile wallets like Apple Pay or
Samsung Pay. Once there, customers
" Unless you control
payments, you're
going to lose
deposit market
share. Being top of
wallet allows you
that control. "
-Chris Doyle, Texas First Bank
are more likely to use their card.
Some banks take advantage of data
analytics of point-of-sale transactions
to determine which merchants attract
card customers, says Philip Tollison,
head of card processing solutions for
Jack Henry & Associates in St. Louis.
Community banks can then market to
customers to put their card on file for
that merchant.
Banks should also offer automatic
card-on-file renewal services provided
by Visa and Mastercard. " The customer's
recurring subscriptions continue
to be paid and the bank continues to
receive interchange fees, " Tollison says.
Some banks are also now making
their cards physically more appealing,
with eye-catching logo images, color
schemes and materials.
" Many affluent cardholders are
opting for Apple cards that are made
of metal; it's a subtle status symbol, "
Tollison says. " There are also ecofriendly
cards made from recycled
plastic that was retrieved from the
bottom of the ocean. This card tugs at
the emotions of customers; they really
feel good about it. "
Katie Kuehner-Hebert is a writer
in California.
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Independent Banker - September 2020

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