Bangor Savings Bank Wins 2023 Celent Model Bank Award for Innovative Integration of Rewards and Payments with Fiserv
31 March 2023 - 11:30PM
Business Wire
Programmable payments technology expands
capabilities and convenience of debit cards
Bangor Savings Bank, a subsidiary of Bangor Bancorp, MHC, has
been named the winner of the Celent Model Bank 2023 Award for
Payments Innovation. By enabling programmable payments capabilities
with Fiserv, Inc. (NASDAQ: FISV), a leading global provider of
payments and financial services technology solutions, and PayWith,
a Canada-based fintech, Bangor Savings Bank is expanding and
simplifying how cardholders earn rewards and pay for everyday
items, while driving more frequent card spend at local
businesses.
In response to customer demand, Bangor Savings Bank implemented
a programmable payments capability to enable cardholders to select
multiple funding sources, including the bank’s Buoy Local® rewards
program, for a single transaction. This eliminates the need for the
customer to maintain a separate loyalty card or points wallet to
manage rewards, as they can now simply use their debit card.
Transactions can be fully or partially funded with Buoy Bucks, with
the amount debited from the customer’s demand deposit account (DDA)
and the value of the Buoy Bucks credited back to the account.
“Our goal was to deliver greater flexibility for Bangor Savings
Bank debit cardholders to shop at local businesses that are part of
the Buoy Local® program, by giving cardholders the ability to earn
and then redeem rewards on subsequent purchases with their debit
card,” said Jamey Doughty, Chief Innovation Officer at Bangor
Savings Bank. “The cardholder user experience with programmable
payments provides a differentiated experience. We are proud to see
the benefits this provides to our community members who continue to
support the local businesses that power our economy.”
The customer experience starts with the registration of their
Bangor Savings Bank debit card with Buoy Local® via the program
app. The customer can scan and save their bank-issued debit card in
the app, and also can elect how many points they would like to
convert into Buoy Bucks.
“Programmable payments capabilities allow financial institution
customers to configure how they want to pay, helping them maximize
cash flow and incentives across a number of payment options while
keeping the financial institution debit card top of wallet,” said
Sunil Sachdev, head of Fintech and Growth at Fiserv. “With these
capabilities, Bangor Savings Bank is delivering an elevated
payments experience for their customers while also furthering their
support of local businesses through their Buoy Local® program.”
“This initiative is a great example of innovation through
collaboration and demonstrates that innovation is not the exclusive
domain of the largest banks,” said Zil Bareisis, Head of Retail
Banking at Celent. “With a strong vision and the right partners,
the bank has achieved breakthrough innovation and delivered a
‘win-win-win’ solution for its cardholders, business customers and
the bank itself.”
Celent, a global research and advisory firm for the financial
services industry, annually names Celent Model Banks to recognize
best practices in technology usage critical to success in banking.
Nominations are submitted by financial institutions and undergo a
rigorous evaluation process by Celent analysts. Celent judges
submissions on three core criteria: demonstrable business benefits
of live initiatives; the degree of innovation relative to the
industry; and the technology or implementation excellence.
In a world that is moving more quickly than ever before, Fiserv
helps clients deliver solutions in step with the way people live
and work today – financial services at the speed of life. Learn
more at fiserv.com.
About Bangor Savings Bank
Bangor Savings Bank, with more than $7 billion in assets, offers
retail banking to consumers as well as comprehensive commercial,
corporate, payroll administration, merchant services, and small
business banking services to businesses. The Bank, founded in 1852,
is in its 171st year and currently has more than 65 branches in
Maine and New Hampshire and business and/or loan production offices
in Maine, New Hampshire, and Massachusetts. Bangor Savings Bank and
The Bangor Savings Bank Foundation have invested more than $4
million into the region in the form of sponsorships, grants, and
partnership initiatives last year. Bangor Savings Bank is an equal
opportunity employer and can be found on the Web at www.bangor.com.
Member FDIC | Equal Housing Lender.
About Fiserv
Fiserv, Inc. (NASDAQ: FISV) aspires to move money and
information in a way that moves the world. As a global leader in
payments and financial technology, the company helps clients
achieve best-in-class results through a commitment to innovation
and excellence in areas including account processing and digital
banking solutions; card issuer processing and network services;
payments; e-commerce; merchant acquiring and processing; and the
Clover® cloud-based point-of-sale and business management platform.
Fiserv is a member of the S&P 500® Index and one of Fortune®
World’s Most Admired Companies™. Visit fiserv.com and follow on
social media for more information and the latest company news.
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Media Relations: Britt Zarling Senior Vice President,
Corporate Communications Fiserv, Inc. 414-526-3107
britt.zarling@fiserv.com Additional Contact:
Ann S. Cave Vice President, External Communications Fiserv, Inc.
678-325-9435 ann.cave@Fiserv.com
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