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Community banks play a vital role in the United States, supporting economic growth with products and services that address the unique attributes and requirements of local customers.  Cachet recently had the opportunity to meet with and learn first-hand from community bankers attending the Independent Community Bankers of America (ICBA) Community Banking Live convention in New Orleans.

Mobile financial services resonate with these bankers because unlike any other change to the marketplace in generations, mobile technologies offer a means to level the competitive playing field. With mobile offerings, location is no longer a determining factor of where to bank. This is especially important now as Baby Boomers retire and Millennials enter their prime earning and investing years, smartphones at the ready. Mobile also drives operating efficiencies and creates new revenue opportunities. Plus, mobile makes for stickier relationships. Numerous studies indicate that mobile banking customers use more products than do branch-only customers and are less likely to leave a bank for another provider.

Mobile platforms for prepaid cards and omni-channel merchant capture are just a couple of the innovative technologies community banks can leverage today to respond to market demands and gain competitive advantage. Scalable, cloud-based solutions make it affordable for even the smallest banks to compete with large banks and with nonbank financial services competitors, such as check cashers.

Select Mobile™ Money-Express, Cachet’s award-winning mobile prepaid platform is one example. Select Mobile Money-Express was designed exclusively to help financial institutions fully capitalize on the promise of prepaid. The end-to-end prepaid card program provides a reloadable general purpose debit card supported by a robust application offering a suite of mobile banking services, including account management, card to card transfer, remittance, and check to card fund loading with an option for instant good funds. Cachet handles all card issuance, processing and program management, which makes this solution faster and more affordable to implement, and thereby more accessible to a broader range of community banks, for payroll, travel, student and unlimited use prepaid card programs. 

Cachet’s omni-channel Select Business™ Merchant Capture is another innovative technology solution for community banks looking to gain a competitive edge. This commercial RDC solution for PC, Mac and mobile platforms is finding a ready market among community banks. San Diego Private Bank, a $455 million-asset bank that caters to high net worth individuals and their business enterprises, recently selected this latest merchant capture offering to upgrade from a solution that one of our competitors provided. “Cachet’s ability to deliver single sign-on, Mac compatibility and advanced fraud protection is vital to service our very discerning customer base,” said Scott Hurtik, the bank’s CIO. The bank’s expanding base of commercial clients are migrating now to the new solution which allows them to electronically deposit checks using PCs or mobile devices and benefit from the same functionality with both, including the ability to capture multiple checks in a single deposit. 

Satisfied customers are reluctant to walk away from established, positive banking relationships. They value the quality and comfort of banking with people who understand and respond to their needs. Community bankers understand this better than most. Cachet is committed to helping community banks respond to evolving consumer and business demands with innovative solutions such as Select Mobile Money, and Select Business Merchant Capture. These scalable and affordable mobile solutions are a catalyst for improving operational efficiencies and customer retention—and for establishing sustainable competitive advantage for community banks of all sizes.