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Wayne Bank adds mobile transactions [Pocono Record, Stroudsburg, Pa.](Pocono Record (Stroudsburg, PA) Via Acquire Media NewsEdge) Sept. 21--Mobile millennials are the newest focus of customer service by Wayne Bank and the banking industry in general. Some customers never set foot in a bank building and use mobile devices -- smartphones and iPads as well as laptops -- for all transactions, said Wayne Bank President Lewis Critelli. His company, under Norwood Financial Corp., has picked up the pace with the latest innovations to attract the 18-to-34 age group. "Millennials will become big users (of electronic innovations) and we have to be prepared for that," said Robert Mancuso, Wayne Bank executive vice president and chief information officer. "A lot of this goes to kids who do things electronically and do not go to banks, and we have to make sure they have it. They're going to need loans, checking accounts, home equity lines of credit. With any (mobile) device you want to use, you can bank with us. "These services are increasing month by month," Mancuso said. "They're a group of people who rarely come to a bank, and it challenges us to serve those people untethered from a bank location and offer them new products," Critelli said. "We have to move forward with technology initiatives," he said. "That's what customers, especially younger customers, are looking for. They're used to doing most things online, and whenever they want to do it. That's what we have to satisfy with the next generation of customers." Joining the trend Mancuso said the innovations began 18 months ago as Wayne Bank, as a community institution, has joined the trend of national banks such as Wells Fargo and PNC, whose wider use of technology reduces consumption of paper to benefit the environment and reduce expenses. Fiserv, a national bank data processor, is the shepherd for Wayne Bank's system. "We feel very confident with the systems we have in place," said Mancuso of the system's safeguard against identity theft. Check payments can be captured on a mobile phone and transmitted to an account for a deposit. Wayne Bank's website can be formatted to a customer's smartphone screen size for viewing statements and current account balances, transferring money and paying bills on the run, although Mancuso says it may not be as effective for Apple or Android. There is, however, a downloadable app suitable for Apple and Android devices. Businesses likewise can send their transactions at any time to their bank account without leaving the office. Remote deposit capture involves a software innovation called "microline" that enables companies to transmit the routing number and checking account data of thousands of checks in a transmission. "There are no more 'off' hours for banking," Critelli said. "Some people, based on their schedule, want to do banking at 1 a.m., and we think we can accommodate that rather well." "For Wayne Bank customers adept with a smartphone, the learning curve for utilizing Wayne Bank Mobile Banking products is instantaneous," Mancuso said. "For Wayne Bank customers who are considered a novice in smartphone usage, the learning curve for utilizing Wayne Bank mobile products would increase exponentially after performing each new mobile banking transaction." Employers can photograph invoices with their smartphones and electronically pay them on the spot under Snap to Pay. PopMoney PopMoney is a recently introduced option in which people can send money through cellphones or email addresses to another person's phone to deposit into their account, and PopMoney Request enables users to request money from someone who owes a payment. "Imagine going out to dinner, and someone saying he'll pay the bill and then you'll be paying him. You can send it right over the phone," Mancuso said. PopMoney Instant Payments allow customers to send money instantly to a Wayne Bank debit card. By the end of the year, the bank will add on Account Create, in which existing customers can create checking and savings accounts online. "It's almost in place, just a few tweaks," Mancuso said. As for iPads, there is a downloadable app for iPad-View accounts for PopMoney, money transfers, bill paying and mobile capture. Many banks use versions of the mobile capture concept that helps students away from college move money into an account or charge card payment. Young people don't carry money anymore, says Critelli. It also helps those who might be unable to get around easily or who want to get something done while waiting for an appointment. Critelli made it clear that his bank is not shifting away from its traditional customer base that comes in to one of its 16 branches in Monroe, Pike and Wayne counties. There's also a branch in the Scranton area acquired from North Penn Bank in 2010. "You can't ignore that," Critelli said. But he said that certain bank branches will have areas set aside for electronic banking demo stations to show customers how to transact with their smartphones. Critelli said 75 percent of the branches -- the most actively used ones at this point -- have WiFi access. Shareholders are heartened by the steady advances, and the 30 cents per share dividend. Critelli pointed out that it's a 3.5 percent increase over the dividend of a year ago. There have been positive dividend returns for more than 20 years, he said. "It helps the bank run more efficiently," Critelli said. "Our efficiency ratio is 53 cents to generate a dollar in revenue. Our peer group is at 63 to 65 cents per dollar generated." Critelli also spoke enthusiastically about the recent partnership forged with Better Homes and Gardens Real Estate. "We're excited about partnering with a premiere real estate agency," Critelli said. "They're so huge, and it's a natural fit. We can work with their customers for a prequalification for a mortgage, and it gives us a chance to work with individuals who are not current customers of our bank." He said the bank also is working with Davis Chant Realtors for a new business radio program launching out of Wayne County next month. ___ (c)2014 the Pocono Record, Stroudsburg, Pa. Visit the Pocono Record, Stroudsburg, Pa. at http://www.poconorecord.com/ Distributed by MCT Information Services |