Posted November 16, 2020
RALEIGH, N.C., Nov. 12, 2020 /PRNewswire/ -- WalletFi is excited to announce its recent partnership with BankFirst Financial Services ("BankFirst") to provide customers of the Bank with enhanced visibility into their recurring payments and deliver insights to enable the Bank to boost non-interest income. WalletFi, a North Carolina based FinTech, provides data and analytics to community banks and credit unions that empower institutions and their account holders to make better payment decisions.
Pinpointing customers that have recurring charges and taking proactive steps to inform and relieve the pain of reissued cards and missed payments grew BankFirst's interchange income by 6.4% from the same period in 2019. "I directly attribute some of these results to what we are doing with WalletFi," said Leon Manning, Marketing Director at BankFirst. "One of our biggest goals is to encourage our customers to load monthly recurring payments like insurance, mobile providers, and utilities onto their debit card to create more control and visibility into these payments. This also benefits the Bank through an increase of interchange income. WalletFi makes this easy for us and our customers."
Drivers for the increase in interchange income came with a 305% growth in the number of mobile wallet transactions and 2500% increase in the average mobile wallet transaction ticket amount during this same period. WalletFi's data insights solution drove the Bank's initiatives focused on nurturing mobile wallet adoption rates of its customers.
"Covid-19 has accelerated a swift shift to debit, contactless in particular, as the preferred method of payment. With interest income and fee income down, financial institutions need additional avenues to increase non-interest income. The importance of being top-of-wallet and top-of-phone has never been greater" said Marc Miller, CEO and co-founder of WalletFi. "We are excited to partner with an innovative community bank like BankFirst to take this challenge head on by delivering an offering that provides mutual benefit to the bank and its customers."