By Annalisa Summea
Eagle Times Correspondent
CLAREMONT, NH — A recent systems upgrade at Claremont Savings Bank took on the challenge of integrating the latest in banking technology into their existing offerings. While it wasn’t without its substantial complications, the effort keeps the bank relevant and competitive.
The upgrades included a new mobile banking app, new and improved online banking and the implementation of new contactless-enabled debit cards. It involved an “all-hands-on-deck” approach.
“A community bank has to stay relevant,” bank President and CEO, David Finnerty, told The Eagle Times citing national banks, such as Bank of America, who have already integrated the latest technology. “We’re committed to the communities we’re in, and we want to be here another 107 years.”
One of the upgrade’s major initiatives was to provide customers with a contactless debit card. The radio-frequency identification (RFID) technology has been used for years in places like Europe, Australia and Canada.
A contactless transaction is completed by holding or tapping the card on a contactless-enabled card reader, and is up to 10 times faster than swiping, inserting or using cash. The U.S. is now catching up with other countries in this regard, and Claremont Savings Bank is now on the cutting edge of that innovation.
The technology upgrade gives the bank compatibility with up-and-coming technologies, and “serve and appeal to younger generations,” Finnerty said.
The transition had some local merchants and residents complaining about failing debit cards, unprocessed transactions, and the inability to receive account information online through the automated phone system. During this time, online banking and the bank’s mobile app were officially unavailable from 6 p.m. on Thursday, Aug. 24, through 9 a.m. on Monday, Aug. 28, though many customers experienced issues accessing information beyond that window.
There was also a pause in customers’ ability to set up a debit card as a payment in mobile wallets and the use of payment services such as PayPal and Venmo did not function until Monday, Aug. 28. Some residents had difficulty receiving or activating their new cards.
To assist its customers through the transition, Finnerty and his staff were ready to help.
“We extended the call tree to everyone so no matter what the customers would hear a voice,” he said. “A change like this doesn’t happen lightly. No matter what there’s an impact on the customer.”
A separate issue involving the payroll system at SAU 6 a few weeks back delayed checks for employees, but the bank also helped there, too.
Weighing the inconveniences with the increased functionality, Finnerty wrote an open letter to the community.
“We are always on the lookout for new ways to improve the level of service we provide. This year we proudly celebrate 116 years of service to our customers and the community,” he wrote, adding that the upgrade is “keeping with the tradition … of strategic changes made over the years.”
Claremont Savings Bank still offers its non-digital banking options as before such as telephone banking.
“[It] has changed, but still exists,” Finnerty said, stressing that Claremont Savings Bank is still a community bank. “Come on in and talk to us.”
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