How Bangor Savings Bank Is Redefining Community Banking Through Innovation

Bangor Savings Bank (BSB) is taking bold steps to modernize its debit offering while staying rooted in what makes community banking unique.

Shop Local 

What is it?  Buoy Local, as BSB calls this innovative solution, is a rewards platform that builds “community” by enabling local businesses to attract and reward loyal customers. Customers earn points by using their existing debit card at participating local businesses, and the solution makes it easy for them to find participating local businesses, track their rewards, and redeem points.

What is the impact?  This innovative solution has helped BSB significantly increase revenues with explosive growth in their merchant and commercial business, while also realizing double digit percent increases in debit Interchange revenue and the reengagement of inactive debit cardholders.  

How is it being received?  Customer loyalty has skyrocketed.  In a recent survey, 82% of the bank’s customers were very satisfied with the incentives, the ease of use and the promotion of their local community.

HELOC-Link Capability 

This innovative feature allows BSB customers to access their Home Equity Lines for real-time purchases utilizing their existing debit card.  Customers are excited about the flexibility and control with the product that rivals those of competing Neobank and Fintech solutions.  With a production launch in Q4, BSB projects significant revenue growth in both debit Interchange fee income and HELOC utilization, with an estimated revenue increase of up to $2.5M annually.

Both initiatives are being embraced by customers who want innovation and are looking to stay with their trusted community bank partner.  This is proof that community banks and credit unions can innovate to compete effectively — utilizing their existing cores, debit processors and digital channels.