From Bank Technology News:
Minneapolis-based U.S. Bank announced today that it has added Square to its digital wallet options available to customers via their iOS and Android smartphones.
The announcement comes during a time when many in the financial services industry look at the San Francisco-based Square as a potential competitor. The company made waves last fall when it announced it was partnering with Starbucks to offer its card reader and mobile payments technologies at Starbucks locations nationwide. And some banks have tried to hone in on Square’s territory, such as Bank of America, which last year announced it was rolling out its own mobile card reader as an alternative to Square’s card-reading device.
Many of today’s financial institutions are thinking outside the box (perhaps a Square box in some cases) and considering new ways to meet – and hopefully exceed – customer and member expectations.
Increasingly, financial institutions are coming to the conclusion that sometimes this means partnering with firms that may appear to be threatening. In the end, though, it’s the customers’ needs that should be of paramount importance, which should ultimately drive a financial institution’s priorities and behavior.
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