FinTech
09 September 2020

BAYCOAST BANK REVERSE PITCH: MASSCHALLENGE FINTECH 2021 

Written by Dan DeCosta 

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Who We Are 

Chartered in 1851, BayCoast Bank is a successful community bank serving the people and businesses of southeastern Massachusetts and Rhode Island.  Our mission to provide exceptional service and solutions to the communities we serve is at the core of every decision we make.  Our family of services - BayCoast Mortgage Company, Plimoth Investment Advisors, Partners Insurance Group, and Priority Funding offer more than banking products, they’re our way of providing well-being, comfort, and a bridge to our customers financial future. We are not just a bank; we are a family. 

Why We’ve Partnered with MassChallenge Fintech 

BayCoast’s leadership team and the board of directors understand the important role that technology plays in today’s world. We encourage every department to seek and implement new innovative tools and applications in order to continue advancing our organization. The recent events surrounding the coronavirus have shown that decisions we have made in technology over the course of the last five years have given us the tools to keep providing excellent service to the community, even in today’s unprecedented times. Our investment in interactive teller machines, electronic signatures, cloud-based systems and more have truly shown their value.  

Working with MassChallenge Fintech gives us the opportunity to build on our recent technological investments, expand our family of services, and continue providing the solutions our customers need through new innovative ideas and fresh perspectives.  

Our Challenges

The bank’s challenge is to become the top-of-wallet payment provider for our customer base and to attract new customers by offering a rewards system that differentiates us from our competitors. We have identified three potential areas we would like to investigate as a means of increasing card usage.  

1. Flexible reward system where a customer can:   

  • Rollup transactions to an account/charity/another person’s account and change where the money is going whenever they choose. 
  • Provide cashback rewards with the same ability to distribute funds as the rollups. 
  • Allow sending of money directly to another person or charity.   
  • Track Charity payments for tax purposes   

2. Proper transaction type can be automatically chosen for the customer rather than requiring the customer to select ACH/WIRE/RTP/Internal Transfer/Bill Pay/Debit Card.

3. Additional Benefits for electronic transactions as incentive to use BayCoast for Apple Pay, Venmo, Samsung pay, etc. 

How We’ll Help Startups Grow Their Businesses

Committed to innovation, BayCoast Bank has pursued advancement in the Fintech realm for many years. The bank has facilitated these efforts with a Fintech Committee composed of various bank departments, the Bank President, and key members of the Board of Directors focused on eliciting the help of third party companies to drive efficiency and innovation for both its back office and customer-facing technologies.  

With that commitment, BayCoast Bank is keen on working with MassChallenge to further innovation with Fintechs and help make the technological offerings of the bank a differentiator in the financial industry.  

Start your application for MassChallenge FinTech today!
 

Mission

MassChallenge strengthens the global innovation ecosystem by accelerating high-potential startups across all industries, from anywhere in the world.