Banking into the future
Waukesha State Bank implements technology to improve convenience, security

By Katherine Michalets - Freeman Staff

Feb. 28, 2018

Waukesha State Bank President and CEO Ty Taylor said technological advances, such as Mobile Wallets, are one of the biggest trends he is seeing in banking.
Submitted photo

WAUKESHA —The latest technology is not often associated with local, family-owned businesses, but that’s certainly not the case with Waukesha State Bank, which has implemented the latest technology for its clients.

Waukesha State Bank President and CEO Ty Taylor said technological advances, such as Mobile Wallets, are one of the biggest trends he is seeing in banking. Waukesha State Bank is striving to offer these services in order to provide convenience to its customers and stay competitive in the marketplace.

Although the adoption of Mobile Wallet technology, such as Apple Pay, has been slow, it does continue to move forward. In fact, Taylor said the number of Waukesha State Bank customers using such purchase payment methods has tripled since about a year ago.

One of the obstacles to fully implementing the new payment technology at businesses is that employees must be taught about the new technology and that doesn’t always happen promptly.

Another technology that is gaining momentum is peer-to-peer payments. The system that Waukesha State Bank uses that allows people to easily share money with one another is called Popmoney. Popmoney allows Waukesha State Bank customers to send and receive money to personal payees electronically.

Besides the ease of banking technology, Taylor said it also helps to “tap down fraud,” especially Mobile Wallets. Also helping to prevent fraud is the implementation of chips in debit and credit cards, which Waukesha State Bank’s issued cards also have.

Waukesha State Bank has adopted new technologies, such as Android Pay.
Submitted photo

A Fiserv-created product that Waukesha State Bank offers its customers is Card Valet, which allows people to manage their card’s security via an app. The owner can set up alerts when the card is used and can set limits for the amount their kids are allowed to use the card.

Not all of Waukesha State Bank’s ATMs are chip enabled, but Taylor said they are moving in that direction.

But just like physical visits to branch locations have declined in recent years, so have the number of people who use ATMs, Taylor said.

Overtime, Taylor said, the density or bank branches will decline, but he said having a local branch presence is still important to the consumer. Waukesha State Bank operates 13 locations in Waukesha County.

Bank divisions

In addition to traditional banking and lending services, Waukesha State Bank has the ability to work with businesses with their payroll.

Taylor said this area of the company continues to grow. Payroll Complete uses experts to reduce the complexity and risk of preparing payroll so a business leader can focus on running his or her company.

Another division, Prairie Financial Group, has also performed well, Taylor said. Prairie Financial Group has about $600 million under management.

Waukesha State Bank is expected to have about $1 billion in assets by the end of 2018, Taylor said.