| By Jim Bruene on January 6, 1997 11:32 AM | Comments (0) |
The Web dominated the news throughout 1996. As well it should have. We completely agree with David Weisman of Forrester Research that the Internet is the fourth channel for delivering financial services. Joining in-person, mail and telephone channels as an essential part of every financial institution’s marketing and delivery mix.
The following chart summarizes what we think were the year’s most significant developments in Web banking. From Liberty Financial’s WebSaver annuity to Carolina First’s newest division, Atlanta Internet Bank, these new products, services, and strategies provide a glimpse of how the fourth channel will be leveraged in the future.
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Top honors go to APL Federal Credit Union (Laurel, MD; $97 million) which in July used Digital Insight’s turnkey Web services to become the fifteenth financial institution in the world to offer online account access. Why is that so significant? APL has only 8,000 members! Yet, because Web-based services can be implemented so inexpensively, APL was able to beat giants such as Citibank, Chase, and Nations to the market with Web-based checking account access.
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