Key Bank

www.keybank.com

OLD: Key Bank’s innovative but ultimately ill-conceived Web debuted in August.

NEW: Key Bank’s new “serious” Web site replaces Kyle Kranium and the CNN knock-off.

KeyCorp (Cleveland, OH; $72.2 billion; 3.3 million ATM cards) When Key unveiled their novel Web in August 1996 we liked it. Here is what we said then, “In terms of unique, timely content of the news and entertainment variety, Key Bank’s is the most ambitious financial services Web out there.” But we also wondered if they were biting off too much, “Time will tell if they invest the necessary manpower to keep it up-to-date.”

After little more than a year, Key has indeed pulled the plug on Kyle and his entertaining Web, replacing it with a utilitarian site that goes overboard in the other direction. While the drop-down menu design is somewhat easier to navigate than the twisted paths you needed to follow in the old KeyNN version, the first page needs a better focus. Right now it looks like one of those Web sites to avoid; one that’s going to be more work than it’s worth. It also seemed slow, at least using my 28.8 Netcom dial-up connection. Also, both times I visited (Dec. 15 and Dec. 26), there was a broken link (e.g., clicking on the link led to nowhere) in the very first listing in the drop-down box in the upper righthand corner “I want to Select a Tool.”

Though the entry point to the Key Web needs to be reworked, overall we like the new version better. Why? First, it’s customizable, joining Bank of America, Fleet, and others offering user-defined Web views . But most importantly, Key’s Web is no longer pretending to be something it’s not: an entertainment vehicle. We think it will be very difficult to position a banking Web as a fun or entertaining place to visit on the Web. This is not to say you shouldn’t use humor on your Web. There is nothing wrong with a light-hearted approach now and again. But to try to hide all your financial services in the guise of an educational and entertaining experience is counterproductive.

Be realistic. The less consumers think about their bank the happier they’ll be. When they come to your Web, they are probably after some specific information, such as your 6-month CD rate, or their checking account balance. Making them wade through commentaries on the latest gyrations of the Dow Jones average will just send them to another site. Give them what they want, create a dialogue, then gently start cross-selling as you both get used to each other. Key has returned to its roots. Learn from their mistake.

Check back in six months. By then Key will have added account access, improved navigation, and added appropriate visual cues. We expect you’ll find one of the better banking Webs.

Contacts: Patrick Swanick is EVP Electronic Commerce; Steve Cone is EVP Marketing; Linda Najim is VP Online Services, 216.689.3000.