Signet Bank (Richmond, VA; $12 billion; 470,000 ATM cards) just raised the bar for Web-based online banking becoming the first to offer a proactive balance notification service via e-mail or fax delivery. It’s a concept we have been writing about (harping on?) for some time (OBR 8/95 p.13), but had never seen in practice, at least for retail customers. And it’s FREE. Signet’s unique service is aptly dubbed Notify Me and provides e-mail or fax notification whenever designated account balances fall below and/or rise above thresholds set by the user. See for yourself how it works at <www.signet.com/online/web_demo.htm>.

Users configure the notification service by entering a balance range and choosing fax or e-mail notification.

Maybe it’s premature, but I expect to see Signet in the online banking hall of fame someday for being first with a balance notification service. Signet adds a number of other important user-friendly touches to its Web program:

• late (10:00 p.m.) cut-off time for same-day funds transfers
• ability to preconfigure a the program to be delivered with or without frames
• choice of session time-outs from 3 to 15 minutes
• an intuitive “transaction search engine” that allows users to search for financial transaction(s) based on: check number, date range, dollar amount or dollar range
• choice of transaction history reports in three varieties: last seven transactions, all activity since last issued statement, or last issued statement.

Areas for improvement
Signet’s Web banking is an inspired first effort. Its biggest weakness is a measly 60 days of transaction history and no convenient way to store data locally. At a minimum, Signet should provide a transaction download facility. Signet Online programmers should drop everything and spend the next two weeks installing a download function using Microsoft’s ActiveStatement (OBR 1/97 p.6-7). Eventually, Signet will need to add bill payment, but that is less critical, especially since customers can already pay their bills using Signet Online via Money or Quicken. Steve Holdych is Marketing Manager, 804.560.3257.