Vertigo Development Group, Inc., introduced the first bank-branded Internet banking solution that empowers banks to bring a new level of personalized service to electronic banking customers. Billions of dollars worth of bank services can now be promoted online to meet a specific customer's needs at the time when customers are ready to buy. Using Vertigo's ONE ON ONE BANKING program, banks will for the first time be able to add a critical component to their electronic commerce offerings with individualized, expert financial advice and planning online 24-hours a day-a personal banker in every home.
Electronic banking platforms today are mostly limited to transaction systems and money management software that track balances, pay bills and transfer funds. They do not help customers choose products that meet their financial needs, which can drive more electronic transactions.
"The widespread use of the PC and the Internet is radically changing the dynamics of relationships between banks and their customers. Personalization is essential to transforming bank services from a commodity to a value added proposition," says Robert Rosen, founder and CEO of Vertigo. "ONE ON ONE BANKING strengthens and enhances a bank's relationships with its customers through a lower cost, automated financial advisor. As customers start to benefit from specific, individualized financial solutions, they are more likely to consult the program on a regular basis. Banks now have a highly targeted, cross- selling tool for their products and services."
The online marketplace is expanding and PC banking is taking root. Forrester Research forecasts the number of online banking households will grow from 1.1 million in 1996 to 9.7 million in 2001. With this growth, Forrester expects that the total number of assets managed online will increase from $5.4 billion to $46.9 billion. As a result, banks must respond with new, innovative ways to differentiate themselves from their competitors.
Furthermore, customer demand for financial advice has grown with the widening array of financial products and increasingly complex situations. Competing financial institutions, like full-service and discount brokerages, are addressing this need with new advisory services and interactive online tools. ONE ON ONE BANKING provides banks with the opportunity to re-assert themselves as a leading source of financial information and personalized solutions.
ONE ON ONE BANKING is a modular financial planning and investment software program that directs consumers to specific bank products and services. Vertigo's software helps banks become the hub for all of their customers' financial queries. Information from Standard & Poor's, including asset allocation advice and up-to-the-minute financial data and news, is all integrated into ONE ON ONE BANKING. Personal e-mail alerts issue relevant information and bank promotions specific to the customer's personal profile. As the bank continues to provide successful financial planning and advice, customers continue to turn to the bank for guidance and to purchase bank products.
The ONE ON ONE BANKING Center software site license, maintenance and configuration services will be commercially available in December. Banks are also being offered data services which are based on usage and the number of active ONE ON ONE BANKING users per month. ONE ON ONE BANKING runs on Windows NT-IIS and works with all Web server platforms. The program is a distributed client/server application that has built-in Web browsing capability. Home banking customers can access the software using IBM PCs and compatibles running Windows 95. Windows 3.1 and Macintosh support will also be offered in 1997. This software solution can be delivered to bank customers via the bank's Web site, and on diskette or CD-ROM.
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