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• W2992238892 abstract "How uses automation to make sure its customers are never without access to services - any time, any day, anywhere bankers understand the importance of technology to product delivery. But only a few have chosen automation to differentiate their banks in the marketplace. Fewer still have taken it to the lengths that Boston's BayBanks, Inc., has since the advent of automated teller machines. It was in those days that the die was cast for what has become the institution's trade mark: convenience through automation. Today, that notion is best illustrated by the bank's new 24-hour sales and service center, which the bank's managers think of as an extension of ATM service. Toll-free telephone numbers put bank customers in touch with customer-service representatives for a variety of banking services no matter when the customers want to call. center also houses the bank's telemarketing department. It could be said that ATMs helped launch BayBanks' modern era. It was in the mid-1970s that a dozen banks under the Baystate Corporation umbrella were united and renamed BayBanks, Inc., by Chairman William M. Crozier, Jr. Crozier's plan for making the institution a force in New England banking included heavy use of ATM card-based applications, which today includes widespread point-of-sale debit card use in the Boston market. only notable distraction from that plan was the pounding the New England economy took in the last four years. northeastern banks continue to work bad real estate debt out of their lending portfolios. Despite a still-rocky New England economy, is rebounding from its dark days of 1990, when ROA and ROE both were negative. At year-end 1992, had just short of $10 billion in assets, ROA had climbed to 0.63% from 0.10% in 1991, and ROE had risen to 11.07% from 1.96% the year before. A strong focus on consumer marketing has bolstered that recovery and helped the bank gain payments account market share for several years. BayBanks is very keen on marketing its services, says David Berry, director of research at Keefe, Bruyette & Woods, New York. There is a real willingness to use technology to deliver new products and convenience. Berry wrote a research report on in the summer of 1992 that analyzed earnings performance and market share growth since 1987. That year, according to the report, the bank had a 13.5% market share, which increased to 18% in 1991. The bank has been gaining payments account market share for a lot longer, notes Berry. Its cost of funds is and has always been less than its New England competitors. This means it must be selling something else to make consumers want to use the bank, such as convenience or products. ATMs' contribution. In the pre-ATM days, a staff member named Donald Isaacs was assigned the task of evaluating the then-emerging ATM technology and recommending a plan for its implementation. Most banks then saw the cost savings associated with ATMs, but not their marketing potential, says Robert P. Shay, executive vice-president, technology sales, for BayBank Systems, Inc., the bank's operations and automation subsidiary based in Waltham, Mass. Managers recognized very quickly that this was something could use to differentiate itself from other banks, says Shay. Soon after ATMs appeared, management moved aggressively to establish an ATM network, called X-Press 24, which today includes over 1,000 banking machines. By 1979, X-Press 24 was the focus of the bank's advertising campaign, and the institution's use of automation to deliver services has been the bank's message ever since. For the past several years, for example, the bank's tag line on a variety of advertising mediums has been Advanced Banking Technology, rather than a slogan playing up competitive interest rates or friendly service. …" @default.
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• W2992238892 title "Technology Shatters Bankers' Hours. (BayBanks, Boston, Massachusetts, Emphasizes Automation of Banking Services)" @default.
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