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• W2992471964 abstract "Two community banks out-hustle the big guys For community banks, the Internet offers threat-and hope. The threat, of course, stems from the fact that nearly all big banks, plus a handful of Internet only banks, are aggressively offering nationwide e-banking services that seem designed to lure away smaller banks' most-profitable customers. The hope springs from the Internet's potential for being the Great Leveler: an exciting new kind of financial tool that even small banks can afford. Turning the Internet threat into gold are the CEOs of two community banks, First National Bank of Hudson, Wisc., and First Interstate Bank of Anchorage, Alaska. The CEOs spoke about their efforts at an ABA Community Bankers Council meeting in June, and in subsequent interviews. Both men are members of the counsel. An early start pays off Back in the dawn of Internet-banking --the spring of 1994--Kenneth A. Heiser, president and CEO of $224 million-assets First National Bank of Hudson quickly grasped that the new channel would be critical to his bank's survival. Fortunately, Chairman John Huss shared Heiser' s vision. So did their staff. With that established, the team had next to determine an implementation strategy. The first question was timing: when to make the move and how fast to go. Ultimately, First National's approach was to grab the competitive advantage of being first in its market with an exciting new financial product ...and then keep on running to stay on the leading edge. Making the move early would also mean getting the new-age services in place before the concern over Y2K issues could swamp the bank's whole information technology agenda. The bank had an interactive Web site up in April 1996; a year and a half later it bought e-banking software and tested it on its own employees; in April 1998 it launched Internet banking for the public. To bankers and consumers saturated with Internet hype, that two-step process may seem like an obvious scenario. Not quite, Heiser observed at a recent meeting of Minnesota bankers. Half of a roomful of forward-looking executives raised their hands when asked who had Web sites. A third had interactive sites. When asked who had Internet banking, only three hands went up. By stepping out ahead of other community banks, First National was able to capture a good share of the Internet-ready customers in its market outside the Twin Cities metroplex that includes both white- and blue-collar families. It also got the jump on Norwest and U.S. Bank, superregionals that had e-banking but weren't promoting it aggressively. After a multimedia campaign that included billboards and bumper stickers, First National signed up more than 1,300 e-banking accounts in the first year the service was offered. And these are active customers, cumulatively accessing their accounts via the Internet about 8,000 times a month. This matches the activity in the bank's voice-response service, which has been operational for five years. In some of the white-collar districts, 35% of its accounts are online. That's about seven times the share in a typical blue-collar district. Heiser doesn't track all the demographics of its e-banking customers, but he notes they tend to be a younger, more computer-savvy lot. Global-schmobal-- we're a community bank The Internet is giving Heiser new ways to reach out to the community. Owners of small businesses are taking to the Internet in surprisingly large numbers, Heiser says. Operating in a day-to-day financial environment where cash is always tight, proprietors use the Internet service as a 24x7 cash-management tool. We couldn't live without it, the owners of a two-person carryout restaurant enthused to Heiser. Heiser says he has no interest in selling e-banking outside his market area. He took his bank onto the Internet to make it a more-successful community bank, not to transform its basic mission. …" @default.
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• W2992471964 title "Who's Afraid of the Web?" @default.
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