The road ahead: banking and technology

Article Abstract:

The banking industry must increase its responsiveness to the needs of customers in this age of information and sophisticated technology. To do so, bankers have to become masters of digital delivery because non-bank competitors are increasingly making inroads in marketing bank products and are threatening the dominance of banks. These new non-bank companies being highly skilled in harnessing digital technology, the banking sector must realize the need to develop their digital abilities because customers are finding that electronically delivered services are making transactions more comfortable for them. The key to digital mastery for banks is multimedia services that can facilitate more interactive relationships with bank customers. Finally, banks should recognize that traditional ways of managing their operations are no longer viable and new management strategies must be adapted.

Science and technology policy, Technology application, Customer service

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Banks and S&Ls prepare for Y2K

Article Abstract:

Results of a survey of 1,500 depository institutions showed that 12% are not yet adequately prepared for the Year 2000 transition. Among the respondents, 8.5% garnered below average grades while another 3.6% got low grades. This could mean that about 1,300 of the 11,000 banks and savings and loan associations are not behind Y2K preparations. Banks with substantial capital resources are more capable of dealing with the Year 2000 problem and respond to its implications after the Year 2000. A call for industry disclosure of Y2K preparedness has already been made. Consumers as well as regulators are concerned that institutions without ample preparation may find it difficult to handle account transaction and money transfers in the new millennium.

Savings & Loan Assns, Savings Institutions, Data Processing Administration, Surveys, Year 2000 transition (Computers), Information management, Savings and loan associations, Data processing

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A case in point: telephone as key delivery channel

Article Abstract:

Fleet Bank in Boston is pursuing a teleservices strategy in the belief that telemarketing is an effective means of ensuring the success of a credit card business. It believes that the telephone is a vital delivery channel and that it can offer a competitive advantage. The bank's credit card teleservices programs are notable for their focus on customer retention. Teleservices activities are driven primarily by consumer preferences, requirements and demographics to ensure the Fleet Bank remains in the minds of its customers. The bank's teleservices campaigns are designed in a way that allows it to gather data on consumer opinion and satisfaction. This strategy is credited for Fleet Bank's increased receivables and improved customer retention.

Telemarketing, Methods, Case studies, Marketing, Bank marketing, Fleet Bank of Massachusetts N.A.

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