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To: AugustWest who wrote (64)	11/11/1998 8:20:00 AM
From: Benny Baga	Read Replies (2) \| Respond to of 20297

The December Issue of Bank Systems + Technology, Letter from the Editor: When I meet people at Bank Conferences, I often ask them what keeps them awake at night. I do this to get an idea about what Bank Systems + Technology should focus on. Well, I recently learned that many bankers are having restless nights trying to figure out electronic bill payment/presentment, a.k.a. EBPP. These bankers explained that their customers are demanding an array of on-line banking services, mainly being able to pay bills on-line. At an Online Banking Association conference, Cathy MacArthur of Chase Manhattan Bank said 19% of Chase customers surveyed said they wanted an on-line bill delivery service. That response attests to the demand for EBPP, she noted. Ginger Moses of Bank One also said her customers are demanding an on-line bill-pay option. However, she said, the goal is to provide customers choice in how to pay bills, be it by paper check or on-line. Catering to the customer is the key issue here, because at the OBA conference I heard all about a so-called "new consumer" who will drive the way in which payments are made (i.e. moving from paper to electronic). To earn the new consumer's loyalty, banks must provide them the choice, control and convenience they demand, noted Richard Adler of the Institute for the Future, a research and consulting firm. The new consumer, Adler said, prefers customized products and services, actively seeks information from various sources before buying, and experiments with non-store shopping venues and alternative payment methods. These consumers also prefer to spread accounts at different financial institutions plus demand control over their purchasing information and how it's used. However, at the point of sale, financial institutions have an advantage in winning this new consumers loyalty, Adler said. Why? These firms can act quickly and respond effectively to the consumer's needs, he explained. What's more, they can offer payment products and reward programs that, in turn, can yield valuable customer data, which can be used for target marketing. I left the conference thinking it's bad enough that the Year 2000 issue is causing so many sleepless nights. Now you all have to worry about this new consumer, whoever he or she may be. Jim Pavia, Editor in chief Great magazine, worth ever penny IMHO.