USABancShares Develops 'Next Wave' Internet Banking Platform
BusinessWire, Friday, April 16, 1999 at 09:48
PHILADELPHIA--(BUSINESS WIRE)--April 16, 1999--
USABanc.com is launched
Based upon Macromedia's innovative "Flash" technology
(NASDAQ:"MACR"), and in conjunction with Electronic Data Systems
(NYSE:"EDS"), USABancShares (NASDAQ:"USAB") today announced completion
of its proprietary internet banking platform, "USABanc.com".
Under development for 18 months, the site will allow real-time
access to customer account information and provide around the clock
banking functions such as bill paying, CD purchases, and loan
processing.
The site will go live Monday at www.USABanc.com, with instant
functionality for on-line CD purchases through USABancShares' FDIC
insured banking subsidiary and real-time stock quotes; full
transaction functionality is targeted for third quarter roll-out.
In cooperation with USABancShares' stock brokerage subsidiary,
customers nationwide will also purchase stocks and manage their
portfolio directly on-line, while participating in IPO investment
opportunities.
USABanc.com is a fault tolerance, fire-wall protected Unix driven
solution using the Apache www server, and relies upon technology from
Oracle server 8i, Macromedia's Flash, and Generator. Site engineering
was accomplished by USABancShares' Electric Banking Division on an
in-house basis using Apple Computer hardware (NASDAQ:"AAPL") and
Netscape 4.5.
"What we've done is dramatically different from anything else
available," commented Kenneth L. Tepper, President and CEO of
USABancshares.
"USABanc.com was developed from the start in anticipation of
greater bandwidth, and now that this bandwidth is widely available,
our site's audio/visual interface will attract users who demand not
only efficiency and convenience ... but entertainment as well."
"Bill Gates had no idea what was coming when he said a few years
ago that banks were dinosaurs. Size is transparent on the web, and
our FDIC deposit insurance -- something Gates will never have -- is
exactly the same as that of any major money center bank. We can
compete electronically anywhere, anytime based upon site quality
rather than size, branch location ... or even pricing."
Tepper added, "The internet is a great equalizer that may
eventually destroy any competitive advantage that a large bank may
have over a smaller one; in an industry noted for stringent
conservatism, imagination and creativity will carry a premium in the
banking business from now on; anyone clinging to traditional market
share -- anywhere in America -- is at risk!"
Tepper believes that future success for internet banking will be
based upon attracting customers with constantly updated content and an
engaging multimedia experience ... not merely 'conventional' access to
traditional banking functions. "There's no doubt that we'll offer
highly competitive products and rates ... but we created USABanc.com
with energy and vision to be simple to use, lightening fast, and
totally captivating. This is a compelling site that will continue to
evolve into a completely immersive experience as added bandwidth
further integrates streaming video technology," he concluded.
Daniel Taylor, Director of USABancShares' Electric Banking
Division, was responsible for project implementation; "In today's
on-line marketplace, your product is either outrageously cool or it's
dead on arrival; this site will rock the web!"
"We created a 'destination site' which will provide an in-depth
electronic experience of sight and sound ... as opposed to other
existing financial services sites which are plagued with volumes of
meaningless text and poor navigation. Banking functions will be
intuitive and incredibly easy to perform so users aren't overwhelmed
with complexity," Taylor assured.
Using the platform's 'Orbit' function, customers will be able to
rely upon the site as a direct launching point for access to other
important on-line destinations such as retailers, news services, or
travel agencies. Via its 'Planet Credit' application, USABanc.com
will also seek strategic alliances allowing customers to link to
selected on-line vendors after having received pre-approved credit for
acquisitions. "Internet portals don't have to be limited to book
sellers or search engines," Taylor concluded.
Electronic Data Systems (EDS), a major e-commerce provider, was
selected to provide a back-end solution. Robert Smik, Director of
Operations for USABancShares, commented, "EDS provides a proven and
reliable bridge between their comprehensive banking application and
the ability for our customers to access account information -- in real
time -- when, where and how they want it". Paul Duckham, the EDS
executive in charge of the MISER division, shared in Smik's
enthusiasm; "We are excited about working with USABancShares. Their
aggressive approach to multiple delivery channels is the direction we
see the financial industry going". EDS has been a leader in the
global information services industry for more than 35 years, with
revenues of $16.9 billion in 1998.
USABancShares is a bank holding company regulated by the Federal
Reserve Board; Its FDIC insured banking subsidiary, BankPhiladelphia,
is a Pennsylvania State Chartered Savings bank engaged in both
originating and acquiring commercial, consumer and residential loans.
Its Electric Banking Division is responsible for the ongoing
development and implementation of the USABanc.com financial services
platform.
Forward Looking Statements
Some of the statements contained in this press release discuss
future expectations, contain preliminary unaudited results of
operations and financial condition and state other "forward looking"
information. Those statements are subject to know and unknown risks,
uncertainties and other factors that could cause the actual results to
differ materially from those contemplated by the statements. The
forward-looking information is based on various factors and was
derived using numerous assumptions. Important factors that may cause
actual results to differ from projections include, for example:
general economic conditions, including their impact on capital
expenditures; business conditions in the financial services industry;
the regulatory environment; rapidly changing technology and evolving
banking industry standards; competitive factors, including increased
competition with community, regional and national financial
institutions; new services and products offered by competitors; and
price pressures.
CONTACT: USABancShares Inc., Philadelphia
Kenneth L. Tepper, President & CEO, 215/569-4200
or
Daniel Taylor, Director, Electric Banking Division,
215/569-4200
usabanc.com
or
Electronic Data Systems (EDS)
Thomas J. Mann, Division EVP, 301/604-5629
eds.com
KEYWORD: PENNSYLVANIA
INDUSTRY KEYWORD: BANKING COMPUTERS/ELECTRONICS COMED
INTERACTIVE/MULTIMEDIA/INTERNET
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