USABancShares Develops 'Next Wave' Internet Banking Platform
USABanc.com is launched
PHILADELPHIA--(BUSINESS WIRE)--April 16, 1999-- 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 |
