BANK ONE Unveils Strategy to Win on the Net
Multiple Brands and Web Alliances Provide Unparalleled Visibility And Accessibility
CHICAGO, June 24 /PRNewswire/ -- With today's launch of the Internet-only WingspanBank.com (see separate press release), BANK ONE CORPORATION (NYSE: ONE) unveils its strategy of leveraging a broad portfolio of initiatives to provide the nation's most comprehensive range of online financial services.
Bank One, which serves 70 million banking and credit card customers, is employing multiple brands and numerous Web alliances to provide Internet visibility and accessibility that are unparalleled in financial services. This strategy positions Bank One to provide distinct online experiences to a variety of customer segments with differing financial service needs.
"Wherever you go online, you'll find us there," said John B. McCoy, president and chief executive officer. "Bank One is aggressively expanding online capabilities to meet our commitment to provide world-class financial services to current and new customers. We are reaching out to consumers -- whether they are experienced users of the Internet or just learning about it."
Bank One's portfolio of online services is currently the broadest in the financial services industry and includes bankone.com, re-launched in May as the "first financial supersite"; Internet-based WingspanBank.com, launched today; and Bank One strategic alliances with key Internet portals and destinations. Together, these initiatives complement -- and compete with -- one another, providing products and services developed by Bank One and third parties.
bankone.com is designed to serve customers who want leading-edge online services from an established brand name they know and trust, while WingspanBank.com will quickly attract customers looking for an online banking experience of convenience, choice and competitive pricing.
"A strong brand matters on the Internet: Ask people how many companies sell books online, and they will mention only one, or maybe two," McCoy said. "bankone.com already is an established brand, and we will provide the support needed to build WingspanBank.com into another."
In addition, Bank One has strategic alliances with a Who's Who of Internet companies, primarily through its First USA credit card subsidiary and the Bank One Retail Group. The alliances include exclusive marketing agreements for credit cards and/or other financial services with America Online, Broadcast.com, CFN, Cnet, CNN, Cybercash, Ebay, Excite, GeoCities, Iname, iVillage, Lifeserve, Microsoft Network, Peapod, Sportsline, Value America, Web TV and Yahoo! "We have quickly locked up much of the prime real estate on the Internet," McCoy said. "It is early in the Internet game, but our alliances give us a substantial head start on competitors."
bankone.com: A Trusted Name
Currently the most comprehensive financial services site on the Internet, bankone.com enables customers to better manage their total financial picture. Online access complements one of the nation's leading networks of physical banking centers, telephone banking, customer relationship managers and ATMs.
"More than 60 percent of our current online customers tell us they want to use multiple banking channels, not just one. They prefer to use a variety of channels, including the Internet," McCoy said.
At bankone.com, customers can open accounts, receive and pay bills, apply for credit, invest, search for information, and use planning tools to manage their financial futures.
WingspanBank.com: All-in-One Financial Management
WingspanBank.com customers enjoy new freedom in money management through a depth and breadth of services and products combined with objectivity unmatched in banking. Built from the Internet up, WingspanBank.com is a banker, money manager, stockbroker and insurance agent, all at one Web address and with one log-in and password.
"WingspanBank.com was created with online customers' needs in mind," McCoy said. "By putting all the right financial management tools in one place, our customers can spend more time doing the things that are important to them."
WingspanBank.com allows customers to open checking accounts, pay bills online, apply for loans, and make and manage investments; it also searches the Internet to help find the best deals on mortgages and insurance. WingspanBank.com can even continuously monitor mortgage rates and send an e-mail when a better mortgage offer appears.
Web Alliances: Providing Unparalleled Visibility
Bank One also has moved rapidly on several key Internet initiatives by:
* Co-branding financial services on Internet portals Excite and AOL. In
April, Bank One and Excite, Inc., together launched a financial site
available to Excite's 17 million monthly users.
* Providing loan and lease financing for vehicle purchases through
CarsDirect.com, the first company to enable consumers to select, finance
and purchase vehicles over the Internet. Bank One also is working with
its nationwide network of automobile dealers to deliver the vehicles.
* Leveraging the extensive advertising and marketing reach of
relationships. First USA acquired more than 300,000 credit card accounts
through the Internet in 1998 and expects to gain 1 million more accounts
in 1999, leveraging some of its 1,500 partnership relationships.
* Partnering with EDS to integrate online billing into the bank's
treasury management product set for commercial customers.
Bank One Corporation, headquartered in Chicago, is the nation's fifth largest bank holding company, with assets of more than $250 billion. Bank One offers a full range of financial services to commercial and business customers and consumers. Information on Bank One can be found on the Internet at bankone.com or through Fax-on-Demand at 877-ONEFACT.
Key Announcements in Bank One Internet Strategy Since Fourth Quarter, 1998
June 24, 1999 -- WingspanBank.com Opens Its Virtual Doors Today
May 17, 1999 -- Bank One Re-Launches www.bankone.com as "First Financial
Supersite"
May 17, 1999 -- Bank One to Provide Financing for Customers of
CarsDirect.com, One-stop Online Auto Purchase Company
May 14, 1999 -- EDS and Bank One Introduce Industry-Leading Interactive
Billing to Commercial Clients
April 15, 1999 -- Bank One and Excite Pilot Financial Center through
Excite.com
April 14, 1999 -- bankone.com Introduces Bill Delivery as Part of Fully
Integrated Internet Service
March 15, 1999 -- bankone.com Adds Federal and State Tax Filing to Online
Services
March 1, 1999 -- First USA, Premier E-Retailers Team to Enhance Online
Shopping Experience with VersaPay Digital Wallet
Feb. 3, 1999 -- America Online, First USA Join in Groundbreaking Five-Year
Marketing Agreement Valued at Up to $500 Million
Jan. 3, 1999 -- bankone.com First to Offer Online Home-Equity Loan
Approval Within 50 Seconds in 50 States
Nov. 19, 1998 -- First USA Introduces the E.CARD for Online Shoppers
Nov. 11, 1998 -- Bank One, Excite Accelerate Online Banking with
125 Million-Plus Deal
Nov. 2, 1998 -- Bank One Offers EducationOne.com Online Loan Application
Oct. 28, 1998 -- Microsoft and First USA Announce $90 Million MSN
Advertising Alliance |
