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By Jim Baer
It was once
said the reason Jesse James robbed banks was because that’s where
the money was. Banks, concerned with the highest possible level
of security for its customers, as well as comfort and ease of
banking, have gone to great lengths to take banking techniques
‘High Tech.’
Consumers
can now bank 24-hours-a-day and check their accounts any time
they wish. Banking in the St. Louis region has taken operations
to very sophisticated and highly technical levels.
Here’s a sampling
of what’s happening at some of St. Louis area’s largest banks,
from the perspectives of eight of the region’s top bankers:
U.S. Bank
Shawn F.
Christian, senior vice president and regional manager for the
Central and Gulf Region, says U.S. Bank has gone to great lengths
to make banking simpler and more efficient for its many retail
and small business customers. As he notes, banking continues to
get more competitive by the day. "Companies are asked to
do more with less staff and we comply," says Christian. Payments
and collection services are channeled at U.S. Bank through a Lock
Box system. "Money is getting into the accounts faster. Data
information is released more quickly and the commercial accounts
know immediately who is paying then."
Christian
says that checks are being deposited today electronically at a
much higher rate and all of this activity is hosted by U.S. Bank
at much lower costs. U.S. Bank, which is the fifth largest treasury
bank in the country, has gone to a single site port for transactions.
"A lot of our mid-market customers are doing international
business today. They are doing business in England, Australia,
Canada and around the world. ÒWe are offering more and more solutions
for our customers to keep pace with this demand," he says.
First Bank
Inc.
Russell Goldammer, executive vice president and chief information
officer says the bank is talking about an embedded computer chip
in debit cards soon. "We have a steering committee made of
department bank heads and this group makes high tech decisions.
This is a consensus driven process at First Bank. While technology
gets its share of resources, money is always spent foremost on
the needs of the customers," says Goldammer.
Goldammer
says First Bank has crossed the threshold of going mostly paperless
years ago, something that was first discussed going back 15 years.
"Every transaction now is imaged scanned and sent electronically
to the data center in Hazelwood. "We had a 10 inch snowstorm,
no courier service available and our business went uninterrupted,"
he says.
Merchants
are able to capture data at their place of work and move information
electronically. First Bank has placed more than 1,000 pieces of
equipment across its entire footprint (the nation). "With
the price of gasoline, travel time and all, these high tech measures
are greatly aiding our customers," he reveals.
First Bank
customers can access their accounts 24-hours-a-day, and the bank
maintains a central help desk 16 hours daily. "Our customers
are working the mobile banking channels these days," says
the vice president. "They are banking, using their PDA's,
cell phones, Blackberry's and we are maintaining high levels of
security. Without security measures in place, this technology
would be useless to us," he says.
Commerce
Bank, St. Louis
Commerce Bank
is using ATM upgrades and check processing to make the process
work efficiently and effectively for its many customers. Jack
Schreiber, president and chief operating officer explains. "Commerce
Bank invests in technology to make it easier for our customers
to do business with us and to help us work more efficiently. But
before investing in any new technology, we ask the questions:
'how will this help our customers and how will this help Commerce,
and does this technology make sense going forward to meet the
needs of both (parties)?'"
Commerce has new pilot programs under review. One is Instant Issue Debit Cards. "Our customers no longer need to wait a traditional seven to ten business days to receive their debit card. We anticipate offering this service at Commerce banking centers throughout the metro area later this year."
For the business customer, Commerce is offering new foreign exchange processes. Commerce has a Web-based platform called eFX that gives middle market companies the ability to execute and manage foreign exchange transactions. "Customers are assured of getting the best exchange rate possible, especially for larger transactions because Commerce's eFX system offers traders who monitor all transactions," Schreiber says.
Southwest Bank
Of particular interest to commercial
customers is Southwest's Online Security
system. The bank has launched a new online security initiative to counter the threat of hackers and bring increased security to all commercial customers who initiate payments online. The technology equips the customers with small "key fobs" called Security Keys which feature a screen that flashes a six-digit code number that will change every 60 seconds. The code number is necessary for the customers to gain access to their accounts via the Internet. "Safety and convenience are essential for our customers, and Security Key provides both," says Robert Witterschein, CEO of Southwest Bank. "It's our strongest safeguard for online transactions."
Also, Southwest Bank has offered remote deposit captures and expanded Security Key online protection for its customers. "We're constantly looking for ways to improve
our customers" access to funds," says Witterschein. "We've received positive feedback from many who appreciate the time they save and the added convenience."
Tom Bellavia, vice president and manager of Southwest's treasury management group offers tips for customers. "With the pervasive risk of fraud, you shouldn't have to wait for your bank statement to make sure you authorized each transaction." Bellavia encourages customers to monitor personal accounts constantly. He says cases in
questions are always more quickly resolved when fraudulent transactions are reported sooner than later.
Regions Bank
Regions is committed to making its customers' lives easier by offering simple, convenient and hassle-free banking, with the service and feel of a hometown bank. Certainly advancements in technology help honor this promise. Named in 2007 by InformationWeek as one of the nation's most innovative companies for its technology practices, Regions maintains a focus on the customer as it continually evaluates and implements its technology initiatives. Additionally, technology allows Regions to bring the branch to its customer through such advancements as online banking with bill pay and remote deposit capture. "While our extensive branch network helps
establish a relationship with our customers, technology allows us to expand that
relationship to provide banking products and services that suit their lifestyle," says Sally Roth, Upper Midwest Area Executive, Greater St. Louis President.
National City
The goal at National City is making banking as simple as possible for its many
customers. "As evidenced by our significant branch expansion, our goal is to make
banking simple for lives that are not. Since we launched the program two years ago, 'points' from National City has also made banking more rewarding for its customers. This program is easy to earn points and rewards customers for the things they do every day," says Shaun Hayes, president and CEO of Missouri Banking.
"The use of credit cards, based on speed has created lots of awards for our customers," says Andy Baker, National City's Retail Marketing Executive Vice President. "Our rewards can include about anything, IPods, free air miles, gift cards to retail stores and points towards vacations," says Baker. "We use just one platform to make all this happen," says the vice president
Furthermore, National City uses four types of systems and has unique numbers and passwords to protect the privacy and security of its customers. Further, Hayes says there are advanced systems for its small business customers. "Armed with only a scanner we provide an internet connection. Remote deposit gives small businesses a way to conduct business better. These customers can quickly and easily make deposits right from their office. It eliminates the need to go to the bank to submit deposits and saves small businesses time and money," says Hayes..
UMB Bank
"UMB Bank is committed to delivering services that meet the needs of our clients and has completed key initiatives around improved technology to offer a better
banking experience," David Naunheim,
president of commercial banking says. "As in other industries, banking and finance
technologies are ever-evolving and we are committed to staying informed and abreast of the latest and greatest tools so that we can offer our customers the best services possible," he says.
"UMB Bank has been an industry leader in banking technology for nearly a century. In recent years, UMB Bank has introduced a powerful commercial banking system, UMB Web Exchange, which offers customers reporting, on line time decision for Positive Pay, ACH origination and even notification. To better assist customers in the electronic and information age, UMB has introduced products including remote deposit, payroll card, interactive retail lockbox and payment cards for Health Savings Accounts and Flexible Spending Accounts," says Gordon Brooks, Senior Vice President of UMB Treasury Managements.
Interactive lockbox is a platform that allows retail lockbox customers the ability to decision suspense or exception items as they are being processed through an online module. The electronic age provides additional challenges, especially when dealing with fraud. Fraudsters continue to push the envelope and UMB is advising individuals and business clients to remain diligent in
reconciling their depository accounts.
Bank of America
"Our customers lead mobile lives and need a bank with options, products and
features that can keep up with that fast pace," says Bank of America Missouri State President Pat Mercurio. "Bank of America's free Online Banking service makes it easy for customers to view their accounts
anytime, receive and pay bills, receive account alerts and manage their finances. With Bank of America, all you need is Internet access through your computer or mobile phone to be connected to your finances anytime, anywhere. With more than 24 million active online customers, Bank of America is a leader in online banking,"
says Mercurio.
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