Academic journal article ABA Banking Journal

Clicks and Bricks Made Easy

Academic journal article ABA Banking Journal

Clicks and Bricks Made Easy

Article excerpt

As a defensive move against nascent Internet banks that may be luring profitable customers, BankZip, Pottstown, Pa., was launched by Patriot Bank, First Penn Bank, and IGA Federal Savings Bank late last year.

Essentially, it's an affiliate program designed to deliver transactional websites to community banks without developmental head aches. Since its founding last October, several banks have expressed interest in joining BankZip and some contracts have been signed, says BankZip Chairman and Chief Executive Office Joseph Major.

The turnkey package BankZip.com provides gives community banks more options for their customers under a common branding umbrella. Digital Insight has been contracted to build affiliate sites.

The beauty of BankZip, says Major, is that it incorporates use of zipcodes to help new customers hook-up with an appropriate affiliate--one that has branches nearby for face-to-face visits, when required. Customers wanting to join need only click on a zip code to locate a bank nearby. Unlike Internet-only banks which accept deposits in the mail, BankZip affiliates can handle ACH direct deposits--plus, the automated teller machines of all affiliates will be opened to BankZip customers without user fees. …

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