Magazine article American Banker

1st Union Unveils Plan for Self-Service Branches

Magazine article American Banker

1st Union Unveils Plan for Self-Service Branches

Article excerpt

First Union Corp. said it will launch a systemwide reorganization of its retail banking system to turn 2,000 traditional branches into high-tech financial centers where customers can help themselves.

Banks nationwide are transforming branch offices, from NationsBank Corp. in First Union's hometown of Charlotte, N.C., to Wells Fargo & Co., San Francisco. But analysts said they see First Union emerging as one of the trend's leaders.

"All the real cutting edge banks are doing this. But First Union is on the forefront," said Anthony R. Davis, an analyst at Dean Witter Reynolds Inc.

First Union plans to spend $60 million this year to lay the foundation for the new retail banking system, which is to start in May with the conversion of 66 branches in Atlanta. The "future bank implementation" project will be rolled out in all First Union branches during the next two years.

First Union said it has two goals for the project: to increase sales and to boost market share through improved customer retention.

"We are rebuilding our retail bank," said David M. Carroll, chief executive officer of First Union Bank of Georgia. "This is a radical change for a lot of people."

Mr. Carroll said the conversion should be completed by the fall of 1999, but he would not reveal its total expected cost.

Though First Union's program has many components, it essentially puts more technology in branch lobbies and moves operational tasks to a remote customer call center. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.