Magazine article American Banker

Pa.'s Sovereign Hires EDS to Run Web Site after Junking Early Version

Magazine article American Banker

Pa.'s Sovereign Hires EDS to Run Web Site after Junking Early Version

Article excerpt

Sovereign Bancorp has farmed out the management of its Internet-based banking services to Electronic Data Systems Corp.

The Wyomissing, Pa.-based banking company joins a growing number of financial institutions in outsourcing Internet-related tasks. The terms of the deal were not disclosed.

"We have formed an Internet technologies strategy that allows Sovereign to focus on its core competencies," said Marshal Kern, senior vice president at $10 billion-asset Sovereign.

EDS is providing the technology and consulting services the bank requires to run a full-time interactive Web site.

"We are hosting it, securing the site, and making sure that it is all up and running 24 hours day, seven days a week," said Mike Battaglia, business development manager at EDS.

Sovereign passed those responsibilities to EDS after scrapping an earlier Web site because some found its design unappealing. The earlier version used on-screen images of an ice cream sundae to lead customers to various services.

"Financial institutions will continue to pursue ways of communicating with their clients and ways of extending their product distribution capabilities using alternative technologies," said Bobby Grisham, president of EDS' banking and securities business u nit.

Sovereign has made a name for itself with its Internet offerings. It was among the first to provide low-cost Internet access through an alliance with Netcom On-Line Communication Services Inc. …

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