Magazine article American Banker

Fintec Unveils Home Banking System That Would Cost $10 Year

Magazine article American Banker

Fintec Unveils Home Banking System That Would Cost $10 Year

Article excerpt

DALLAS -- The former head of Citibank's home banking program says his consulting firm has designed a system that can deliver electronic services to the customer at home for $10 a year.

Such a fee of less than $1 a month would be far below the charges that banks with home banking programs now levy on their computerized customers.

Christopher B. Reid, who now is president of Fintec Corp., New York, a consulting firm that develops financial systems for banks, spoke at the second annual VideoBanking II seminar sponsored recently by the American Bankers Association in Dallas.

He said a Fintec analysis shows it costs about $140 per customer per year to deliver retail financial services through a traditional branch system.

Mr. Reid then described the Independent Time System, which he termed a second-generation electronic customer delivery system that is still in development.

It runs off a personal computer, Mr. Reid said, "recognizing that the PC would enable the novice to go slowly and the expert to go as fast as he or she desired.

"We also chose an extremely thin command structure, using a design principle that a customer would be able to do work in a maximum of three screens," he said.

Further, the customer's work session is off-line, which Mr. Reid said has "far-reaching effects on the economics of electronic customer service delivery."

A number of home banking systems combine off-line and on-line tasks. Typically, the customer's computer automatically dials into the bank system, logs on, downloads balance and other account information, and disconnects. …

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