Magazine article American Banker

KeyCorp Directs Web Efforts at Existing Customers

Magazine article American Banker

KeyCorp Directs Web Efforts at Existing Customers

Article excerpt

KeyCorp expects that a coast-to-coast advertising campaign and a revamped Web site, both launched Tuesday, will help it at least double its on-line banking customers within six months.

The bank is aiming radio and print advertisements at existing customers in six target markets: Seattle, Portland, Ore., Salt Lake City, Denver, Cleveland, and Albany, N.Y.

"Those six markets are where we have a substantial presence, highest growth, and a strategy to build upon," said Patrick J. Swanick, president and chief executive officer of Key Electronic Services.

By targeting existing customers to reach its goal of at least 200,000 online users, KeyCorp is steering clear of the strategy typified by Bank One Corp.'s WingspanBank.com to attract a national base of Internet-savvy customers through a separately branded, branchless offering.

"Our main concern right now is to service our existing seven million customers," Mr. Swanick said, though Key is "evaluating the pros and cons" of direct institutions like Wingspan.

To kick off the campaign, 25,000 Key employees wore T-shirts proclaiming, "Did you Key.com Today?" The $80 billion-asset bank is also running Internet banner advertisements.

New Key.com features include the ability to transfer money between accounts in real time. In addition, Key's four delivery channels automated teller machines, call center, branches, and Internet are integrated in real time, Mr. Swanick said. …

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