Newspaper article THE JOURNAL RECORD

Communication Federal Gets Banking by Phone / Will Come on Line This Fall

Newspaper article THE JOURNAL RECORD

Communication Federal Gets Banking by Phone / Will Come on Line This Fall

Article excerpt

Communication Federal Credit Union of Oklahoma City will be the metropolitan area's first banking and thrift institution to takeadvantage of audio response computerization, or "banking by telephone," with its specially developed audio system.

The $60,000 system, which will come on line this fall, will allow Communication Federal's 22,000 customers across the state to complete up to 22 different transactions by telephone using a touchtone system and a security code, said Vice-President Robert Cole.

Through the keypad of their telephone, customers will be able to communicate directly with the credit union's Burroughs mainframe to conduct their banking needs.

"It allows a person to conduct transactions from their home, their office, or wherever they can be by a telephone," Cole said.

William L. Counts, president of Communication Federal, said the "high tech" orientation of its membership, comprised of employees of Southwestern Bell and AT&T Technologies, has allowed the credit union to pursue audio response.

Less than four institutions across Oklahoma currently offer the service, he said.

"When most people are dealing with new technology, they are very afraid," Cole said, explaining why banks and thrift institutions often fail to pursue new developments in technology.

"We feel (that our customers) are used to high technology. We feel it will be a real boom to them."

The new technology behind audio response, meanwhile, has moved Communication Federal even closer to full electronic banking.

"While we don't have any concrete objectives, I can tell you that our banking by telephone will allow us to enter in with in-home banking in the near future," noted Cole. "We already have several measures built-in.

"We already have had it designed so that it would be adaptable to software and our customers having their own computers."

Audio response is not designed to replace automatic teller machines or telephone contact with bank tellers, he said.

While audio response does allow the transfer of funds from savings to checking (which can then be cashed), it does not match a teller machine's instant access to cash or the ability to make deposits. …

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