Fifth Third Bancorp has overhauled its Web site for the first time in four years.
The Cincinnati-based bank unveiled the site, which was a year in the making, Dec. 5. Richard Newsom, a program manager for Fifth Third in Cincinnati, said the bank wanted to make the site easier to use.
"The prevalence of the Internet in everyone's lives anymore is a lot more than it used to be," he said. "Our customers ... are looking to conduct more of their business online."
Fifth Third has 1.3 million Internet banking customers and about 200,000 electronic bill payment customers, he said. After conducting studies with customers, the bank devised a new design and navigation system for the site. Customers have one-click access from the home page to the site's major areas, improved searching ability, access to more financial calculators and an online financial planning center.
And the bank has more online perks planned for the future. In early 2005, Fifth Third customers will be able to schedule regular transfers, as well as sign up for e-mail alerts regarding their accounts, Newsom said.
Fed study: Electronic payments top checks for first time
The Federal Reserve Board has new evidence that paying by check could soon be a thing of the past.
Electronic payment transactions in the United States exceeded check payments in 2003 for the first time, according to a new Fed study.
Electronic transactions totaled 44.5 billion in 2003, exceeding the 36.7 billion check payments that researchers found in the 2004 Federal Reserve Payments Study.
Payment selection shifted considerably from the last time the Fed collected the data in 2000. Then, electronic payments totaled 30.6 billion while check payments totaled 41.9 billion.
"The balance has shifted from check writing to electronic payments, and we expect this trend to continue," Richard Oliver, senior vice president of the Federal Reserve Bank of Atlanta and the Fed's product manager for retail payments, said in a statement.
Additionally, researchers found debit card payments are the fastest growing type of electronic transaction.
Though there were more electronic transactions reported than check transactions, the value of the electronic transactions totaled $27.4 trillion, far below the $39.3 trillion value of check transactions.
New retail strategies marketed to area banks
Central Ohio banks were offered a glimpse of what could be the future of retail banking when a traveling banking lab came to the Greater Columbus Convention Center on Dec. 3.
The retail lab, hosted by John Ryan Co., a Minneapolis banking consulting firm, was designed to encourage banks to focus on selling opportunities during a customer's branch visit.
Dean R. Silverman, a John Ryan director, said as banks refocus on their branch offices, they should consider adding television screens to provide moving messages rather than static communications on posters. Silverman also said banks should add interactive kiosks in branches so customers can learn about bank products while waiting in teller lines.
The 3,000-square-foot retail lab was in town to provide demonstrations of the company's marketing ideas to representatives from several regional banks, Silverman said.
National City offering health savings accounts
National City Corp. has agreed to serve as the custodian for Cleveland-based Medical Mutual of Ohio's health savings accounts.
HSAs became available last Jan. 1 after Congress passed the Medicare Prescription Drug Improvement and Modernization Act.
The accounts are designed to help individuals with high-deductible health plans make tax-deductible contributions to reduce health-care costs.
By working with the Cleveland-based bank, Medical Mutual HSA participants can withdraw from accounts by check, debit card or automated-teller machine for qualified medical expenses. Deposits can be made through payroll deductions, by ATM or by mail.
Nationwide taps leader for in-retirement business
Nationwide Financial Services Inc. has picked Keith I. Millner to head its new in-retirement business. He'll start Jan. 3.
The position focuses on people's needs after they retire. Millner comes to Nationwide from Cigna Healthcare, where he was senior vice president of national accounts, southeast region. He also worked for Assurant Inc., Bank of America Corp., Kraft Foods Inc. and Bristol-Myers Squibb.
Fifth Third banking online
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