Chase Manhattan BankReturn to Success Story List
"There have been other banks out there before us," said Michael Mazza, manager of groupware and Internet services at Chase. "A lot of the delay has not been due to a lack of corporate awareness; we've been trying to develop a cohesive continuum. We have been preparing for a rapid fire to the consumer side, the institutional side, corporate banking and private banking."
While looking to offer that cohesive strategy across multiple business and consumer units, Chase has decentralized the way the services are offered and the technology platforms are used. As a result, that has allowed some units to tie together different systems using Java and Common Object Request Broker Architecture (CORBA) technologies..
For example, Chase Workspace, the bank's wholesale banking service, decided to go with CORBA and Java-based middleware. "We built the infrastructure so it can integrate with third-party applications," said Suzanne Greenbaum, a vice president at Chase Workspace.
The consumer-based home banking service will be rolled out by year's end, said Ursula Wright, an assistant vice president at Chase. The bank is using Edify Corp.'s Windows NT-based Web banking software, Electronic Banking System Release 3, released in Q4 of 1998.
Chase also is planning to roll out a Java-based mortgage application service, allowing customers to apply for home financing via the Web. The site already can determine payments based on rates and the amount financed, and the new offering will let customers apply online, said Greg Savage, operations manager for alternate delivery channels at Chase Mortgage. The system will run on a NetDynamics Inc. Web application server connected to an Oracle database.
Also in the works and demonstrated by Chase are:
When compared with banking giants Bank of America, Citibank and Wells Fargo, Chase may be late. But only 27 percent of the nation's largest 100 banks offer Web-based transactions, according to consultancy Ernst & Young. That percentage is considerably lower after factoring in all banks nationwide, said Jonathan Lack, executive vice president at CompuBank, which earlier this month debuted its nationwide Internet-only bank. Lack said he is not deterred by the bigger banks' Web offerings. "There are 10,000 banks out there, and 9,000 won't have Web banking anytime soon," Lack said. "There's plenty of low hanging fruit out there."
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