Union Bank of California Forms Alliance with IBM in a New On-line Banking Service
Site is first of its kind to utilize Lotus Notes
Los Angeles, CA (December 01, 1998) – Union Bank of California, N.A. (UBOC) today announced the first of its kind, comprehensive on-line banking solution using IBM’s Lotus Notes(R) and Domino(R).
Implemented by IBM Global Services, the new system will impact UBOC’s bottom line by expanding the self-service functions available to customers while reducing operational costs.
“This robust new on-line capability moves us to the forefront of Internet banking,” stated Richard Hartnack, UBOC’s vice chairman. “Union Bank of California is determined to deliver alternative channels to make banking and investment management as convenient and cost effective as possible. Industry research shows that on-line banking will grow 300-400% in the next five years. Through this joint effort with IBM, UBOC is demonstrating its commitment in this burgeoning area of service delivery.”
“The team project with Union Bank of California marks the success of a major e-business development in an industry of vital importance to IBM — banking and finance,” explained Mark Shearer, vice president, marketing, IBM North America. “The bank has implemented a leading-edge solution to provide Internet-based banking to its retail customers, which will impact its bottom line by expanding the self service functions available to customers while reducing operational costs. This team effort offers IBM the opportunity to showcase its strategic technology and industry leadership in e-business.”
The UBOC.com website was built on one of the most tried infrastructures available, the same IBM platform that ran the Olympics and Deep Blue, the chess playing computer that beat Kasparov. The Lotus Notes and Domino programs make UBOC.com highly flexible and easy to update. Customers will enjoy the ability to easily create their own personal financial page, and utilize graphics such as pie charts to track their financial status. UBOC accounts are automatically updated on the page, but outside accounts may be added as well to present a full financial picture.
UBOC has a history of deploying banking services through the innovative use of technology. UBOC was one of the first to team with Intuitâ and Microsoftâ in the launches of their personal financial management software products, Quicken(R) and Money(R), respectively. In 1996, UBOC joined America Online(R)’s Banking Center as a charter member. UBOC also worked with Sony to develop the first interactive video banking application of its kind on the West Coast.
Last month, Union Bank of California announced its first “Online Bank” alliance with women.com ( www.women.com/onlinebank), providing not only banking services but specialized guidance and counseling for the financial needs of women. Union Bank of California will be announcing additional on-line bank web sites over the coming year.
With 1997 revenues of approximately $26 billion, IBM Global Services is the world’s largest information technology services provider. IBM’s fastest growing business segment has a breadth of capabilities, and more than 118,000 professionals helping companies of all sizes solve real business problems and create new business opportunities. For more information on IBM Global Services, visit www.ibm.com/services.
Based in San Francisco, UnionBanCal Corporation is a bank holding company with assets of $31.4 billion as of September 30, 1998. Its primary subsidiary is Union Bank of California, N.A, the second largest commercial bank headquartered in California, and among the 30 largest commercial banks in the United States. Union Bank of California, N.A. has 244 banking offices in California, 6 banking offices in Oregon and Washington, and 18 overseas facilities. The Union Bank of California website is located at www.uboc.com.
Source: IBM