SOURCE: Bellwether Report

October 06, 2005 15:46 ET

The New Age of Electronic Banking

TORONTO -- (MARKET WIRE) -- October 6, 2005 -- The days of friendly banking with a warm body behind the desk are fading. The banking industry is leaning harder and harder on electronic business transactions. Not only has this move reduced bank overheads, increased efficiency, and helped narrow the focus, but clients more often than not prefer the service. It's faster, it's more convenient banking from home, there are no banking hours to fall within, there's more privacy, and the client is able to confirm the numbers in their transactions.

Just recently UMB financial Corp (NASDAQ: UMBF) announced the signing of a long-term agreement with Metavante Corporation, the financial technology subsidiary of Marshall & Ilsley Corporation (NYSE: MI), whereby MI will provide electronic presentment and payment for UMB. Banking subsidiaries of the UMB holding company account for $6 billion in UMB accounts.

UMB is rolling out this new service as a growth strategy, increasing their competitive edge with a greater service portfolio and attempting to increase customer adoption of bill payments.

The days of simple banking are gone and there are so many competitors out there cutting into their services. There are numerous competitors for mortgages offering much more competitive rates, and there are companies like CheckFree (NASDAQ: CKFR) reaping the rewards of the transaction costs of business that banks once incurred. The banks are trying their best to keep up by rolling out new technologically advanced services, but they can't do it at a fast enough pace in a cost-effective means, leaving the door open for competitors. This being said the Bellwether Report has recently stumbled upon the latest online technology company looking for its own niche in this sector.

Visit to hear more about this new company ready to go public in the coming days. The Bellwether Report is very excited to present this company which we feel will have an incredible market appeal, price at a very lucrative value and take the industry by storm. Lately internet technology IPOs are getting eaten up and at the Bellwether report we feel this is the next one to be served up.

Bellwether Report and its affiliates have not been compensated by the above-mentioned companies.

Contact Information

  • Contact Information
    Jay Lee
    Bellwether Report
    (604) 702-1828