Sign in Subscribe
Commercial banks

BayBank Introduces HomeLink, a Groundbreaking "Real-Time" Home Banking Product

Strategic Insights

— 1 min read

BayBank, a leading bank in New England, has announced the introduction of HomeLink, a full-function "real-time" home banking product that will revolutionize the way customers manage their finances from the comfort of their own homes. This innovative product will be available to customers in a MAC or Windows environment in the first quarter of 1996, offering a wide range of features that will set a new standard in home banking. According to Robert P. Shay, senior vice president of electronic funds transfer at BayBank Systems Inc., HomeLink will operate with any personal financial-management software packages available in the marketplace, enhancing their functionality and making HomeLink the region's most powerful financial management tool for the personal computer.

Key Takeaways:

  • HomeLink is the first full-function "real-time" home banking product in the region, offering customers immediate access to up-to-date account information and the ability to transfer funds among linked accounts.
  • The product will enable customers to pay bills, obtain account information, and access additional features such as electronic bill payment, online support, and E-mail assistance.
  • BayBank's research indicates that 60% of its customers own a computer and 36% possess a modem, making HomeLink a convenient and accessible solution for customers.
  • The product's functionality will be expanded in the future to include features such as buying stocks and bonds, opening new accounts, applying for loans, and accessing an electronic catalog of BayBank's products.
  • BayBank's strategy for introducing new products is to do so gradually, assessing market readiness and ensuring that each product gains wide acceptance before expanding its functionality.

Statistics:

  • 60% of BayBank customers own a computer.
  • 36% of BayBank customers possess a modem.
  • BayBank has 868 BayBank X-Press 24 banking machines.
  • BayBan's assets are valued at $11 billion at June 30, 1995.
  • BayBank Systems Inc. is a subsidiary of Boston-based BayBanks Inc.

Sources:

  • BayBank (press release, October 5, 1995).
  • Bruce Spitzer, BayBanks Inc. public relations (contact information).

Read more