Wachovia’s “Free Checking” Marketing

Wachovia_google_resultsEveryone wants free checking. So it's no surprise to see Wachovia the top bidder on the term at Google (click on screenshot right). The bank also managed to snag the top organic listing (directly below the paid ads), a coup for its search-engine-optimization consultant.

Wachovia_landing_google_freechecking_1As much as Internet users love a good deal, they are skeptical when they see "free," especially when a company is spending money to advertise on the term. Wachovia wisely meets the skepticism head-on with a landing page entitled (click on inset for closeup):

Free checking. No catch.

 

The page also includes six bullet points, three of which relate to online banking. And there are two "Apply Now" buttons, at the bottom of the bank and the upper right.

Analysis
While this landing page won't win any Webbys, it's fundamentally sound. The first three bullet points meet the likely customer objections by affirming that there is no minimum balance, no monthly fee, and no direct deposit requirement.

Clicking on the Apply Now button leads to a page explaining the process and what's needed to apply. Unfortunately, the user is forced through three screens of disclosures, the last one a record-setting 69-screen monster before the application begins. With such a tedious first phase, the bank is losing most of its prospects before they've even entered so much as an email address.

To avoid massive application abandonment, you must get customers engaged in the application before the trip down disclosure lane. Wachovia also stumbles by offering too much product choice. The customer that started at Google looking for free checking is forced to choose from 12 checking account options on that same 69-screen testament to the power of a large bank's compliance department.

Grades:
A for search-engine marketing
B for landing page design
C- for application design

JB

Verifone Acquires Lipman—and the Future

 

Verifone Holdings Inc. bought Israel’s Lipman Electronic Engineering Ltd. last week for a total of $793 million, giving Verifone pole position against its nearest rival in the point-of-sale terminal business, Hypercom Corp.

The deal, expected to close following regulatory and shareholder approvals in the fourth quarter, is engineered around a complex combination of cash and stock. It includes a special dividend that the companies would only say would likely exceed $23 million. An unspecified cap on the deal, based on undisclosed conditions, makes it almost impossible to fully value the transaction. Verifone is borrowing most of the money for the deal from an unidentified lending syndicate, and refinancing its existing debt, for a total of $540 million. 

The stock market liked the deal: Verifone’s shares spiked more than 10 percent on the news before trending back to the $30 range at which they had been trading before the news.

One good reason for that approval is the fact that Lipman’s business is strongest in relatively untapped markets like India, China, Eastern Europe and Brazil, all of which have relatively under-developed point-of-sale terminal markets. Lipman's product line is strong in advanced point-of-sale terminals, including contactless and Internet-protocol devices, and advanced ATMs.

“Arguably, the growth of this industry is in the emerging markets,” says Sam Ditzion, president of Tremont Capital Group. “Look at China. The percentage of consumers that have credit or debit cards today, versus five or ten years form now, is going to be absolutely extraordinary.”

That phenomenon is also in operation in the other markets Lipman has been active in, says Ditzion, and should greatly help Verifone’s future growth, assuming Verifone can preserve and extend Lipman’s footprint in those markets.

The deal will also reinforce Verifone’s bottom line. Verifone’s 2005 net income was $33.2 million on revenues of $485.3 million, and Lipman’s were $20 million on revenues of $235.4 million. Hypercom, by contrast, reported a 2005 net loss of $33.3 million on revenues of $245.2 million.

What the deal will not do is bring Verifone into the ranks of corporate point-of-sale vendors, a space currently dominated by IBM and NCR Corp. Aside from the sheer size disparity—NCR’s 2005 net income was $529 million on net revenues of $6 billion—Verifone and Lipman both sell to smaller operations than the large retail chains that typically use IBM and NCR systems.

This fact hasn’t diminished investor enthusiasm for Verifone. Since it went public last May, Verifone’s stock has risen over 300 percent; shares originally priced at $10.50 now trade in the $30 range.

The general approbation on Wall Street wasn’t universal, however; Standard & Poor’s, for instance, lowered its outlook on the announcement to negative from stable, mainly because of execution concerns. S&P left its credit rating of Verifone at BB-.

“It does seem that this acquisition cements Verifone’s lead [in its niche],” says Lucy Patricola, the S&P analyst who covers Verifone. ”Our concerns were really that they have yet to do an acquisition this substantial. From what I know, management has done very well running Verifone, so they certainly bring something to the table, but this acquisition is of a size and a scope in which they’re untested.”

The problem for Verifone is that it is already composed of several product lines from previous acquisitions, and it’s acquiring quite advanced systems from Lipman, including terminals in which Verifone has little experience manufacturing  or supporting.

That combination—unabsorbed product lines combined with new, advanced products—will be a challenge for Verifone executives, despite their good track record, and is an issue that’s tripped up acquisitions before.

This is especially true because acquisitions typically result in a certain exodus of top executives and important technical staff of the acquired company, stripping the buyer of the talent and internal knowledge it needs to hit the ground running with its new products. Considering the fact that so many of Lipman’s recent sales have been in relatively underdeveloped markets—markets that lack the sort of readily available, technical support infrastructure that’s a commonplace in the United States—those facts may result in unexpected problems for Verifone, in turn creating sudden expenditures.

“Those are some of our concerns,” says Patricola. “There’s also the concern that the increase in leverage might be worse than they’re projecting because of some issue [related to integration matters] that might lead them to spend more money than they’re planning to.” Integration costs, she adds, “are always the issue.” (Contacts: Tremont Capital Group, Sam Ditzion, 617-482-8866; Standard & Poor’s, Lucy Patricola, 212-438-3006)

Money Laundering Creates Problems for Stored-value Cards

 

The U.S. Treasury’s U.S. Money Laundering Threat Assessment, published last December, says that many types of stored-value cards have the potential to become major avenues for money laundering, suggesting—although not saying explicitly—that stringent anti-money laundering regulations are in the offing for the card products.

Industry groups are preparing what amount to pre-emptive negotiations to keep the issue off the floor of Congress, hopefully minimizing potential regulations that could, in the view of many in the industry, cripple the business case for what bankers and other payments executives consider several promising new revenue streams. But prepaid-card executives are declining to speak publicly about the issue, hoping to keep public discussion about stored-valued cards “positive.”

Continue reading “Money Laundering Creates Problems for Stored-value Cards”

Do the World Bank’s Remittance Estimates Add Up?

 

Venture capitalists have reason to love the remittance business: Official estimates of overseas money-flows from the United States range upwards of $30 billion a year and are growing. The World Bank's estimate of overall remittances to developing countries is $167 billion for 2005, up 73 percent since 2001.

As a result, investment capital has been feeding innovative companies using modern technology, all planning to take market share away from industry leaders Western Union and MoneyGram International. There’s only one problem: According to a recent study by the Government Accountability Office (GAO), those estimates are at best optimistic, and at worst, wildly inaccurate—perhaps by two-thirds.

Continue reading “Do the World Bank’s Remittance Estimates Add Up?”

PassMark Security Passes 20 Million Mark

Passmark_ad_americanbankerAs we predicted almost a year ago (OBR 119), PassMark Security's two-factor authentication system is proving popular. We've heard the usability arguments, we've read the security blogs pointing out the weaknesses, and we even had doubts ourselves after using the system on our Bank of America account.

But the overriding fact of the matter is, if it's good enough for Bank of America and its 15 million users, it's good enough for anyone. While no other major U.S. bank has signed on, the announcement today that Fiserv would make the system available to its 5,000 clients, coming on the heels of the Feb. 28 endorsement from S1 Corporation with 1,000 clients, means the system may win the small and midsize markets.

As further evidence, the company recently announced several new clients including North Island Credit Union <myisland.com> (125,000 members) and Schools Financial Credit Union <schools.org> (100,000 members), who touted their pioneer status with this PR-quote-of-the-year candidate:

"…Schools Financial Credit Union will be one of the first financial institutions in the country to act on Federal Financial Institutions Examination Council guidance that strongly recommends banks and credit unions implement multi-factor authentication by the end of 2006."

Alliance_passmarkFinally, the company made a splash on the other side of the Atlantic by aligning with Alliance & Leicester <alliance-leicester.co.uk>, a major financial institution in the United Kingdom with five million customers. It's a company we've previously singled out for its flashy website and marketing prowess (NetBanker Feb. 23, 2005).

With the launch of the Alliance program last month (see screenshot right), Passmark is now in front of 20 million users worldwide, demonstrating a spectacular first year for the Silicon Valley startup.

JB

Previous articles:
Online Banking Report: June 30, 2005, Marketing Security
NetBanker Oct. 12, 2005: Scottrade to use Passmark
NetBanker May 26, 2005: Bank of America unveils multi-factor security for consumer accounts

ING Direct’s “Unmortgage”

Yup_logoWhen  everyone is swimming upstream, sometimes the best strategy is to head down. In the soft drink world, 7-Up's "uncola" campaign is legendary. The J Walter Thompson campaign launched in 1967 ranked 61st on Advertising Age's Top-100 All-Time Advertising Campaigns (compiled in 1999). In that spirit, ING Direct Canada's "unmortgage" campaign is bound to grab attention <ingdirect.ca>, even without the fizzy water.

Ing_ca_homepage_1How often have you seen "the best mortgage is no mortgage" at a lending site? The direct banking pioneer doesn't even use the word mortgage on its homepage, instead posting an "unmortgage toolkit" along the bottom navigation (click on inset for a closeup). To further reinforce the unmarketing strategy, an unmortgage sweepstakes promises $20,000 to two customers to assist in paying down their mortgage balance (see screenshot below).

Ing_ca_unmortgage_contestAnalysis
Unfortunately, the bank does not make good on its homepage promise. Clicking on the Unmortgage Tool Kit, simply drops users into a relatively standard mortgage page with information on new mortgages, refis, and home equity (see screenshot below). Where's the "help me unmortgage my home" button, or the "five steps to eliminating your mortgage" worksheet, or even a "talk to one of our unmortgage officers today" graphic.

Ing_ca_mtg_homeAfter a great tease, the company leaves users hanging. Hopefully, they'll remodel their mortgage page with ways for prospective customers to follow through on the unmortgage promise. Since ING trademarked it, you may not be able to use that clever name. But anyone can follow the powerful strategy of working to get your customers out of debt and back into the savings habit.

Ing_ca_mortgage_logo_2In the United States, as baby boomers head into retirement often loaded with mortgage debt, "mortgage retirement" is likely to become a major focus in the personal-finance press for decades. Now is a good time to make your mark as the unmortgage expert in your area. While it may not land you on Ad Age's Top-100 list, it could keep your mortgage officers busy for years to come.

JB

Marketing Database –

If you're in need of inspiration for financial marketing ideas, check out the Interactive Financial Marketing Database from our sister publication, the Online Banking Report.

Identrust, Under New Management, Widens its Focus

A group of private equity investors led by former Apple CEO John Sculley bought Indentrus last fall and have expanded its business goals. If they’re successful, the order-to-pay business, also called financial logistics, could get a needed shot in the arm.

Identrus—now called Identrust—had been a so-called root certificate authority, selling digital certificates to financial services companies. Under its new ownership, Indentrust will also be selling a managed, turnkey certificate capability to order-to-pay companies and their customers.

 

Digital certificates are the standard means of securely identifying online parties to each other, and if they’re widely adopted by the order-to-pay community—a group now confined to large corporations like General Electric—they could greatly expand that community by ensuring that the counterparties are who they say they are and minimizing the prospects of fraudulent transactions.

That would conceivably encourage more companies to use the concept, and if order-to-pay does finally get a significant foothold in the treasury-management operations of many corporations, it could transform the payments industry by automating a large fraction of the payments that shuttle back and forth between those firms.

Since most of those payments are expected to be sent via the automated clearinghouse, widespread adoption of order-to-pay would squeeze many business checks out of the payments system.

It would also accelerate the velocity of payments, since order-to-pay systems—there are at least ten of them, including products from US Bank, Bottomline Technologies, Harbor Payments and Xign—pay invoices when presented, instead of within as many as 90 days, as the game is currently paid.

That, in turn, would take the broader economy in unknown directions, since it would increase the liquidity and transparency of the users’ balance sheets, and make more money available to those companies for business purposes. That phenomenon is a good example of how technology not only improves business operations, but also changes both the nature and effects of that business.

The key to broadening order-to-pay has always been the authorization issue; it’s simply too easy to send the wrong person millions of dollars. Digital certificates are the standard solution to that issue, but the technical and administrative challenges they present to users have put a crimp in certificates’ widespread adoption outside of the financial services arena.

Resolving those technical and administrative problems is how Identrust plans to make its living, says Andrea Klein, the company’s chief marketing officer.

“The company has been re-focused on the corporate market,” she says. “Companies can put in a system themselves, but so far, we’ve seen that they want us to run it for them.” Identrust will use its large data center to administer those certificate operations for its customers, she adds.

Indentrust was created in 1999 as the Global Trust Organization by a group of large banks, including CitiGroup and ABN AMRO, to be their root certificate authority, or basic issuing organization. In 2002, it bought the Digital Certificate Trust Company from Zions BanCorporation and the American Banker’s Association. Fifty-five financial institutions use Indentrust digital certificates.

The company was supposed to have been profitable, but never really got there, despite its long reach into the financial services community and the company’s later expansion into issuing certificates to the U.S. government. “They just couldn’t figure out how to be profitable,” says Klein. “Their expertise is in how to do the business of banking, not in launching entrepreneurial companies.”

The new ownership—all entrepreneurial business people—may change that. Last summer, an investor group including Rho Capital Partners—where Sculley is a venture partner—and Enterprise Partners bought the company for $20 million from the original owners. Sculley is chairman, and Karen Wendel, Identrust’s long-time CEO, kept her office. Enterprise is represented by managing director Carl Eibl. Jean Levine, an independent investor, is also involved, and Zions retains a stake in the firm.

One indication Identrust now has a good shot at profitability: TWIST (the Transaction Workflow Innovation Standards Team) has incorporated Identrust’s digital certificates into their supply chain standards. TWIST is a nonprofit group that sets global, XML-based standards for wholesale financial transactions, commercial payments and collections, and cash-management processes.

The combination of the new ownership, its expansion into order-to-pay, and Identrust’s willingness to administer certificates for their customers may turn the company around, says Penny Gillespie, president of Gillespie International.

“If the market isn’t ready (to widely adopt certificate authentication), it should be, but two things have had to come into alignment for that to happen,” she says. “The market has had to realize it has a need, and the product has to be easy to use. It just can’t be as cumbersome as it has been in the past. If (administration) is outsourced, and not cumbersome to the user, it could be a very good idea.” (Contact: Identrust, Andrea Klein, 415-848-2527; Gillespie International, Penny Gillespie, 703-815-0706)

NACHA Gives Project Action Another Try

Billpay_1NACHA is relaunching Project Action, an ACH-based online payments idea that died four years ago because some NACHA members were worried that ACH-based competition would cut into their revenues from online, card-based payments.

Even NACHA concedes that not much has changed since then, and that as a result, the new project may meet the same fate. But the association sees a need for the system—it’s NACHA’s job to promote ACH payments—and wants to give it another shot.

“We don’t have any illusions that this is going to be a slam-dunk—we just think it’s time to try,” says Michael Herd, NACHA’s spokesman. The pilot, conducted by network provider eWise Systems, goes live in mid-year.

Emerging as it does against a backdrop of public concern about identity theft and data security, the concept makes plenty of common sense: NACHA’s program allows consumers to make online payments without divulging personal information to anybody.

Under NACHA’s system, consumers who want to buy something pick the ACH-payment option at the website, which redirects the buyer to their bank’s site. Then they log on to the bank site, enter the terms of the transaction, and authorize the ACH payment. While not as smooth as a credit card transaction, the system has the virtue of keeping all personal information off the Web—no mean advantage in an atmosphere filled with concerns about data losses and identity theft.

The problem for the new pilot is that, defying all common sense, most consumers seem perfectly content to use their credit and debit cards to buy things at strange websites. A similar idea in Canada, called Interac Online, has gained remarkably little traction in the market since it was launched in mid-2005: Only 18 organizations are signed up, including four social agencies. No major online merchants are among them.

Not to say Interac has accomplished nothing: A fourth institution, BMO Financial Group, is slated to go live soon with Interac, and Chase/Paymentech is about to join Canada’s Moneris Solutions as a merchant acquirer. But Interac is a Canadian bank-owned consortium, and only three of Canada’s banks participate—Royal Bank of Canada, Scotiabank, and TD Canada. And a Canadian non-bank solution called usemybank.com has likewise found scant interest among merchants and the general public, having signed no new customers in the past 10 months despite predictions of an imminent explosion of business, especially in the United States.

Added to this is the awkward fact that it’s not exactly in the interests of some of NACHA’s membership to create an online payments alternative. While online commerce keeps growing—up 23 percent in 2005, compared with a 6 percent growth in all retail sales, according to the U.S. Census Bureau—few observers believe today that card revenues from both fees and interest will be as profitable in the future as they are today (see Electronic Payments Week, Feb 6, 2006).

When revenues are under pressure while transactions volume increases, institutions typically either exit the business, or try to make up their revenues through volume. But in this instance, banks are between the bus and the curb; they can’t just refuse to allow online card payments, especially since online retailing is growing so fast. This means they have to opt for staying in the business and maximizing volume. In that predicament, encouraging competing payment methods is apt to be viewed in the board room as cannibalizing established lines of business.

NACHA thinks things aren’t so dramatic. “We don’t presume that they’re going to lose credit and debit transactions,” says Herd. “They may lose a marginal amount, but if they did, we’d expect it to be minimal—less than 5 percent.”

And NACHA thinks the cannibalization issue is overblown. “They could look at it like that, but they could also look at it as an area for new markets,” says Herd. “They could see a lift in online transaction by having a different method, and they could see a lift from being able to utilize their own authentication services—that may be unrelated to payment transactions, but that could have a life of its own.”

In fact, says Celent Communications' Alenka Grealish, this version of Project Action may have a better shot at success than the first effort. “NACHA realizes that its growth depends on innovation, and its members invest in ACH payment upgrades on a pretty steady basis, so they want more flow though the pipeline,” she says.

Also, she says, the card associations are preoccupied these days with the many interchange suits now before the courts, so that their objections may be minimized, while merchants are more interested than ever in low-cost payments alternatives. And since debit card payments go over the ACH, and there are estimates that online debit card payments are likely to overtake credit card payments by 2007 (see Electronic Payments Week, March 31, 2006), the ACH channel seems likely to grow by default, while the credit card banks may find themselves outvoted in the marketplace. This, she thinks, favors the new Project Action.

“When it comes to credit card issuers, that’s an increasingly concentrated business, but there are 10,000-plus banks that want to make money from their debit cards, and they’re going to be a little more open-minded about cannibalization,” says Grealish. (Contact: NACHA, 703-561-1100; Celent Communications, Alenka Grealish, 503- 228-0878)

Free Wi-Fi in Bank Branches? Wi not?

Freewifi_1 Providing free wi-fi is like offering a toll-free number 30 years agoa consumer-friendly way to make you stand out from the crowd. But unlike call centers, which have grown into multi-million dollar cost centers, free wi-fi only  runs about $50 per month per location, a price that is sure to fall over the coming years.

There are two ways to jump on the wi-fi bandwagon:

  1. Offering access to users in branch lobbies
  2. Sponsoring free access at local gathering spots such as coffee shops, community centers, or libraries

AnalysisUmpqua_lobby_3
If you are of the branch-as-a-retail-store mindset such as Washington Mutual's Occasio concept or Umpqua Bank's plasma-TV zones (see right), then free wi-fi is a great way to bring customers into the branch and keep them there (until presumably they buy something). Even more important than the opportunity to sell checking accounts to laptop-toting visitors, is the publicity you'll receive as the first bank in your area to offer such a trendy service. Only 15 U.S. bank branches currently offer wi-fi access according to JiWire (see Appendix below).

If you are concerned that high-schoolers looking for MySpace friends will inundate your lobby, you can let the coffee shop across the street provide the seating while you sponsor free Internet access (through a service provider).

With either approach you can require users to enter a bank-branded screen first, register, and create a wi-fi access username and password for subsequent access. You can then use this information to market your online banking and other services.

-JB

Appendix: Wi-fi in U.S. bank branches
JiWire lists 110,512 wireless Internet "hot spots" worldwide in its online database <jiwire.com>. Fewer than 1,000 are at bank locations, mostly in South Korea. In the United States, only 16 bank branchesout of about 80,000currently offer wireless Internet access to customers, at least according to JiWire (see list below), and six of those are in the San Francisco area:

US Bank – 2 branches in the SF Bay area
Citibank – 1 branch in the SF Bay area
Integra – 1 branch in Indianapolis, IN
Bank of America – 2 branches in the SF Bay area, 1 in Miami, 1 in Norwalk, CT (Fleet)
Union Bank of California – 1 branch in the SF Bay area
First National Bank – 1 branch in San Diego
First National Bank – 1 branch in Hutchinson, KS
Cass County Bank – 1 branch in Queen City, TX
Charter One Bank – 1 branch in Cleveland, OH and 1 branch in Albany, NY
Umpqua Bank – at least 1 branch in Portland (reported in the press, NOT in JiWire listing)

Reinforcing Online Banking with Your Own Customers

If you've been in the business as long as I have, you sometimes forget that not everyone is banking online. Even among online users, the penetration has only recently reached the 50% mark (U.S. totals, see OBR 125).

Evidently, banking website strategists also lose sight of this fact. Because banking sites too often seem to ASSUME consumers are willing to transact online. Yet, most consumers, even those registered for online banking, need reinforcement and encouragement to be assured that online banking is a safe and sound practice.

Bofa_homepage_olbWe've reviewed the all-important security messages in great detail (see previous NetBanker articles). But you should periodically run promotions and messaging highlighting the advantages of banking online.

While we love a good sweepstakes that encourages online transactions such as bill payment, good old-fashioned testimonials are also a great tool to encourage usage. Bank of America demonstrates how it's done with a large homepage graphic touting its 15 million users, the largest online banking base in the world (click on inset for a closeup).

Bofa_homepage_olb_landingClicking on the graphic leads to a simple landing page (click on screenshot right) that includes:

· three testimonials running across the top

· security reassurances in the box on the right

· a prominent "enroll now" button on the right

· several benefit statements in the copy

· link to the log-in page for already enrolled customers

JB

Wasting your Advertising Budget on Google

Viking_googleresults_1We've been poking around on the search engines to see what banks are doing to attract new customers moving into their area. In a search today for "Seattle banks," we were impressed to see a local community bank, Viking Bank, with the top spot on Google AdWords (upper right in inset). Viking was the only area bank with a paid listing. The other seven listings making the first page of Google results were from various information aggregators, such as MapQuest, or lead generators such as 100BestLenders.com.

However, clicking on the ad sent us to one of the worst landing pages we've ever seen. For some reason, the bank is paying big money to drop Google searchers onto its log-in page, which has not a single benefit listed. In fact, the item that draws the most attention, especially since it loads first, is a warning about a service problem for Mac users (click on screenshot below for a closeup). To make matters worse, the Viking Bank logo isn't even clickable, so prospective customers have to search the navigation to find a way off the log-in page.

Vikingbank_landing_fromgoogle_1Analysis
Viking Bank's search-engine buy is smart. You want to be seen when users search on "yourcity" and "banks." But you must spend some time to build a landing page that quickly communicates user benefits (see NetBanker April 5).

JB

New Banking Customer Acquisition

UhaulOne key dynamic of the banking market is the "stickiness" of customers. You have to really mess up to motivate a customer to go through the hassle of unwinding their checking accounts and automated transfers, and setting everything up at a new financial institution. This customer "loyalty" is behind many pricing decisions, from interest rates offered on savings accounts to NSF/OD fees.

However, there is one time when customers literally beat a path to your door, looking to open multiple accounts. That's when they move away from the geographic footprint of their existing financial institution.

Google_movingtophoenix_1So, it's long been the holy grail of banking to find a way of identifying these movers and get them signed up before they go bank shopping in their new place of residence. Over the years, banks have worked with moving companies, large employers, and other sources of data on incoming residents. Millions of expensive, direct-mail packages have been dropped, but the returns are often marginal at best. The problem: households on the move don't read their junk mail, if they even receive it.

Enter the Internet age. What do most households do now once they know they are moving to a new city? They Google it.

Action Items
So, if you know potential customers are Googling your city, you better put your name into areas they are visiting, such as rental listings, real estate listings, school info, and so on. And once you get their interest, your website better speak directly to their situation, because, in the midst of a major move, they don't have a whole lot of time to think about checking accounts.

Bofa_movingcenterYou should have a place on your website devoted to new residents. It doesn't have to be as sophisticated as Bank of America's (click on inset for closeup), but it should tell potential customers:

  1. What a great presence you have in the community
  2. How your prices are competitive
  3. How convenient it is to move accounts to your bank
  4. How easy it is to get ahold of someone who cares (e.g., "chat now with our moving specialist")

We'll cover this subject, including a detailed look at online efforts to attract movers, in the next issue of Online Banking Report (to be published in late-April). 

JB