Commerce Bancorp is expanding its alternative delivery with the introduction of PC-based home banking.
By yearend, the bank's customers in New Jersey and Pennsylvania will be able to get routine account information, do account transfers, order checks, complete loan applications, and pay bills through their personal computers.
The $2.3 billion-asset institution, based in Cherry Hill, N.J., is offering home banking through the Personal Branch system, developed by Portland, Ore.-based CFI ProServices Inc.
The bank will complete installation of the software by the fall, and will offer bill payment through the system in conjunction with an as yet unnamed payment service provider.
Commerce, which has been providing remote banking through automated teller machines and via telephone, decided to add PC-based home banking in response to the trend toward self-service banking.
"We see home banking complementing our branch network by providing customers with another convenient way to access our products and services," said Dennis DiFlorio, chief retail officer of Commerce.
Personal Branch, licensed by over 70 institutions, is installed on a bank's host computer, and acts as a gateway to customer account information.
CFI will develop an interface between Personal Branch and the bank's Dimension 3000 core processing system, from Kirchman Corp., which runs on the bank's mainframe system.
The bank chose CFI's system predominantly for its flexibility, said Mr. DiFlorio.
"We will be able to control data, transactions, and customer relationships, and to maintain our own corporate and product brand identity on the system," he said.
In conjunction with the new PC banking service, Commerce is adding more interactive capabilities to its telephone banking system. By yearend, customers will be able to get the status of loans, transfer money between accounts, and perform other transactions.
Mr. DiFlorio said the bank will also explore the use of other home banking devices, such as screen phones and interactive television.
The licensing agreement with CFI is a continuation of the bank's long- standing relationship with the company. CFI has provided a number of software products to help simplify the bank's lending and operations processes.
