When it comes to electronic banking, Wachovia Corp. seems to be a tortoise among hares, though a determined one.
Wachovia has not matched the ambitious alternative-delivery strides of its North Carolina-based archrivals, NationsBank Corp. and First Union Corp., two of the more aggressive entrants in the industry race.
True to its conservative outlook, Wachovia is playing it slow and steady at a time when - and perhaps because - rumors are flying that a megamerger is coming with SunTrust Banks Inc. of Atlanta.
Yet Wachovia is not standing still, as is reflected in some recent personnel moves.
Since Gaylon Howe, its former electronic banking chief, left last month to join Visa, former "channel products" head Joy Marshall has moved up to become vice president of the electronic banking department. According to Ms. Marshall, the bank, based in Winston-Salem, is undaunted by others' apparent head start.
Institutions like NationsBank and First Union "have certainly been proactive in experimenting," she said, alluding to their screen phone and Internet banking initiatives. Wachovia "is not in the business of being first or loudest at anything."
Prior to Ms. Marshall's promotion, Wachovia brought in Jeanne Howard, formerly of Boatmen's Bancshares, to head consumer financial support services. During her five years at Boatmen's, Ms. Howard oversaw a home banking program that included a link with the Prodigy interactive network for personal computers.
In April, Wachovia brought in Nancy Poe, formerly of Speer & Associates, to handle debit and stored-value card initiatives. Prior to her brief stint with Speer, a consulting firm, Ms. Poe was involved in debit and stored- value card efforts for NationsBank.
Anne Moore, president of Synergistics Research Corp. of Atlanta, agreed that Wachovia lags behind NationsBank and First Union, particularly in smart card and PC banking developments.
She said the slower pace could be part of the bank's positioning for the rumored SunTrust deal.
And, Ms. Moore pointed out, Wachovia's healthy bottom line seems to show that its tortoiselike pace pays off.
"A lot of pioneers get arrows in their back, even though they get there first," she said.
