Thomas P. Rideout, a former president of the American Bankers Association, has joined Online Resources and Communications Corp. as managing director.
Mr. Rideout, a 30-year veteran of the banking industry, has been enlisted predominantly to help the Mclean, Va.-based provider of interactive financial services build a significant market presence in the Southeast.
Mr. Rideout, who took the post in late March, said he is excited about working for a company that has been "a pioneer in delivering remote banking and financial services to America's financial institutions."
Mr. Rideout brings to the company a solid knowledge of the banking business, as well as a number of industry contacts.
During his financial career, he has served as vice chairman of First Union National Bank of North Carolina, president of Savannah Bank and Trust Co., and senior vice president and manager of correspondent banking at Wachovia Bank.
He was president of the American Bankers Association in 1988 and 1989. At the end of his ABA term, he became executive director of the Bank Capital Markets Association.
More recently, Mr. Rideout has worked as an independent consultant on a broad portfolio of projects. Part of his work involved overseeing the start of financial infrastructure projects for the government of the Russia, its Central Bank, and the Savings Bank of Russia.
Mr. Rideout has also acted as a consultant for Online Resources and, for the last several years, has served as a member of its board of advisers.
As a consultant, he worked with the company to develop key accounts and alliances. Specifically, he helped build the company's community bank client base through marketing agreements Online Resources recently signed with the Maryland and New York state banking associations.
As a member of Online Resources' board of advisers, Mr. Rideout met with the company to discuss operating issues, marketing, positioning, and other matters.
"We're delighted to have Tom joining us on a full-time basis," said Matthew P. Lawlor, Online's chairman and chief executive. "He's highly respected in the banking industry, and he's been a valued member of our board of advisers for three years. His insights on emerging trends in banking have been a tremendous asset. We look forward to his contributions in the exciting days ahead."
Since he comes from a southern bank background, Online Resources plans to leverage Mr. Rideout's familiarity with that territory to develop new accounts there. The company will also take advantage of his banking contacts in other parts of the country, where he will work with selected accounts.
Along with industry know-how, Mr. Rideout said he brings "a great deal of enthusiasm" for what Online Resources is doing.
"I think Online Resources is on the cutting edge of delivering terrific products to financial institutions to help meet their growing needs," he said, adding that banks will need to rely less on the branch and more on electronic channels to serve customers.
Online Resources aims to enable financial institutions to offer customers interactive banking services without major investment. The banks market and brand the services while Online Resources provides all transaction-processing, communications, and bank customer service software.
The company's services are offered in conjunction with its ScreenPhone enhanced telephone and an automated telephone service. Personal computer and automated teller machine access will be available later this year.
Mr. Rideout noted that Online is part of the movement by financial institutions to outsource technology-based services that are beyond a bank's core abilities.
"Financial institutions are moving away from the notion of having to invent products and services themselves, and are looking to form working partnerships with a variety of outside companies to deliver these services," he said.
Through these types of outsourcing arrangements, banks of all sizes are able to satisfy demand for convenience and lower transaction costs, and more effectively compete with nonbanks, Mr. Rideout said.
