The Internet bank offshoot of the insurance company Principal Financial Group, Des Moines, has installed software to speed the processing of deposit applications. Carmel, Ind.-based Baker Hill Corp. supplied the software, which is called OnePath.
As a start-up, "we sought to avoid manual processes," said James L. Jacobson, vice president and chief information officer of Principal Bank, also in Des Moines. The year-and-a-half-old bank uses OnePath to handle customer applications for checking accounts, certificates of deposit, savings, and money market accounts submitted over the Internet. It plans to use the same software to automate credit card, auto loan, and home equity loan processing, Mr. Jacobson said.