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Wachovia launches new online banking platform

16th November 2005
By CBR Staff Writer

In an effort to simplify the use of its online banking service, US bank Wachovia Corporation has launched a new platform that will integrate features such as electronic billing and payment, online brokerage and account aggregation.

Plans for an overhaul of Wachovia's online banking system were announced nearly 16 months ago in a partnership utilizing products and services from Accenture, CheckFree, Corillian and Microsoft. The development and testing of the platform was conducted jointly by Accenture and Wachovia while the system software was provided by Corillian and Microsoft.

Avanade, the joint venture of Accenture and Microsoft, provided systems integration services. CheckFree will continue to provide Wachovia's customers with ongoing electronic billing and payment service and the CheckFree platform will serve as the basis for a long-term partnership.

All of Wachovia's new online banking customers will be enrolled on the new, state-of-the-art platform, while Wachovia's 3.2 million existing active online customers will be gradually converted over to the use of the system.

Head of Wachovia's eCommerce division, Lawrence Baxter, insisted that customer care was the principle motivating factor behind the introduction of the new platform.

"The new platform will continue this leadership by taking customers to a new level of convenience, usability and safety," stated Mr Baxter. "The platform provides simpler and swifter navigation and seamless integration of various money management functions." Using the new platform, more accounts are visible to customers, while the ability to transfer money between accounts, set up alerts, view fee detail, view debit card holds, search for information and find help is enhanced. It has also made functions such as routine account maintenance, updating user profiles, ordering checks and changing addresses, much easier for the user to perform.

Baxter expressed his belief that Wachovia's online makeover will set it apart as the top provider of online financial services in the nation, particularly when it has the support of the new products and services that will be added over the coming months. He also cited fraud prevention as one of the overhaul's main objectives and is expectant that greater security measures will be implemented.

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