Bank One of the US has teamed up with Internet company Excite to push online banking and add value to the latter's portal site.
In the US-only deal, estimated at $125 million, Bank One will create a financial centre accessible through the front page of Excite, giving customers instant, personal access to their accounts.
When a user logs into their Bank One account, through the Excite front page, they will receive instantly updated personal information, and can check on savings accounts, obtain credit cards, get mortgages or car loans, buy insurance and receive or pay bills. The company plans to offer products and services from other financial brands in addition to those from Bank One.
The co-branded centre is expected to help popularise online banking as users receive a more personal service.
?This comprehensive agreement will help unleash the power of personalised online banking for consumers across the nation, accelerating the growth of this exciting channel,? said Kenneth Stevens, chairman of the Bank One Retail Group.
The announcement fits in with Excite's strategy of adding more value to its online service to attract and retain more visitors. With Bank One claiming approximately 50 million US customers, the deal gives the portal a major boost.
?The partnership represents another way to extend our array of offerings to users through our personalisation and other techniques to make Excite more robust and complete,? said Evan Rudowski, director of European operations at Excite UK.
The partnership is performance related and Excite expects to reap more than #125 million, one of the largest ever Internet deals.
Bank One expects the deal will create a new breed of permanent online banking consumers and that eventually Excite users will need only a computer and a credit/debit card to access their bank accounts and make transactions.
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