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October 07, 1999
First Union Reaches One Million Retail Online Customer Milestone; More Than Doubles Online Customer Base in 1999
One Millionth Customer and Employee Honored
CHARLOTTE - First Union enrolled its one-millionth retail online banking customer this week, more than doubling its online banking customer base since year-end.
With little external marketing or advertising, First Union has been signing up an average of 5,000 customers per day over the past few months. First Union Direct employees have been generating seventy percent of those enrollments.
"Reaching the one-million mark not only symbolizes the success and quality of our online services, but illustrates the spirit of our employees who are dedicated to helping educate customers about the convenience and simplicity of online financial services," said Edward E. Crutchfield, First Union's chairman and chief executive officer.
To commemorate this milestone and to express appreciation for employees' commitment to help customers bank anytime, anywhere, both the one-millionth retail online customer, Kathryn Willis from Goodview,Va., and the First Union Direct employee who opened her account, Mark Lashley from Roanoke, will be honored with special recognition.
Ms. Willis and Mr. Lashley will receive a Dell PC loaded with software, free Mindspring Internet access for two years, a strategy session with a Personal Financial Advisor from First Union's Private Client Group, a free CAP account, free online bill pay and $5,000 for First Union check card purchases. In addition, customer relations manager Vicky Grimm from the Vinton, Va. financial center will be recognized for referring Willis to First Union Direct and will receive $1,000 cash.
"Our Internet strategy is focused on the customer," said David Carroll, chief e-commerce officer for First Union. "It's the quality of our online offerings and easy access through our integrated delivery channels that offer unique value to our customers."
First Union has offered online banking since 1996 and tripled its enrollment by the end of 1998. That same year, First Union became the first financial services company to offer electronic bill payment and presentment.
First Union Online offers an integrated view and access to multiple First Union relationships including: trading, checking, savings, credit cards, loans and investments. The company's goal is to make every First Union product and service available to customers over the internet.
Customers have access to First Union's extensive integrated delivery channel network, including 3,900 ATMS, 2,400 financial centers, 10 First Union Direct call centers, and online financial services to meet customers' needs 24 hours a day, seven days a week. First Union's research shows that online customers use multiple delivery channels and transact more frequently across all channels than offline customers. They also have more products and stay with the bank longer.
In July, First Union kicked off an employee-focused effort that centered on awareness and enthusiasm. Ed Crutchfield began the initiative with a personal note to each employee attached to an online banking demo disk. First Union rolled out numerous special offers for employees including significant discounts on Dell computers, special loans to help employees purchase a computer, free online bill pay for six months, and free Mindspring Internet access for three months.
About First Union First Union is a leading provider of financial services to more than 16 million customers throughout the East Coast and the nation. At June 30, 1999, First Union had assets of $230 billion. The company operates full-service banking offices in Connecticut, Delaware, Florida, Georgia, Maryland, New Jersey, New York, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia and Washington, D.C. and brokerage offices in 41 states nationwide.
Firstunion.com provides individuals and businesses comprehensive information on financial products, services and planning tools to meet a broad spectrum of needs. The web site also contains company information for customers, shareholders and site visitors. First Union Online offers a wide range of customer-focused online banking services that cater to more than one million online banking and online brokerage customers as of October 7, 1999. Online banking is a key, integrated delivery channel that First Union offers customers, complementing its ATM, First Union Direct, and extensive financial center and brokerage network that allows customers to bank when, where and how they choose.
NOTE: A complete list of current First Union Online services is attached.
* An upcoming media advisory will detail the customer and employee recognition ceremony in Roanoke, Va.
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