Press Releases

This new platform is available immediately to new Internet banking customers, and Wachovia plans to migrate existing online customers to the new service in stages through first quarter 2001. Following the account transition, all customers are expected to have full interoperability with personal financial management software, such as Quicken and Microsoft Money, as well as the ability to personalize transaction descriptions.

"Wachovia’s goal is to be a market leader in the Internet banking and technology arenas," said Lawrence G. Baxter, Wachovia executive vice president and head of Wachovia’s eBusiness Division. "Wachovia has established itself as an innovator by leveraging the Internet in the development of enhanced financial services. Through this new platform, Wachovia plans to expand its technology offerings to include wireless banking for our retail customers."

Customers will continue to be able to transfer funds among bank and credit card accounts, view certain brokerage balances and pay bills online. Additionally, the new platform allows users to send and receive secure messages using an online customer service center, and it speeds the process of establishing initial passwords to only a few minutes. Customers also will be able to reset passwords on their own using a secured format, which should improve usability since 51 percent of Wachovia’s Internet banking customer service calls and e-mails are password-related.

With the introduction of its new Internet banking platform, Wachovia is migrating to the Corillian Voyager eFinance Suite run under the Microsoft Windows NT Server operating system and the Microsoft SQL Server database system. This technology choice provides flexibility to allow simplified integration for a range of enhanced services that could include personal financial management software, financial aggregation and wireless transactions. Corillian Corporation (NASDAQ: CORI) is a leading provider of e-finance-enabling software for the financial services industry.

"After months of piloting the new platform with thousands of customers, we have found the Corillian Voyager/Windows NT operating environment to be powerful, flexible and scalable," said Frank D. Robb, Wachovia executive vice president and head of Wachovia’s Information Systems Division. "As with our original online banking component, we have built the new platform using a customer-centric approach that also provides a high level of security and confidentiality."

Early next year Wachovia plans to enhance customer self-service to include real-time account opening and user-customized home pages, content and services based on a customer’s stored data and preferences. Wachovia also plans to allow customers to view canceled checks online and apply for loans and lines of credit using an application system that pre-fills relevant account data and balances.

"Security and privacy continue to be Wachovia’s highest priority with Internet banking, and the 128-bit encryption protocol equals that used by top national security organizations," said Maggie F. Gray, manager of strategic applications development and Web services for Wachovia’s eBusiness Division. "We also focused on functionality and simplicity during the redesign, since studies show a large percentage of potential customers avoid online banking based on preconceived notions that it is difficult and confusing."

Wachovia has gained national recognition for the ease of use of its original online banking platform, which currently has more than 480,000 customers enrolled. Wachovia was the first financial services provider in the country to have fully transactional investing and banking on its Web site, www.wachovia.com.

"We are making a great product better, and we will continuously add to functionality as customer needs warrant," said Jason R. Ward, Wachovia senior vice president and eBusiness director for the Retail Financial Services Division.

To further increase awareness of its digital capabilities, Wachovia is launching a major advertising campaign to highlight Wachovia’s use of technology to enable its customers to take better control over their financial lives. Television ads will begin running immediately throughout Wachovia’s retail footprint. Print and radio ads will follow by the end of the year. The media campaign is scheduled to continue into the second quarter of 2001. In addition, Wachovia customers will begin receiving information in the mail regarding the enhanced capabilities.

About Wachovia Corporation:

Wachovia Corporation (NYSE: WB), with dual headquarters in Atlanta and Winston-Salem, N.C., is a leading financial holding company serving regional, national and international markets. At Sept. 30, 2000, Wachovia had assets of $72 billion. Member companies offer consumer and commercial banking, bankcard, asset and wealth management, capital market and investment banking, brokerage and insurance services. Wachovia Bank, N.A., the principal subsidiary, has nearly 700 offices and 1,400 ATMs in Florida, Georgia, North Carolina, South Carolina and Virginia.

_{Voyager eFinance Suite is a trademark of Corillian Corporation. Quicken is a trademark of Intuit Inc. Microsoft Money is a trademark of Microsoft Corporation.}

_{This press release contains forward-looking statements. The accuracy of these statements may be impacted by a number of business risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including risks related to: the risk that technologies for the delivery of financial or e-commerce services over the Internet will not be developed or be attractive to consumers as anticipated; the risk that Corillian Corporation and Wachovia Corporation will not successfully deploy or operate services based upon Corillian platform; and other risks outlined in the Wachovia’s filings with the Securities and Exchange Commission. Wachovia Corporation does not undertake any obligation to update these forward-looking statements.}