2013 Capstone Kotula

8/12/2019 2013 Capstone Kotula

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ABA STONIER GRADUATE SCHOOL of BANKING

CAPSTONE PROJECT

E-Channel Expansion

Amy M. KotulaABA Stonier Graduate School of Banking

Class of 2013Beacon Bank Confidential

February 27, 2013


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Contents

Executive Summary ...................................................................................................................................... 1

Background/Introduction .............................................................................................................................. 4

Brief History/Locations ............................................................................................................................ 4

Business model ......................................................................................................................................... 5

Financial Condition ................................................................................................................................... 6

Market Share ............................................................................................................................................. 8

Overall strategy ....................................................................................................................................... 11

Strategy and Implementation ...................................................................................................................... 13

Demographics ......................................................................................................................................... 13

Website ................................................................................................................................................... 17

Automated Online ................................................................................................................................... 17Regulations ............................................................................................................................................. 19

Marketing ................................................................................................................................................ 20

Financial Impact.......................................................................................................................................... 23

Measureable Impact ................................................................................................................................ 23

Investment ............................................................................................................................................... 24

Option 1 .................................................................................................................................................. 24

Option 2 .................................................................................................................................................. 26

Option 3 .................................................................................................................................................. 27

Revenue .................................................................................................................................................. 28

Training ................................................................................................................................................... 29

Marketing ................................................................................................................................................ 30

Risks ........................................................................................................................................................ 31

Results ..................................................................................................................................................... 31

Non-Financial Impact ................................................................................................................................. 33

Hurdles .................................................................................................................................................... 33

Overcoming Hurdles ............................................................................................................................... 34

Senior Leadership ............................................................................................................................... 34

Managers ............................................................................................................................................. 34

Employees ........................................................................................................................................... 35

Current Customers .............................................................................................................................. 36


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Restructure .............................................................................................................................................. 37

Long-term effects .................................................................................................................................... 37

Conclusion .................................................................................................................................................. 39

APPENDIX ................................................................................................................................................. 40

BIBLIOGRAPHY ....................................................................................................................................... 42


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Executive Summary

To continue in our Mission, To Be the Bank of Choice, Beacon Bank must move into the next

generation of banking to attract and service their diverse portfolio of customers. Review of

current demographics reflects a need to expand further into electronic methods of banking.

Beacon Bank enjoys a high percentage checking account penetration with customer between 20

and 40 years of age. The review also revealed an opportunity to increase the number of

customers in that age demographic. A focused expansion of the eChannel would be beneficial to

Beacon Bank by increasing Market Share, providing additional services for current customers

and staffing model efficiencies without adding a branch to name a few.

Beacon Banks currently offers a number of electronic services such as online and mobile

banking, eStatements, ezDeposit for commercial customers and eNews letters. However deposit

account opening from the Beacon Bank website consists of the customer completing an online

application, sending the application to a Retail Banker in the correct market and the Retail

Banker making an appointment with the potential customer to come to a brick and mortar office

to establish a relationship. Completion of due diligence to select complete online account

opening software for deposit accounts is in order. However, the most sophisticated software will

not be utilized by customers if our website is not visually appealing or easily navigated. Thus

this project consists of updating the current website, obtaining fully electronic deposit account

relationship software, creation of new e-products appealing to Generation Y as well as

Generation X and Baby Boomers who prefer to conduct their banking electronically.


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Current demographics reflect that Beacon Banks customer basis is predominately over the age

of 45. Growing Beacon Bank and increasing revenue and profit for shareholders is a strategic

goal. Attracting the next generation and marketing to the way that generation conducts business

is in order. This must be accomplished while continuing to build relationships and service

current customers.

A number of eChannel opportunities are currently offered by Beacon Banks core provider.

Beacon Bank subscribes to some of these. Heading into the future community banks will need to

expand the eChannel as well as maintain traditional channels of delivery. A number of articles

quoted within state that customers preferred method of delivery varies dependent on a number

of things including age, technical skills and current product or service needed.

Using the following Community Bank model can fulfill all types of customer needs. Customers

with different needs will be happy customers. Customers with changing needs will be happy.

This style will allow Beacon Bank To Be the Bank of Choice.

Intuitive

Website

Electronic

Customer

Communication

Social Media

Mobile Products

& Services

Online Products &

Services

Community Banking

Brick & Mortar

Branches


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Success in the e-Channel expansion will also need future considerations of person to person

payments and ezDeposit for consumers. Future enhancements for commercial customers such as

electronic lock box should be a future e-Channel enhancement consideration. Diversifying our

portfolio with e-Channel enhancements from online automated DDA account applications to

increased services will maximize efficiency, staffing and increase revenue.

While the project will always be continuing, the focus is to get started and ensure that current

and potential customers have an intuitive website to use for their banking needs including

automated account opening on the website will be the first giant step in eChannel Expansion.

Creation of an eProducts and Services implementation calendar will take Beacon Bank into

future of banking without putting undue stress on the annual budget.


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Background/Introduction

Brief History/Locations

Beacon Bank, a Sub-Chapter S corporation, is a wholly owned subsidiary of Excelsior Financials

Services, Inc. The Excelsior Financial Services, Inc. Board of Directors consists of seven

members. There are ten board members on the Beacon Bank Board of Directors. Five members

of senior leadership and five business leaders with varying backgrounds, three from the Metro

Market and two from the Duluth Market. To achieve Beacon Banks Mission Statement, To Be

the Bank of Choice, the core values of Responsive, Reliable and Reassuring are implemented

by all staff from summer tellers to Board Members. The inception of Beacon Bank was in 1989,

when three of the current senior officers purchased the charter and two branches of First State

Bank. First State Bank, chartered in 1906, was a family owned bank. It consisted of two

branches located in Mayer, Minnesota and New Germany, Minnesota with focus on agricultural

lending. Soon after the purchase, the charter was moved 24 miles east to Excelsior, Minnesota.

In 1996 the focus turned to commercial banking from the agricultural banking associated with

the rural branches. As a result, the two rural branches of Mayer and New Germany were

divested. In 1999 the current headquarters located in Shorewood, MN, 21 miles southwest of

Minneapolis, was constructed and the

bank name changed to Beacon Bank.

The Excelsior Office1 remains in full

service today. These offices are located

1 http://maps.google.com/


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approximately one and a half miles apart in the southwest metropolitan area of Minneapolis and

St. Paul known as the Twin Cities. In 2002 the opportunity to add an outstate market came, via

the availability of a former bank president, who was a colleague of Beacon Banks CEO and

plenty of office space to lease in Duluth

Minnesota. Duluth is on the western shores of

Lake Superior approximately 175 miles from

the Twin Cities. Thus the Duluth2Market was

established with the opening of the Downtown Duluth Office and Duluth Auto Bank. Expansion

into this industrial port city and the network of the Duluth Market President quickly increased

bank assets. A second Duluth office was opened in 2003 on Miller Trunk Highway across US

Highway 53 from the Miller Mall. This office was also located close to residential expansion in

the Hermantown area of Duluth. The most recent Beacon Bank branch was opened in December

2006 in Eden Prairie, Minnesota. Eden Prairie is on the list of the top 100 cities in America to

live, work and play in. It is located approximately 10.5 miles southeast of the headquarters in

Shorewood. The commercial and residential opportunities in Eden Prairie made this a prime

location for bank expansion.

Business model

A significant part of Beacon Banks assets are in commercial land development and commercial

real estate loans. From 1998 to 2004 Beacon Bank had a mortgage department offering

construction, land development and secondary market residential loans. In 2004 this division

2 http://maps.google.com/


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was dissolved as the risk tolerance for these types of loans decreased. In 2010 the number one

item on the Strategic Plan was to build core deposits to decrease use of alternative funding for

loans. A goal of $30 million in new money was set and attained that year. Beacon Bank priced

certificates of deposit near the top of the market to increase new customer base as well as build

stronger relationships with current customers. Beacon Bank subscribes to a Relationship

Management philosophy to work with both commercial and retail customers. Beacon

implemented a formal retention process by utilizing a database with functionality to automate a

Relationship Management Matrix. This system utilizes multiple media to make contact with all

customers. Both Retail and Commercial customers are segregated into: new customers; deposit

only customers; and single product household customers and are then contacted accordingly.

The database creates contact queues for both personal and business bankers. Account Officers

work these queues by making calls with the knowledge that the customer has recently received

contact to welcome them or a regarding a specific product. This assists in keeping Beacon Bank

in the minds of customers when their needs arise as well as retaining their business.

Financial Condition

In second quarter 2010 with assets of $300 million, Beacon Bank was classified as an

intermediate small bank on the Uniform Bank Performance Report. On December 31, 2011

Beacon Banks assets were $306 million. Through June 2012, Beacon Banks assets were at

$302.7 million. During the Great Recessionyears beginning in 2008, Beacon Bank, like other

financial institutions, increased their investment portfolio and Provision for Loan and Lease

Loss. Beacon Bank has been successful in divesting some of their non-performing assets. It is

necessary to replace those non-performing assets with new loans to maximize revenue. With


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91.8% of Total Deposits being Core Deposits, Beacon Bank is poised to fund new loans without

the need for an alternative funding source.

3UBPR Table

06/30/2012

(000s)

12/31/2011

(000s)

12/31/2010

(000s)

12/31/2009

(000s)

12/31/2008

(000s)

Real Estate Loans $113,888 $117,661 $132,724 $148,770 $154,782

Commercial Loans $56,980 $55,898 $63,220 $75,452 $77,932

Allowance for Loan & Lease Loss $3,749 $4,571 $4,847 $3,359 $2,452

Net Loans & Leases $174,868 $176,626 $200274 $228,729 239,061

Total Earning Assets $276,654 $287,909 $287,079 $267,228 $264,437

Average Total Assets $302,786 $306,228 $300,541 $295,488 $266,227

Core Deposits $228,660 $241,054 $247,256 $177,900 $145,166

Total Deposits $248,867 $261,588 $260,351 $242,681 4236,721

Total Equity Capital $31,650 $31,686 $30,104 $30,010 $27,771

Net Income $1,307 $2,367 $1,042 $833 $3,006

Return On Assets 0.86% 0.77% 0.35% 0.28% 1.13%

3Federal Financial Institutions Examination Council (FFIEC) Uniform Bank Performance Report, 06/30/2012


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Market Share

Analysis of Beacon Banks market share and its competition is broken down into the two

markets. While two of the top three competitors in both markets are the same federally chartered

banks, the Metro Market locations are squarely ahead in market share of the state chartered

community banks in the respective markets.

The Metro Market locations of Excelsior, Shorewood and Eden Prairie have an 11.93%4market

share among 16 banks in the southwest metropolitan area. There are a number of community

banks in this market including: Voyager Bank, Bridgewater Bank, M& I Bank, Central Bank,

Flagship Bank, First Western Bank & Trust and Fidelity Bank. Wells Fargo, US Bank, TCF and

Bremer Bank are national banks in our metro market as well.

4http://www2.fdic.gov/sod/sodMarketRpt.asp?barItem=2
http://www2.fdic.gov/sod/sodMarketRpt.asp?barItem=2http://www2.fdic.gov/sod/sodMarketRpt.asp?barItem=2http://www2.fdic.gov/sod/sodMarketRpt.asp?barItem=2http://www2.fdic.gov/sod/sodMarketRpt.asp?barItem=2


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5Market Share Table

Metro Market Inside Market

Institution Charter Number Offices Deposits (000s) Market Share (%)

Wells Fargo Federal 2 $433,285 24.44%

TCF National Federal 4 $260,459 14.69%

US Bank NA Federal 1 $213,546 12.04%

Beacon Bank State 3 $211,460 11.93%

Voyager State 1 $134,308 7.57%

M & Il State 1 $106,722 6.02%

Bridgewater Bank State 1 $ 91,585 5.17%

Bremer Bank Federal 1 $ 70,469 3.97%

Central Bank State 1 $ 53,471 3.02%

American Investors Federal 1 $ 50,110 2.83%

Flagship Bank MN State 1 $46,395 2.62%

Anchor Bank Federal 1 $ 35,441 2.00%

First Western Bank State 1 $32,225 1.82%

Mid Country Federal 1 $ 19,809 1.12%

Star Bank Federal 1 $ 13,519 0.76%

Fidelity State 1 $ 266 0.02%



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Our Duluth Market has a 2.52% market share among 12 banks in the western Lake Superior area.

Among these 12, seven are federally chartered and the list consists of: Wells Fargo, US Bank.

Western Bank, Pioneer Bank, National Bank of Commerce, First National Bank of Proctor and

TCF Bank. The five community banks in this market are: Republic Bank, North Shore Bank of

Commerce, M & I Bank, Park State Bank and Beacon Bank.

6Market Share Table

Duluth Market Inside Market

Institution Charter Offices Deposits Market Share

Wells Fargo Federal 5 $664,858 37.07%

US Bank NA Federal 7 $343,803 19.34%

Republic Bank Inc. State 5 $221,309 12.34%

North Shore State 7 $191,989 10.70%

Western National Federal 3 $104,489 5.83%

Pioneer National Federal 3 $ 66,665 3.72%

National Bank of Commerce Federal 2 $ 49,779 2.78%

Beacon Bank State 3 $ 45,238 2.52%

M & I State 1 $ 36,195 2.02%

Park State State 1 $ 26,506 1.48%

1stNational Proctor Federal 1 $21,634 1.21%

TCF National Bank Federal 1 $ 18,024 1.00%



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Overall strategy

Branch banking is quickly changing. The addition of technology a significant amount of

technology requires banks to get up to speed or get left in the dust. In an article by Charles

Passy in SmartMoney, Mr. Passy also suggests that the challenging economic times and

regulatory environment, industry officials are saying they may not be able to sustain the vast

network of branches theyve build over the years.7 Rapid migration of customers from branch

banking to online and mobile platforms creates the necessity for banks to strive to stay on the

bleeding edge of technology. Beacon Banks efforts to embrace this changing environment have

been successful to date. Beacon Bank offers online banking, mobile banking, and bill pay within

its arsenal of electronic services. Enhancing the E-Channel and offering additional electronic

services is of the utmost importance to attract new customers to maintain and increase market

share.

In addition, a review of consumer checking account penetration by demographics revealed a

need to focus on relating to the needs of customers under the age of 40 to diversify and grow the

portfolio. Beacon Bank has a need for online account opening for Demand Deposit Accounts,

and to enhance social media to appeal to younger demographics.

7http://blogs.smartmoney.com/advice/2012/03/13/banks-branch-into-yoga
http://blogs.smartmoney.com/advice/2012/03/13/banks-branch-into-yogahttp://blogs.smartmoney.com/advice/2012/03/13/banks-branch-into-yogahttp://blogs.smartmoney.com/advice/2012/03/13/banks-branch-into-yogahttp://blogs.smartmoney.com/advice/2012/03/13/banks-branch-into-yoga


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Website enhancement will kick-off this project. The most sophisticated account opening

software alone will not draw customers on a run of the mill website. Beacon Banks website will

need revitalization to give a potential customer a reason to pause and consider beginning a

relationship with Beacon Bank. An eye catching website that is easy to navigate and contains

products and services relevant to customer needs is the place for this project to start. Research

and development of online new account software including deposit accounts, regulatory

compliance, and evaluation of risk will be the second order of business. Review of current

products and services to measure the electronic fit for the next generation of customers will

also be in order. Marketing and Implementation of Beacon Banks new way to build

relationships will need to precisely reach our targeted customer base. Dependent on this

projects success, the staffing structure may also need to be reviewed.

While staying abreast of technology is a necessity at a minimum, Mr. Passys article also notes

that brick and mortar locations can provide meaningful opportunities to interact with established

and prospective clients alike. Branches can also be part of a strategy to firmly root itself in

territories its targeting.8 All banking channels still remain very much in demand, however

enhancing the E-Channel to meet and appeal to the ever changing needs of both Retail and

Commercial customers is a task on every community banks list.

http://blogs.smartmoney.com/advice/2012/03/13/banks-branch-into-yogahttp://blogs.smartmoney.com/advice/2012/03/13/banks-branch-into-yogahttp://blogs.smartmoney.com/advice/2012/03/13/banks-branch-into-yogahttp://blogs.smartmoney.com/advice/2012/03/13/banks-branch-into-yoga


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Strategy and Implementation

Demographics

Exploring e-Channel enhancement is multi-purpose. One is Retail checking account

demographics. Another is increased Non Interest Income. A review of consumer checking

account penetration by demographics9revealed a need for Beacon Bank to focus on relating to

the needs of customers under the age of 40 to diversify and grow.

As shown in the chart, Beacon Banks Retail checking account customer base is primarily 40

years of age or older. The checking account penetration among customers 21 - 40 years of age is

an average of 90.3%; and checking account penetration among customers 40+ years of age drops

off to an average of 71.8%. While Beacon Banks Retail checking account penetration is nearly

20 % higher with customers under the age of 40, there are considerably less customers under the

9Beacon Bank CFM Marquis database

0 200 400 600 800 1000

100+

91-99

81-90

71-80

61-70

51-60

41-50

31-40

21-30

15-20

Retail Customers

AgeofCheckingCustomers

Retail Checking Demographics

Checking Customers

Total Customers


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age of 40. A concerted effort by Beacon Bank to appeal to the banking wants/needs of

Generation Y would result in an increased customer base. Checking accounts are sticky

products given the sticky services attached of Direct Deposit of payroll, Bill Pay, Free Debit

Cards, online and mobile access.

In an article written by Brian OConnell10, he refers to a global study by Cisco of 5,300 global

banking customers that shows that consumers still value face-to-face encounters with bank

staffers. The study says 26% of consumers would take a hike if banks eleminitated personal

attention from their menu of services. The last 12 month transaction volumes11in Beacon Bank

branches have been constant and not dropping off for more electronic means of banking. Debit

card transactions have seen a slight increase over the same time period.

10http://www.thestreet.com/story/11587839/1/banks-shouldnt-close-branches-as-they-expand-online-study-says.html

11Beacon Bank Monthly Transaction Volume Report

0

10,000

20,000

30,000

40,000

50,000

60,000

Sep

'11

Oct

'11

Nov

'11

Dec

'11

Jan

'12

Feb

'12

Mar

'12

Apr

'12

May

'12

Jun

'12

Jul

'12

Aug

'12

Paper vs Plastic

OTC Trans POS Trans
http://www.thestreet.com/story/11587839/1/banks-shouldnt-close-branches-as-they-expand-online-study-says.htmlhttp://www.thestreet.com/story/11587839/1/banks-shouldnt-close-branches-as-they-expand-online-study-says.htmlhttp://www.thestreet.com/story/11587839/1/banks-shouldnt-close-branches-as-they-expand-online-study-says.htmlhttp://www.thestreet.com/story/11587839/1/banks-shouldnt-close-branches-as-they-expand-online-study-says.html


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Thus Beacon Bank should not choose e-banking over brick and mortar expansion. However,

enhancing the e-Channel options will draw increased customers under the age of 40 where there

is a 90.3%12 checking account penetration. Increased volume of debit card transactions due to

increased volume of checking customers will increase interchange income.

Partially due to changes in regulations, Non-Interest Income has been declining since 2008. This

chart shows Beacon Bank has realized a small decrease in non-interest income. Adding

additional e-Channel options has the potential to increase non-interest income with increased

volume of debit card transactions resulting from an increase in consumer checking accounts with

the implementation of this project.

13

Beacon Bank has mobile banking applications for both I-Phones and Androids. However

Beacon Mobile is the least utilized way of accessing account by Beacon Bank customers over the

past 12 months. ATMs, online and phone banking are the most utilized with ATMs making a

summer spike.


13Federal Financial Institutions Examination Council (FFIEC) Uniform Bank Performance Report, 06/30/2012

Beacon Bank Non-Interest Income as a Percentage

6/30/2012 12/31/2011 12/31/2010 12/31/2009 12/31/2008

0.34% 0.30% 0.46% 0.40% 0.49%


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14

Increasing the under 40 years of age customers demographic would increase mobile banking use.

Effective marketing of Beacon Mobile and all e-Channel services would also increase use as well

as ensure that our customer base over the age of 50 who are curious will jump in to test the

waters of electronic banking. Customers have and will continue to become savvier e-Channel

services users and will bank where they can do so. Beacon Bank needs to meet and exceed

customer needs in this demographic to successfully move into the future within the banking

industry. Within five years, due to increasingly improved technology and a very mobile

customer base, eChannel services will be the most prevalent way banking is conducted by the

younger generation.


0

500

1,000

1,500

2,000

2,500

3,000

Sep

'11

Oct

'11

Nov

'11

Dec

'11

Jan

'12

Feb

'12

Mar

'12

Apr

'12

May

'12

Jun

'12

Jul

'12

Aug

'12

Account Access

ATM Trans BankLine

Mobile Users Online Users


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Website

Navigation of the current Beacon Bank website is cumbersome. Researching and implementing

the most sophisticated, automated account opening software will not be effective if it is not part

of an appealing website that is user friendly and easy to navigate. Two things need to done

regarding Beacon Banks website. The first is research our current website provider to determine

whether or not its capabilities are being fully utilized. The second is to obtain a proposal from

the current website software vendor for enhancements to the current website to include

implementation of automated online account opening. Current Beacon Bank vendors Marquis,

BancVue and JackHenry offer website design software. Demonstrations of website software

should be scheduled and obtain proposals for potential website software to include automated

online account opening. Selection of website provider needs to be made and implemented by

end of first quarter 2013.

Automated Online

Our high tech world has brought a Smart Phone of one type or another to almost everyones

hand. Everything is mobile; phone calls, emails, the internet, driving directions, banking,

investing, and the list goes on. Time is a valuable commodity in our current world. To be

competitive in this world, we must value current and potential customers time. Making opening

a checking account for consumers a 5 minute process like ING boasts would show current and

potential customers that Beacon Bank values their time.


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15

Enter your personal info

Agree to Terms & Conditions

Make an electronic deposit from your current checking account

Review your info, hit submit and call it a day

Beacon Banks e-Channel products and services currently include online banking and mobile

banking but there is a need for an automated online account opening tool. At present, potential

customers can apply for a Demand Deposit Account via the website. However, the application is

forwarded to a banker, printed and the customer is contacted to make an appointment at a branch

location to open an account. Beacon Bank current vendors BancVue, Wolters Kluwer and

JackHenry all offer automated online account opening software. Research and due diligence of

the software as well as proposals from vendors are needed by the end of 3rd quarter 2013.

Presentment to Senior Management would be scheduled for January 2014 and Board of Directors

March 2014. Implementing online account opening will realize efficiencies in time for Beacon

Bank. Lobby New Account customer can be served utilizing this software as well. Bankers will

have more time to cultivate and cross-sell within new and existing relationships to ensure

customers wants and needs are exceeded.

15https://banking.ingdirect.com/openaccount/initial.vm?type=4000&openOption=ExistingPersonalCustomer
https://banking.ingdirect.com/openaccount/initial.vm?type=4000&openOption=ExistingPersonalCustomerhttps://banking.ingdirect.com/openaccount/initial.vm?type=4000&openOption=ExistingPersonalCustomerhttps://banking.ingdirect.com/openaccount/initial.vm?type=4000&openOption=ExistingPersonalCustomerhttps://home.ingdirect.com/security-zone/privacy-https://banking.ingdirect.com/openaccount/initial.vm?type=4000&openOption=ExistingPersonalCustomer


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Beacon Banks current Rewards Checking account is the most popular account among

Generation Y customers. The focus of the Rewards checking account is a green account with

no service charges or minimum balances. E-Statements, debit card transactions, ACH debit or

credit each month are rewarded with a higher rate of interest and ATM fee refunds. The

profitability of this account as well as the structure of all checking accounts should be reviewed

and a possible restructure instituted to ensure that our account appeals to our e-Customers. This

review should be complete by end of 3rdquarter 2013.

Regulations

According to the FFIEC E-Banking IT Examination Handbook, E-Banking varies significantly

due to a number of factors16. Beacon Bank should choose their e-banking systems based on four

factors:

Strategic Objectives for e-banking

Scope, scale, and complexity of equipment, systems, and activities

Technology expertise

Security and internal control requirements

Any or all e-services can be supported internally or outsourced. Ultimately the Board of

Directors and Senior Management are responsible for developing the institutions e-banking

strategy. This e-Channel enhancement project will complete the due diligence, cost benefit

16http://ithandbook.ffiec.gov/ITBooklets/FFIEC_ITBooklet_E-Banking.pdf
http://ithandbook.ffiec.gov/ITBooklets/FFIEC_ITBooklet_E-Banking.pdfhttp://ithandbook.ffiec.gov/ITBooklets/FFIEC_ITBooklet_E-Banking.pdfhttp://ithandbook.ffiec.gov/ITBooklets/FFIEC_ITBooklet_E-Banking.pdfhttp://ithandbook.ffiec.gov/ITBooklets/FFIEC_ITBooklet_E-Banking.pdf


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analysis and risk assessment to give the Board of Directors and Senior Management the

information to give final approval for it.

Marketing

A 2007 interview with Professor Tim G. Richardson posted on Witiger.com17 provides the

reason why segmentation is vital to marketing is that we have so many types of customers.

Groups of customers have:

Become more numerous, resulting in many more types of segments.

The differences among groups have become more distinct.

The groups have become large in number.

The groups have become more mobile

Market segmentation is the process of determining a specific customer type, value system, etc. to

market to as opposed to general marketing to all types of customer which is expensive if all

customers reached or ineffective if too general. Beacon Bank must get the word out to the

Generation Y segmentation group to ensure the success of this project. Beacon Bank

successfully implemented a Facebook page in July 2012. In addition to a new/updated website

as a result of this project, utilization of Social Media will allow Beacon Bank to focus on the

segment of customers that are looking to save time and prefer to do their banking electronically

and also want the personal service of a community bank. Beacon Bank Facebook Administrator

17http://www.witiger.com/marketing/marketsegmentation.htm
http://www.witiger.com/marketing/marketsegmentation.htmhttp://www.witiger.com/marketing/marketsegmentation.htmhttp://www.witiger.com/marketing/marketsegmentation.htmhttp://www.witiger.com/marketing/marketsegmentation.htm


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should consider a contest on the Beacon Bank Facebook page18 for new Beacon Mobile users

similar to the current contest that enters names of people liking Beacon Bank on Facebook into

a drawing for an iPad. Search Engine Optimization is the process of improving the visibility of a

website or a web page in a search engines natural or unpaid search results. 19 As part of this

project, research on how to take advantage of Search Engine Optimization to ensure that Beacon

Banks website will rise to the top in a web search. This will also contribute to getting out name

out there with Generation Y.

Of the four banks that are just below Beacon Bank in Market Share in the Metro Market;

Voyager, M & I, Bridgewater and Bremer; fifty percent of them already have online account

opening capabilities. E-Channel enhancements will allow Beacon Bank to maintain or improve

their current market share. Enhancing e-Channels will appeal to Generation Y and positively

affect multiple facets:

Increased Retail customers that have the highest checking account penetration

Current customers will have more value and buy more

Increase Non Interest Income

Potential for continued enhancements of automated consumer loan applications as well as

commercial services

18https://www.facebook.com/beaconbank

19http://en.wikipedia.org/wiki/Search_engine_optimization
https://www.facebook.com/beaconbankhttps://www.facebook.com/beaconbankhttps://www.facebook.com/beaconbankhttp://en.wikipedia.org/wiki/Search_engine_optimizationhttp://en.wikipedia.org/wiki/Search_engine_optimizationhttp://en.wikipedia.org/wiki/Search_engine_optimizationhttp://en.wikipedia.org/wiki/Search_engine_optimizationhttps://www.facebook.com/beaconbank


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My first priority as project manager is to obtain buy in from Senior Management and the Board

of Directors. To accomplish this, a timeline for involved departments to complete research is

crucial. It will assist in getting employees to embrace the change. Input on vendor due diligence

as well as ensuring the strategies to enhance Beacon Banks e -channel are followed and due

dates are observed to ensure timely implementation. The e-Channel strategy timeline located in

the Appendix to implement enhancements allows for the project to be completed by year end

2014. The 2014 e-Channel Strategies Timeline is a living document that will require frequent

monitoring and updating. Timely completion of research tasks will prove this project can be

implemented on time and within budget so efficiencies and revenue generation can begin being

realized.

All banking channels remain very much in demand. ING has built brick and mortar branches

albeit coffee shop like atmosphere gives ING a local presence the Chicago, Los Angeles,

Philadelphia, Wilmington, Honolulu, New York City and St. Cloud markets.20

Jonathan Veline,

Executive Vice President Wells Fargo and facilitator of the Delivery Channels & Strategies class

at the 2012 ABA Stonier session stated: Customers that use more channels, buy more. While

a virtual branch to replace brick and mortar branches is not what every community bank needs,

expansion of the e-Channel to meet the ever changing needs of both Retail and Commercial

customers is a task on every community banks list.

20https://helpcenter.ingdirect.com/contact.aspx#cafes
https://helpcenter.ingdirect.com/contact.aspx#cafeshttps://helpcenter.ingdirect.com/contact.aspx#cafeshttps://helpcenter.ingdirect.com/contact.aspx#cafes


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Financial Impact

Measureable Impact

The measurable financial impact of this project is somewhat difficult to determine. There are no

hard savings or quantifiable increased revenue factors. There are only hard implementation costs

associated with this project. The current economy and regulatory environment does not lend

itself to spending budget dollars on unmeasured outcomes. However, sound due diligence can

mitigate implementation costs and project an analytical recovery of implementation cost as well

as predict potential income of this endeavor and its timing. While being the first to offer new

technology can sometimes make you the trouble shooter for others that will follow in offering

the same technology, falling behind in technology is more costly than staying abreast of it.

Implementation costs can be amortized or calculated into the budget of the implementation year.

Short term financial impact will include implementation costs. Long term financial impact is

based on increasing the number of households as well as the number of products and services

each household maintains. Expansion of the e-Channel will attract new customers, grow existing

single product relationships into multiple product relationships as well as solidify and retain

profitable customers.

Attempting to be all things to all customers is costly as well. Selecting our niche and remaining

focused will allow Beacon Bank to be the Bank of Choice for Generation Y. Choosing the

right automated online account opening package will also allow Beacon Bank to retain their

reputation for being a progressive community bank.


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Investment

Updating the Beacon Bank website is necessary to implement automated online account opening.

The contract with our current website vendor includes hosting our website, compliance, trend

reports and minimal image editing monthly. Options with other vendors are available ranging

from only hosting our website and compliance to including 30 web pages, one workflow,

scripted functions; to 80 web pages, current weather, stock prices, submit-ready files and

multiple workflows; to completely subcontracting the website to a vendor.

The same is true of automated online account opening software. Automated online account

opening software packages vary in pricing and capabilities. From the basic fillable form that is

printed and processed in branches to a sophisticated, all inclusive Customer Identification

Procedure compliance; credit, address and social security number verification; document

preparation and account funding. There is a vendor that is all inclusive of website, automated

online account opening and marketing. All have an installation fee, monthly support fees and

some version of per account fee.

This project can be put together via three options. Each option is viable with positives and

negatives.

Option 1

This option is about merging resources of multiple community banks to form a national brand of

products and services. Being the first to implement this option in our market would be appealing.


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Once an additional community bank in our market implements this program, we would appear to

be one in the same bank because the marketing focuses on products rather than the bank.

Another reason this option is appealing is that it is all inclusive. The vendor for all intense

purposes controls everything. Beacon Banks responsibility is to use the vendors products as

directed by the vendor, handing over the reins on the website, marketing and automated online

account opening and remit payment for invoices.

Option 1 Pricing

Fees Amount

Annual Marketing $ 20,000.00

Local Marketing $ 89,000.00

Refresh Fee $ 9,250.00

Website Hosting Package $ 36,400.00

Automated Online Account Opening Set Up $ 12,899.00

AOAO Monthly Fee, Annualized $ 13,071.00

DDA, Savings Packages, Per Account Fee $12,471.00

Total $193,091.00

Option 1 S.W.O.T Analysis

Strengths Opportunities

All Inclusive Expansion to Automated Online Loans

Strong Analytics and Consulting Facilitates New Customer Acquisition

Weaknesses Threats

Expensive Upfront Long Term Viability of Vendor/All In

Not Integrated with Core System Possibly Lose Identity

Loss of Localized Marketing Control Compliance Tightrope

Only Retail Accounts


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Option 2

This option is centered on Beacon Banks current core provider. There are multiple website

support options as well as an automated online account opening product that can be as simple or

as complex as you care to make it. The appeal to this option is implementation will be seamless

as the software is already compatible with our core software. Beacon Bank maintains its

individual reputation. Though Beacon Bank would need to devote time to develop any type of

new product and/or rewards account, they would totally control how the product fits into Beacon

Banks niche. Beacon Bank would control implementation, create their own marketing strategies

and branding for both automated online account opening and any new products.

Option 2 Pricing

Fees Amount

Programming, Marketing, Training $ 45, 000.00


Automated Online Account Opening Set Up $ 28,399.00

AOAO Monthly Fee, Annualized $ 15,477.00

Product Software Package, Per Account Fee $11,448.00

Grand Total $135,959.00



Integrated with Core System Expansion to Automated Online Loans

Marketing Directed to Meet Branding Easily Restructure Accounts

Manageable Implementation Costs Facilitates New Customer Acquisition

Expansion to Business Accounts

Weaknesses Threats

Beacon Bank Marketing Development Time Beacon Bank Product Development Time

Beacon Bank Managing Analytics Time


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Option 3

This option is to implement the bare minimum website option from Beacon Banks core provider

in anticipation of additional upgrades in the future. This option is the least expensive and does

open the door for the future. This option would possibly allow the window of opportunity to

pass. Generation Y will be fully engulfed in a financial institution already offering such

technology if Beacon Bank chooses a deliberate implementation schedule. Beacon Bank may be

sacrificing its age demographic penetration success.

Option 3 Pricing

Fees Amount


Marketing $ 20,000.00

Grand Total $ 55,635.00



Least Expensive Start Expansion to Automated Online Accounts

Expansion to Automated Loans

Facilitates New Customer Acquisition

Weaknesses Threats

Beacon Bank Marketing Development Time Too Little, Too Late

Beacon Bank Managing Analytics Time Window on Generation X Closes

Beacon Bank Product Development Time


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Revenue

Each option does have a foreseeable return using fee income forecasts to pay for the project.

Assuming a 10% increase in total DDA accounts, interchange income and service charge income

in year one and an 8% increase in the same categories in years 2 through 4; option 1 will be

profitable in year 4 by $16,315, option 2 will be profitable in year 3 by $17,856, option 3 will be

profitable in year two by $46,706.

Year 1 Year 2

Totals21

10% increase Totals 8% increase

4702 471 DDA accounts 5173 414

$263,915.00 $26,391.00 Interchange Income $290,306.00 $23,224.00

$277,683.00 $27,768.00

DDA Service

Charge Income $305,451.00 $24,436.00

$54,681.00 Increased Income $47,660.00

First two year income increase $102,341.00

Year 3 Year 4

Totals 8% increase Totals 8% increase

5587 447 DDA accounts 6034 482

$313,530.00 $25,084.00 Interchange Income $338,614.00 $27,089.00

$329,887.00 $26,390.00

DDA Service

Charge Income $356,278.00 $28,502.00

$51,474.00 Increased Income $55,591.00

Second two year income increase $107,065.00

21Annualized Beacon Bank Year To Date Non-Interest Income 10/31/2012


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Recapture of implementation costs using only interchange and DDA service charge income will

take two to four years depending on the option chosen. This method does not include anticipated

volume increases to other Non-Interest Income sources from the increased number of DDA

accounts such as overdrafts, savings account service charges, e-banking service charges to name

a few.

Implementing this project will realize a market share increase in both the Duluth and Metro

markets. With a new website and Beacon Banks Facebook page to distribute the news that

Beacon Bank has automated account open account opening in addition to all their other

technology, Generation Y will become loyal customers knowing Beacon Bank will be there for

them well into the future offering everything that comes with it.

Beacon Banks current Rewards Checking Account will serve as a smart checking account

option for all types of tech savvy customers. The versatility of implementing option 2

Automated Online Account Opening gives Beacon Bank the ability to restructure products with

ease in the future.

Training

Training employees to utilize the automated online account opening software is necessary.

Option 1 would include a one-time Train the Trainer function by the vendor. Beacon Bank

would then be responsible for training going forward. Option 2 and 3 would again leave the


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control of training with Beacon Bank including resources provided by our core provider. This

would also give Beacon Bank the latitude to empower current employees.

Efficiencies gained using the automated account opening software to include accounts opened in

branches may allow for restructuring of duties. Additional time can create more focus on the

customer experience and relationship building and to encourage sustainable customer behavior.

More efficiently completed tasks, whether for internal or external customers will add to the

bottom line.

Marketing

Marketing of automated online account opening is vital. The investment into such software will

be lost if Beacon Bank does not develop a marketing strategy to ensure potential customers will

enjoy easy access that is user friendly. Option 1 takes the entire local marketing budget, leaving

nothing for special promotions throughout the year. Beacon Bank would need to commit to this

option wholeheartedly for at least the term of the contract. At that time it would also be

expensive to change focus, should Beacon Bank decide to change banking models and/or their

niche. Option 2 leaves Beacon Bank with total control of local marketing as well as the ability to

restructure products and/or where their selected niche in banking is. This option also utilizes the

current CFM database to electronically contact our new and existing customers in a relatively

inexpensive manner. An onboarding set of emails that are dependent on what products and

service the customer already utilizes has already been implemented. This would also be true


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with Option 3. However there would most likely not be many marketing budget dollars assigned

to Option 3 which only consists of a new website.

Risks

By utilizing technology, Community Banks are able to offer cutting-edge products and services

of larger national banks. One inherent risk is compliance. Option 1 and Option 2 both include

full security compliance with stringent requirements in the pricing. Implementing the project

and choosing not to advertise the availability of Automated Online Account Opening would

seriously impede any increase in market share and Non-Interest Income. Creation of a kick-

off of the new website and Automated Online Account Opening via Beacon Banks Facebook

page would mitigate this risk. Option 3 holds the risk of too little, too late. The window of

opportunity for Beacon Bank to utilize their excellent checking account penetration of

customers 40 years of age and younger will be closed if only a new website is implemented.

Option 3 is really not a viable option. Beacon Banks is known as a progressivebank and wants

to maintain that reputation. Putting that reputation at risk could be debilitating as the future

draws near.

Results

Implementing the complete package including website, marketing, training, automated account

opening would be a huge step and all inclusive is enticing. It also gives a considerable amount

of control over to the vendor. It would accomplish objectives the most quickly as well as be the


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most costly. Recovery of investment and attaining profitability will take longer. Choosing the

all-encompassing Option 1, would not be desirable. This option, though it utilizes the assets of

many community banks, it leaves all marketing to look the same as some competitors. Beacon

Bank believes it can be uniquely individual in accommodating customer needs.

Worst case, Beacon Bank chooses to remain status quo and automated account opening goes on

the back burner. The opportunity to appeal to Generation Y and the tech savvy will pass. The

checking account penetration Beacon Bank enjoys with the younger demographic customers

would be wasted. Choosing to do nothing and just stand still in time and maybe even get left

behind would be costly as well.

The practical way to move forward is to implement automated account opening and then be to

commit to annually implementing one e-product or e-service that our current core provider

offers. Progressively implementing additional e-Channel products and services will allow

Beacon Bank to manage costs, recover each investment and realize income over a shorter period.

While this approach may seem drawn out over time, it allows for a smaller investment in our

current economy and decisions to be made each budgetary period versus the all or nothing, large

upfront investment.


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Non-Financial Impact

Hurdles

Since the inception of this Capstone Project, Beacon Bank Strategic Plan shifted to

predominately commercial banking. Enhancing the e-Channel by implementing Automated

Online Banking and Website enhancement may not be a priority. Thus the biggest hurdle is

garnering support. Buy in from Senior Leadership. Buy in from Department Manager. Buy in

from staff. Buy in from customers.

Changing the way accounts are opened and the way Beacon Bank works with customers may

draw some resistance as well. Change Management can be a make or break project

implementation in any business. A Businessballs.com Change Management tip states: Do not

sell change to people as a way of accelerating agreement and implementation. Selling change to

people is not a sustainable strategy or success.22 Change should involve employees change

should not be imposed upon employees.

22http://www.businessballs.com/changemanagement.html
http://www.businessballs.com/changemanagement.htmlhttp://www.businessballs.com/changemanagement.htmlhttp://www.businessballs.com/changemanagement.htmlhttp://www.businessballs.com/changemanagement.html


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Overcoming Hurdles

Senior Leadership

Projected increased revenue impact will assist in obtaining Senior Leadership approval.

Automated Account Opening can enhance a relationship with a commercial customer as well.

Offering the convenience of online account opening and desirable products to commercial

customersemployees will further build that commercial relationship. Beacon Bank will provide

Responsive Reliable and Reassuring service to the commercial customer and their employees.

This will create loyalty from the commercial customer which is the focus of Beacon Banks

Strategic Plan. Showing the costs, timeline for recovery of implementation costs and

possibilities of future endeavors will sell senior leadership team on e-Channel enhancements

being a long lasting, viable way to reach all types of customers.

Seeing forecasted results come to fruition will ensure that this project will have longevity and be

in place for years to come. Spending money now wisely will really result in more

households, more businesses and more loyal customers. Scheduled updates from the inception

of the project will put their mind at ease.

Managers

This project will directly affect multiple supervisors. Orientation, training to new accounts

positions and the possibility of establishing a call center environment will all be affected with

additional focus on e-Channel enhancements. Supervisors input needs to be sought, encouraged


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and incorporated. They ensure that the nuts and bolts of all types of day to day branch

operations, whether brick and mortar or online, run systematically without disruption to

customers. Utilizing their knowledge and experience in the implementation of this project is

imperative. Ensuring supervisors are informed and trained allows them to train their staff

accordingly and portray a positive light on the project to their direct reports. Empowering

supervisors will assist them in seeing positive changes and passing it on will surely be a benefit.

Employees

Frontline employees are the eyes and ears of Beacon Bank. Whether brick and mortar or a call

center, the employees with direct contact with customers and potential customers must ensure the

voice of the customer is heard. Challenging employees to look forward to new enhancements

and see the possibilities for customers as well as their career path will keep attitudes positive.

Ensuring adequate training and soliciting feedback from staff will give them a sense of

ownership of making e-Channel enhancements a success. Show employees that automation

allows them more time to work with more customers, learn additional processes and cross train

to other channels of banking which diversifies their banking background. Attaining the ability to

work in multiple channels of banking empowers the staff to decide which vein of banking is their

passion.


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Current Customers

Utilizing our commercial relationships would be a great way to kick-off Automated Account

Opening. Rolling it out to Beacon Banks commercial customers employees will get the word

out that Beacon Bank has the technology to make banking convenient. In an American Banker

article, Brad Anderson states Convenience is king for many of todays consumers, and banks

should adjust to this changing behavior. Customers are flocking to online, mobile and ATM

banking like never before. By the end of 2013, the Federal Reserve expects 42% of bank

customers to use their smartphones for banking. Rapidly changing technology and

demographics are going to accelerate these trends. 23

Beacon Banks consumer checking account demographics show a number of life experienced

customers. Beacon Bank will be challenged to change the mindset of these loyal customers.

Enhancing the e-Channel appeals to their children and grandchildren and they will be confident

that Beacon Bank meets their needs. Beacon Bank can still operate within the brick and mortar,

schedule an appointment with your favorite banker as well as offer convenient e-Channels to

meet the full spectrum of automated needs.

23http://www.americanbanker.com/bankthink/convenience-is-key-to-increasing-bank-profits-in-2013-1055544-1.html
http://www.americanbanker.com/bankthink/convenience-is-key-to-increasing-bank-profits-in-2013-1055544-1.htmlhttp://www.americanbanker.com/bankthink/convenience-is-key-to-increasing-bank-profits-in-2013-1055544-1.htmlhttp://www.americanbanker.com/bankthink/convenience-is-key-to-increasing-bank-profits-in-2013-1055544-1.htmlhttp://www.americanbanker.com/bankthink/convenience-is-key-to-increasing-bank-profits-in-2013-1055544-1.html


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Restructure

Effective implementation of this project may require a reorganization of current staff to

effectively handle online interaction. As stated in the Strategy and Implementation section,

Automated Online Account Opening should be used to open DDA accounts for walk in

customers to realize maximum efficiency. Restructuring current staff to meet the needs of

customers such as Generation Y, answering the phone by the third ring, as is currently in place at

Beacon Bank, and empowering them to handle online accounts, online password resets, debit

card maintenance requests, etc. These employees can also handle lobby requests of the same

type. Creating a call center type atmosphere from current staffing model to service e-Channel

products will also realize efficiencies without sacrificing service.

Long-term effects

Where is your dry cleaner or your pharmacy? Where do you grocery shop or do your banking?

The commodity of time is becoming almost invaluable. To compete in our fast moving world,

community banks need to be available and convenient. Expanding Beacon Banks current e-

Channel allows customers to bank on their terms whatever the terms of their day may dictate.

The American Banker article by Brad Anderson also states: A decade ago, new bank branches

were popping up on corners seemingly overnight. This trend was driven by customers choosing

banks based on location. But the internet is changing the traditional model. Customers are now


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able to choose a provider based on their product needs, and this may or may not be their local

branch.24

As stated earlier in this paper, staying abreast of technology is more cost effective than playing

catch-up. The reputational risk of lagging in technology may have a lengthy recovery. Beacon

Banks core provider offers a number of e-Channel products. A commitment to annually

enhancing our e-Channel will continue to make Beacon Banks product and services sticky.

Retention of profitable customers and augmenting single product households to multiple product

households will increase market share thus revenue as well.

http://www.americanbanker.com/bankthink/convenience-is-key-to-increasing-bank-profits-in-2013-1055544-1.htmlhttp://www.americanbanker.com/bankthink/convenience-is-key-to-increasing-bank-profits-in-2013-1055544-1.htmlhttp://www.americanbanker.com/bankthink/convenience-is-key-to-increasing-bank-profits-in-2013-1055544-1.htmlhttp://www.americanbanker.com/bankthink/convenience-is-key-to-increasing-bank-profits-in-2013-1055544-1.html


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Conclusion

Even as Beacon Bank strategic plan flows into the commercial banking niche, implementing this

project streamlines the process for opening personal accounts. Efficiencies gained can be

directed toward the commercial banking niche. It also leaves the door open for utilizing the

software for commercial automated online account opening and automated consumer loan

decisioning with few system upgrades. Deciding to maintain status quo will leave Beacon Bank

in a stagnant or catch-up mode where the window of opportunity will quickly close. eChannel

expansion is a worthwhile investment for Beacon Bank. Proud community bankers will always

be ready to serve all types of customers. Structuring a comprehensive eChannel with the

capacity to grow into the future will serve every customer.


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APPENDIXAction Item Description Champion

4thQtr

2013

1stQtr

2014

2ndQtr

2014

3rdQtr

2014

4thQtr

2014

2013 e-Channel Strategies

I. Website

Website Design Marketing VP

Define project and implementation team

Identify vendors (Cavion(current provider)BancVue, Mills Marketing)

Determine if current vendor has availableenhancements

Research and request additional vendordemos and complete due diligence

Request proposals from vendors

Create decisioning matrixSelect website vendor

Search Engine Optimization (SEO)

Online Account Opening Sr VP Retail

Define project and implementation team

Identify vendors (JHA, BancVue, WoltersKluwer)

Research and request additional vendordemos and complete due diligence

Consult IT for Risk Management Input IT Manager

Research/Confirm RegulatorRequirements

ComplianceManager

Select Online Account Opening Vendor

Obtain Management & Board Approval

Online DDA Account Opening Rollout

II. Products & Services Sr VP Retail

Checking Product Review

Define project teamIdentify vendors (BancVue/JackHenry)

Create decision matrix

Pricing analysis (profitability of existingaccounts)

Product positioning (what segment does itappeal to?)


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Action Item Description Champion

4thQtr

2013

1stQtr

2014

2ndQtr

2014

3rdQtr

2014

4thQtr

2014

III. Marketing Marketing VP

Onboarding and Reboarding Programs

Research portfolio for opportunities withinexisting customer base

Develop cross sales strategy to deepenexisting relationships (Matrix)

Matrix Creative Development

Develop acquisition strategy

Social Media (Facebook)Facebook

Administrator

Define strategy for social mediaintegration into project

Design Contest for New Mobile Banking

Users (i.e. drawing for an iPad)

Complete

In Process

Overdue

Target Completion


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BIBLIOGRAPHY

1http://maps.google.com/

2

http://maps.google.com/3Federal Financial Institutions Examination Council (FFIEC) Uniform Bank Performance Report, 06/30/2012







10http://www.thestreet.com/story/11587839/1/banks-shouldnt-close-branches-as-they-expand-online-study-says.html

11Beacon Bank Monthly Transaction Volume Report

12Beacon Bank CFM Marquis database13Federal Financial Institutions Examination Council (FFIEC) Uniform Bank Performance Report, 06/30/2012


15https://banking.ingdirect.com/openaccount/initial.vm?type=4000&openOption=ExistingPersonalCustomer

16http://ithandbook.ffiec.gov/ITBooklets/FFIEC_ITBooklet_E-Banking.pdf

17http://www.witiger.com/marketing/marketsegmentation.htm

18https://www.facebook.com/beaconbank

19http://en.wikipedia.org/wiki/Search_engine_optimization

20https://helpcenter.ingdirect.com/contact.aspx#cafes

21Annualized Beacon Bank Year To Date Non-Interest Income 10/31/2012

22http://www.businessballs.com/changemanagement.html


http://maps.google.com/http://maps.google.com/http://maps.google.com/http://maps.google.com/http://maps.google.com/http://maps.google.com/http://www2.fdic.gov/sod/sodMarketRpt.asp?barItem=2http://www2.fdic.gov/sod/sodMarketRpt.asp?barItem=2http://www2.fdic.gov/sod/sodMarketRpt.asp?barItem=2http://www2.fdic.gov/sod/sodMarketRpt.asp?barItem=2http://www2.fdic.gov/sod/sodMarketRpt.asp?barItem=2http://www2.fdic.gov/sod/sodMarketRpt.asp?barItem=2http://blogs.smartmoney.com/advice/2012/03/13/banks-branch-into-yogahttp://blogs.smartmoney.com/advice/2012/03/13/banks-branch-into-yogahttp://blogs.smartmoney.com/advice/2012/03/13/banks-branch-into-yogahttp://blogs.smartmoney.com/advice/2012/03/13/banks-branch-into-yogahttp://www.thestreet.com/story/11587839/1/banks-shouldnt-close-branches-as-they-expand-online-study-says.htmlhttp://www.thestreet.com/story/11587839/1/banks-shouldnt-close-branches-as-they-expand-online-study-says.htmlhttp://www.thestreet.com/story/11587839/1/banks-shouldnt-close-branches-as-they-expand-online-study-says.htmlhttps://banking.ingdirect.com/openaccount/initial.vm?type=4000&openOption=ExistingPersonalCustomerhttps://banking.ingdirect.com/openaccount/initial.vm?type=4000&openOption=ExistingPersonalCustomerhttps://banking.ingdirect.com/openaccount/initial.vm?type=4000&openOption=ExistingPersonalCustomerhttp://ithandbook.ffiec.gov/ITBooklets/FFIEC_ITBooklet_E-Banking.pdfhttp://ithandbook.ffiec.gov/ITBooklets/FFIEC_ITBooklet_E-Banking.pdfhttp://ithandbook.ffiec.gov/ITBooklets/FFIEC_ITBooklet_E-Banking.pdfhttp://www.witiger.com/marketing/marketsegmentation.htmhttp://www.witiger.com/marketing/marketsegmentation.htmhttp://www.witiger.com/marketing/marketsegmentation.htmhttps://www.facebook.com/beaconbankhttps://www.facebook.com/beaconbankhttp://en.wikipedia.org/wiki/Search_engine_optimizationhttp://en.wikipedia.org/wiki/Search_engine_optimizationhttps://helpcenter.ingdirect.com/contact.aspx#cafeshttps://helpcenter.ingdirect.com/contact.aspx#cafeshttp://www.businessballs.com/changemanagement.htmlhttp://www.businessballs.com/changemanagement.htmlhttp://www.americanbanker.com/bankthink/convenience-is-key-to-increasing-bank-profits-in-2013-1055544-1.htmlhttp://www.americanbanker.com/bankthink/convenience-is-key-to-increasing-bank-profits-in-2013-1055544-1.htmlhttp://www.americanbanker.com/bankthink/convenience-is-key-to-increasing-bank-profits-in-2013-1055544-1.htmlhttp://www.americanbanker.com/bankthink/convenience-is-key-to-increasing-bank-profits-in-2013-1055544-1.htmlhttp://www.americanbanker.com/bankthink/convenience-is-key-to-increasing-bank-profits-in-2013-1055544-1.htmlhttp://www.americanbanker.com/bankthink/convenience-is-key-to-increasing-bank-profits-in-2013-1055544-1.htmlhttp://www.businessballs.com/changemanagement.htmlhttps://helpcenter.ingdirect.com/contact.aspx#cafeshttp://en.wikipedia.org/wiki/Search_engine_optimizationhttps://www.facebook.com/beaconbankhttp://www.witiger.com/marketing/marketsegmentation.htmhttp://ithandbook.ffiec.gov/ITBooklets/FFIEC_ITBooklet_E-Banking.pdfhttps://banking.ingdirect.com/openaccount/initial.vm?type=4000&openOption=ExistingPersonalCustomerhttp://www.thestreet.com/story/11587839/1/banks-shouldnt-close-branches-as-they-expand-online-study-says.htmlhttp://blogs.smartmoney.com/advice/2012/03/13/banks-branch-into-yogahttp://blogs.smartmoney.com/advice/2012/03/13/banks-branch-into-yogahttp://www2.fdic.gov/sod/sodMarketRpt.asp?barItem=2http://www2.fdic.gov/sod/sodMarketRpt.asp?barItem=2http://www2.fdic.gov/sod/sodMarketRpt.asp?barItem=2http://maps.google.com/http://maps.google.com/

Documents

2013 Capstone Kotula