Equifax - Internet Banking Solution
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Equifax - Internet Banking Solution

Customer: Equifax Corporation
Industry: Financial Services

Challenges:

  • Develop a Web-based banking product to serve the corporate/commercial market

  • Aggressive go-to-market deadlines

Keys to Success:

  • Included features and capabilities to satisfy the Federal Reserve's stringent rules and regulations

  • Advertising capability uses customer-specific attributes, along with sophisticated data mining and user-defined analysis, to target product and service

Description:

After seeing consumer response to its Web-based banking product, Equifax, one of the largest credit reporting companies in the world, decided the corporate banking market was ready for a similar offering. Although Equifax had developed the consumer product internally, aggressive go-to-market deadlines made internal development of the community banking offering impossible. Equifax chose B2B Technologies, a leading e-business technology expert, and Microsoft Gold Certified Partner, as its technology partner on the project.

At Equifax's direction, B2B Technologies designed and built a portfolio of key subsystems that would be used in the Web-based banking product for corporate customers. These key subsystems included an Automating Clearing House transfer generator, a separate generator to enable wire transfers, a dynamic advertising capability and an enhanced user interface for viewing and searching account transactions.

In building the corporate banking product, B2B Technologies included features and capabilities to satisfy the Federal Reserve's stringent rules and regulations, enable targeted marketing and allow corporate customers to manage their accounts on-line. Both the ACH transfer and wire capabilities comply with all of the Federal Reserve Banks' rules and regulations for moving funds from one bank to another. The advertising capability uses customer-specific attributes, along with sophisticated data mining and user-defined analysis, to target product and service promotions to different categories of customers. The new user interface allows corporate customers to review recent and historical transactions on-line at any time, while actively managing their accounts.

Benefits:

  • The client was able to release to the market a fully functional product much sooner than they would have using only internal resources

  • Dynamic Advertising sub-system created by B2B Technologies provides client the ability to sell and display targeted advertising within its software product, increasing exposure of other products and generating incremental business and revenues

  • Account management system allows individual account users to view and manage certain aspects of their own accounts, saving the client money in the customer service area while increasing service levels

  • Client was able to access the specific skill sets needed to deliver its product in a cost effective and timely manner