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Banking Goes Electric
We've seen some unusual combinations taking place in today's world of deregulated industries, new technologies, virtual markets and the ever-increasing need to find ways to compete. The most recent is a partnership between an online division of an energy company and an online bank.
CompuBank has partnered with electric.com, an online marketing component of Commonwealth Energy Corporation, to offer the utility's online customers banking services.
electric.com's website gives users access to a number of new deregulated electric markets across the U.S. On the site, visitors can register to become Commonwealth customers, buy energy efficiency products, and get information on consumer rights regarding utility choice. And while they're at it, they can apply for a savings or checking account, transact banking business via an existing account, pay bills, and get information on all of CompuBank's offerings.
The explanation of the connection between utility buying and bank business? "electric.com is all about consumers saving energy and money," a company official was quoted as saying. "There is no better way to save energy than not having to drive to the bank, stand in line and fill out forms."
[Editor's Note: Right.]
Copyright © 2000 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 10, No. 11, 11/00
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