Internet-only banking pioneer WingspanBank.com is to be shut down in the autumn and have its assets integrated into the technology and operating infrastrucuture of parent company Bank One.
The US bank says the move will eliminate the "substantial expense" of supporting another brand. The decision is not entirely unexpected. It follows the creation last month of an Internet Business Group at the bank, charged with consolidating Web-based initiatives, cutting back on the number of vendors used and eliminating redundancies.
The move is a blow to banking technology vendor Sanchez, which supplied the Wingspan technology infrastructure on an ASP basis through its e-Profile subsidiary. Sanchez says the loss of WingspanBank.com as a client will not have a material impact on earnings or revenues. The company says e-Profile is currently in the final phases of implementing e-bank solutions for two large US insurance companies.