Metavante Corporation today announced the successful rollout of electronic statements at Huntington Bancshares Incorporated (Nasdaq: HBAN), a $33 billion regional bank headquartered in Columbus, Ohio.
Metavante is the financial technology subsidiary of Marshall & Ilsley Corporation (NYSE: MI).
Under the terms of the agreement, Metavante software is used to electronically create, host and integrate customized electronic statements - consistent with Huntington's brand - into its online banking site. From the Huntington website, customers can view their statements on demand in HTML or PDF formats. Metavante electronic statement presentment makes current or historic statements available to Huntington customers in a secure format anytime they need them.
"Huntington went live with Metavante electronic statements around the beginning of the fourth quarter last year and in approximately 90 days, nearly 50,000 accounts elected the service. As a result, Huntington's customers can efficiently and securely access their account statements while Huntington can suppress thousands of paper statements and save thousands of dollars every month," said Ellen Johnson, vice president, Huntington Enterprise Online Services. "Momentum continues to build in terms of customer adoption of electronic statements and the advantages go beyond cost savings. For Huntington, having the statements online increases traffic to our banking website and that creates more opportunities to serve our customers. For the customer, they get the increased security and same-day delivery of an electronic statement."
With more than 300 regional banking offices in Indiana, Kentucky, Michigan, Ohio and West Virginia, Huntington has a history of embracing banking technology. In 1991, Huntington became the first bank to use imaging technology to process 100 per cent of its checks. Since then, Huntington has partnered with Metavante for services like stored value payroll cards and CSF document composition software for creation of its checking account statements.
"Our newest agreement with Huntington follows a natural progression offered by Metavante," said Ed McLaughlin, vice president, Payment Solutions Strategy, Metavante Payment Solutions Group. "Huntington started with CSF to create the statement and now Metavante can deliver that statement as a low-cost alternative to traditional mail. Besides the cost savings for the bank, the Better Business Bureau says consumers can protect themselves against identity theft by going paperless with their statements."
Separately, Huntington Bancshares Incorporated (NASDAQ:HBAN) and Walgreen Co. (NYSE:WAG) Nasdaq have closed a deal that will add 99 Huntington ATMs to Walgreens stores across Ohio, Michigan and Indiana. Installation will begin in April, and the deal will bring Huntington's total ATM coverage to over 800 machines.
"We are always looking for ways to expand our ATM network to make it easier for customers to bank with Huntington," said Mary Navarro, retail group head. "To accomplish that with a company the caliber of Walgreens is a success for Huntington that aligns with our corporate vision of delivering the best service."
In addition to the Walgreens deal, Huntington plans to add, upgrade or replace over 400 ATMs across its markets in 2005.