✍ Scribed by David Paper; Ganesh Bhatt; James A. Rodger
No coin nor oath required. For personal study only.
is the leading ®nancial institution in Florida and is ranked in the top 25 in the United States. Its stock is listed on the New York Stock Exchange. In consumer ®nancial services, Barnett leads Florida with a 21% share of the consumer loan market and 11% share of the mortgage market. Barnett Mortgage Company is among the top 20 mortgage servicers and originators nationally, with a servicing portfolio of $33 billion and 445,000 loans. Barnett Mortgage has of®ces in 25 states with loan production totaling $5.8 billion in 1995. Barnett provides loans to almost 60% of the automobile dealers in Florida. It serves almost one million active cardholders, with outstanding credit card balances exceeding $1.7 billion. Barnett also manages assets for almost 40% of the households in Florida with a leading 20% share of the bank and thrift deposit market. The array of products offered by the bank includes insured deposits, mutual funds, stocks, bonds, and annuities.
In terms of technology, its retail distribution network includes 789 ATMs, 24-hour telephone banking, PC-based home banking, and a World Wide Web page on the Internet. The bank has also implemented state-of-the-art computer technology to enhance its relationship managers' ability to easily access corporate customer information. Internally, Barnett Technologies is migrating to data warehousing to better manage distributed data in a central location. In 1996, plans included a pilot program of supermarket banking in selected Publix stores in Florida, continuous modi®cation of existing of®ce networks to better respond to customer use of alternative delivery of banking services, use of new technology by ®nancial consultants to customize ®nancial plans for customers, and further expansion of telephone and ATM services.
The banking industry has traditionally thought of value as a combination of price, quality, convenience, and service. However, in the highly competitive and information intensive ®nancial services industry, banks are rede®ning value as the ability to understand customer preferences for ®nancial services and how to deliver those services 102
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