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E-SERVICES
Bangor Savings Bank updates cash management capabilities with online solution.
To compete with larger regional and national banks in the Bangor area, Bangor Savings Bank's cash management department needed to adapt to the online revolution. "The world of cash management is constantly changing, particularly in the e-commerce area," says Erin Hurley, a vice president and manager of commercial services at the bank. "We saw a trend toward Internet-based systems, and we wanted to maintain our competitive edge."
So, in 2001, Bangor Savings implemented Web Cash Manager Suite version 5.5 from Politzer & Haney (P&H), a Newton, Mass.-based maker of Web-based corporate cash management software. The bank - which has more than $1.6 billion in assets and 45 locations throughout Maine - upgraded the software several times in the last three years and now uses version 7.0. It has dubbed its cash management system Internet Cash Manager (iCM).
Previously, the bank had utilized a PC-based product that allowed clients to view accounts...