Press Release
Bank One Introduces Bank One MoneyManager(SM)
Bank One/Microsoft Software Brings Finances Together All in One Place
CHICAGO, April 17, 2002 – Bank One Corp. today introduced Bank One MoneyManager(SM) – customized financial software that gives consumers unprecedented knowledge and control of their finances by bringing together their financial accounts in one location.
Bank One is the first U.S. bank to customize Microsoft Corp.'s Money Explorer, a browser-enabled product built to empower financial institutions with enhanced functionality for their customers. Working seamlessly with bankone.com, Bank One’s existing online banking service, Bank One MoneyManager can retrieve and consolidate financial information from bank accounts, loans, 401ks and investment accounts from more than 2,000 financial companies. The software also helps consumers maintain accounts, pay bills, and create budgets and financial forecasts.
"Knowing seven of 10 Americans lose sleep over their finances, Bank One worked with Microsoft to relieve some of the burden of managing their money," said Michael Welborn, head of retail banking at Bank One. "We want customers to know that we listen to them and find solutions to their financial needs."
Seventy-four percent of respondents said they lose sleep over their finances, according to a survey conducted earlier this year by Impulse Research Corp. In addition, Yankelovich Monitor found that about eight of 10 Americans say they do not have enough time to do the things they need to get done in a given week.
"Instead of struggling through multiple websites or an overflowing file drawer, or simply just worrying about finances, consumers can use Bank One MoneyManager to get an unparalleled look at their finances. The resulting ‘family balance sheet’ will allow them to work with their banker or the software to make good decisions about their finances and investments," Welborn said.
Upon installation, Bank One MoneyManager software automatically connects to the Bank One customer’s information. It can also be directed to access customer information from more than 2,000 participating institutions. Bank One MoneyManager pulls together everything from savings and checking accounts and mortgages to credit cards, mutual funds, retirement accounts and other investments – and updates the information automatically every time the customer goes online.
In addition, all financial data resides on customers’ hard drives, ensuring a secure environment.
Bank One MoneyManager is the first consumer product developed as part of the long-term relationship announced in December by Bank One and Microsoft to jointly develop and promote services and products for the two companies’ U.S. customers.
"Microsoft has invested more than 10 years of experience and research to help consumers more effectively manage their finances," said Chris Jolley, director of marketing for Microsoft’s Financial Products Group. "With Money Explorer, we’re able to help Bank One provide its customers with the most sophisticated, yet easy-to-use, tools for money management."
Bank One MoneyManager also allows customers to balance their checkbook, pay bills online, transfer funds, create budgets, help reduce debt, manage investments, plan for the future, simplify taxes and receive personalized financial guidance. Customers also can organize, view, graph, report and project all of their financial accounts.
In addition, customers can take advantage of Bank One MoneyManager’s budgeting, planning and analysis tools such as:
- Spending Thermometers, which illustrate how much users spend in any specified budget category;
- Debt Reduction Planners, which allow consumers to experiment with different payment schedules to see how quickly they can reduce debt in realistic scenarios;
- Standard and customized financial reports, which provide a clear picture of income, expenses, cash flow, category spending, budgets and more.
Bank One MoneyManager requires a Pentium 166 or higher processor and 32 MB of RAM and has a one-time fee of $19.99. To view a demonstration of Bank One MoneyManager or to request the software, please log-on to
www.bankone.com/moneymanager.
About Bank One
Bank One offers a full range of money management products and services through its bankers and investment advisors at 1,800 banking centers and through online banking and a nationwide network of ATMs. Bank One (NYSE: ONE) is the nation's sixth-largest bank holding company, with assets of more than $265 billion. Locations of Bank One's banking centers and ATMs can be found on the Internet at www.bankone.com.
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