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Supermarkets To Offer Private Label Banking Services
WASHINGTON, DC -February 15, 2000- Responding to the growing diversity of the financial services industry, Food Marketing Institute (FMI) and Financial Supermarkets, Inc. (FSI) announced today plans for a new strategic alliance that will allow for the creation of private label banking services. The alliance strengthens the appeal of one-stop shopping convenience in a new era of food retailing.
"This strategic alliance provides our members with a new option for providing private label banking services to supermarket bank customers," said Tim Hammonds, FMI president and CEO. "Financial Supermarkets, Inc. not only understands our industry, they have committed to providing one-stop, in-store financial centers in full compliance with the new security guidelines developed between FMI and the American Bankers Association."
J. Alton Wingate, president and CEO of FSI, added "As pioneers of in-store financial service centers for the retail industry, FSI is extremely pleased to be partnering with the supermarket industry’s premier trade association. This alliance will allow us to offer a complete turnkey package of financial services operated under the name of each individual supermarket company including customized design, installation, training, marketing, operations and all necessary consulting services."
The alliance agreement will allow supermarket operators more control and considerably more influence than they’ve had with traditional in-store banking relationships. Stores will be able to offer more services than consumers normally have access to from current in-store banks, which often have an "express concept" design focusing on a select few financial services. The new banking centers will be able to offer a complete range of services, including Internet banking, unlimited check writing, free use of ATMs, competitive rates on loans and CDs, fee-free daily banking and superior customer service.
Based in Cornelia, Georgia, Financial Supermarkets, Inc. is a recognized innovator in community banking. The company which pioneered the traditional supermarket banking concept in 1984, was the first in the U.S. to develop private label Internet in-store banking centers, and the first to establish supermarket banking centers in Europe.
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