Sun National Bank, formerly Beneficial, is introducing a non-Internet PC banking service for small businesses that will include some cash management features. The explosive growth of the Internet is changing everything. Some, such as PNC, Mellon and First Union offer sophisticated cash management and treasury services via the Internet. The growth is being spurred by increasingly sophisticated security systems and encryption systems. PNC Bank is moving into the quick loan approval area with student loan and home equity loan products.
Approvals can come rapidly because computers are tied into credit and housing valuation records.
PNC is also offering an online auction of certificates of deposits. First Union has also trotted out a quick approval system. However, it may be a while before business loans move into the quick approval arena. Internet bankers have noted that loan applications they receive often come from individuals who could not obtain a loan in their local market. However, by way of the Internet it is building a platform that will be able to provide more and more services.