Creation of a transaction site is the final step in the evolution. A transaction site allows bank customers to monitor their accounts, transfer balances and pay bills on-line. NFR Communications also assists banks to establish and maintain Web sites. Web sites are driven by customer demand, Bengtson said. Snowbirds are a big group of users.
Retirees keep track of finances while spending the winter in the Sun Belt.
We see a lot of hits coming from Florida and Arizona. Because customer demand is high and the cost to develop Web sites relatively low, community banks can afford to create a Web presence. Some community banks are spending even less for simple Web sites. Small banks are investing for the next millennium. With such small initial investments, community banks are rapidly increasing their presence on the Internet but have not yet become fully functioning virtual banks.