Business Services Industry
Michigan's Comerica Bank Spins Off High-Tech Division.(Originated from Detroit Free Press)
Knight Ridder/Tribune Business News, April, 1996 by Solomon, Deborah
Apr. 18--The growing trend among banking institutions to offer electronic options to customers advanced another step Wednesday with Comerica Bank's introduction of a "branchless" bank.
AccessOne Banksystem, a new division of Comerica, is already operating and will allow anyone in southeast Michigan the opportunity to do all their banking by personal computer, phone, Automated Teller Machine, fax or mail.
Comerica's spinoff is unique, according to John Hall, a spokesperson for the American Bankers Association. Hall said, "This is the first I've heard of a major bank spinning off a banking entity with no branches."
With more people doing banking electronically, the drive to bring AccessOne's "virtual bank" to reality has been under way for several...
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