Home Banking and Videotex
An Honors Thesis (ID 499)
3y
Reagan K. Rick
Thesis Director
Ball State University
Muncie, Indiana
May 1983
Graduation Date:
May 1983
INTRODUCTIor: • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • . . • • • • • • • • • • • • . • • •.
Chapter
I.
VTDE07EX A 'D
in>'
1
it \; ' i l
i"
..... .
....
Videotex De finwl ••••••
Vid eotex Sp r'\Ii ce~~ ••
Home Bankin~ 3ervice~.
Vid80tex r;0:,lIrJ1Fli C:l lion ',ediums.
"j d eotez
~
r
II.
DRnk One':~ ('~:nYl~ fjl '(li)(:.
VideoI'ine':lc i 'il (~n!'\) i C0~;.
Viel,·rtroTJ •••••
•
BEnlk-at-~():;
r,1:emicC"j
(; ,:'
Automat(~rl
<Jltstomer :,
IV.
TT~
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f'
p'~ Z~.:-; ~'1
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•.
T'T
PF.OPT,~;:
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III.
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..
. . . . . . . .. . . . .. . . . . . . .. .. . . . . . . . . . . . . . .. . . ...
FOOT~~OTE~;
••••• " •••••••
SELECrr}~D
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•
II
•••
ILTRODUCTIOIJ
Many will 2gree that the industrial age is rapidly
ing as the information revolution starts to
number of technical
innovs.~~ions
e~er;e.
~atur-
The vast
havo already helped alter
S8"i;-
eral aspects of our lives, especially our business practices.
The financial industry continues to incorporate the newest
technolozical developments to expediate its operations and expand its services.
The concept of bank C1.lstor:1crs
perfor2in~;
various bank-related functions in their homes is just one new
tan~ent
cate.
an
I
,-
I
the banking industry is startinc to seriously investiThis now concept, termed horne banking, is only a part of
extensi~e
home information system called videotex.
2
Vjdeotex D2fined
~eneric
Videotex is the
its US8rs to access
fo~ A
labe].
inforD~tion
s~sten
comhina~ion
ter~inal)
8n~.
linked into a
durin~
thnt
on
so~e
~'J8h'JOrk
ye~~,
2.
nel,', teclmol 03~r
or two existins tecbnologies: com-
comrn.rtcrs.
a
allo~3
from reDote locations via ter-
It is sir:;ply
based on the
which
1
Presently it
systGG3~
'::hicn has
re~uires
a television
c~ccess
videotex services
co
J
~8r0
0::-18
se~
to
beco~e
or more data
irtro~uced
in
Fr~nc5,
Japan,
Videot8x
~he
S0rvi~0s
specifjc services referr~i to os vi~2otex involve a
-
3
7-
curity) • ./
+p.lp.mo~~torin~(~o~o
v ~
_,!.l
!~J
11
:~1 __
and
lec-;-;ronic
'~l1eso
provicl(~
cate;o;o::::,ies
v2riety and diversity of
servi~es
<. ... _....
-"-
uno
'-'-
example of the \·;ide
CD
termed videotex.
The business community has shown a hieh degree of enthusiasm in the possibilities surrounding home infornation services.
Over 3100 million he3 been invested by
U~ited
States
companies in de'veloping and testi:::1g videotex systems, and an
quarter of a billion dollars has been spent on 83
home-terminal projects conducted around the world. 4
esti~ated
80 what lies ahead for videotex, this new concept which
threa~ens
to drastically change our way of life?
r"or n~ snec'J ..ll. . , OT
...
t
_ C us p
_~-,
cne concep--,
-r'-l*-l)Y'A
~.
'- '-' ~._. ~,i,l
J'
"'
ser'.rice, ho'."
hO!'!8
bar:kinz fi ts illto the
Videotex's
prou-.·,_de~s
v
..!..
videote~:
o-:-.~
_
+-vhe
_
picture, cur-
rent home b?d:::;.n:: projects, 1-:0 1:.' home bo.nking I'lill effect bonekinr; ~ and s aco of the problens
~~hat
del' to 'lake vLLoeotex and
buCl~;:inf,
addressed in the
Video'~ex
inr:; POf.,t
8;-~d
is
p~~es
ho~n.e
need to be o'rerCOll:e iT. orsuc.cess ful '.:ill all be
to follow.
in!orG~tion.
It is a convenient 11eans for
c':I.Ten-c inforTJation on a multi tll'S o.f.'::;opics.
prrrticipants in its
cess to r1:0:"8
t>
70,0(")0 pacn:,;
.
d.!)~.ly.
oted in
Chicas~,
terial from the
S
-
o'~'
~he
information i'!ith 20J,OOO
Keytrnn
systc~,
to be oper-
Illinois, will enable its users to access Ga-
In addition, nost
oX the videotez s:7stems ltlill pro-viele electronic ::--.ai1inC, com-
to
8020
extent,
pI'o~:;rnf'ls
1;!hici"l '.-Till [lid th.-::
tax planning, hudgeting, and
fi~ancial
USCI'
in ars:=:!.s sucl: as
~anasement.
But the
on
conSUQe~ stoppin~,
retail advertising and
+-0
vlons ..
fared
a~d ~0me b~nkin3
t':JO
a~e
func-
The advertisinG and shopping services, l.'lhich cc.n be ofthro~J27h
videotez systeI'1s,
to provide to customers, but
to cause the most
adver~ising
'0he
0st to being
relaterl
dr~matic
in~
~o ~h~~
7
I
But
r01'
changes in the user's lifestyle.
Currently, ads
t~,e
scree~.lS.
services
functions tave the potential
on a larGe-scale basis, of two
are sirr,ilar to
service as
th~se
~;he ~.;}ost cliffic~).lt
service is being provided and is the clcs-
o~fG~ed,
functia~s.
;:lr~
nO'.'13
n()~J,
infol'!;:r~tion
t~c Dnrc~~~t
raosi~
of
-f~>~
avail~ble
sercha~t
to videotex users
received by the custor:er.
would
lik~
to disclose to
D.cl-S ~~1J:.;-t~ rr::mc.ltl sikl)ler,
~,~
c}~o·J,-:;t;. '
-,
tioD Gnd development
18
whst types of Q~d on wh~tscale ~ill
5
shoppi~~
~.iJhich
w~ich ~ood
After the custoDer decides
h0':18S.
~a~~
services be provided to tte videotex user.
!Tlerchar,t to purch2s8 i l: fror:l, he "Jill
product from his
ter~inal
h?
~eeds
sir!ipl~l
irr
a~d
order tl:e
and it will be delivered to his home.
The possible changes our society may face due to home shopping
will be discussed later in this paper with the future of videotex and its potential impact on our lives.
On.e of tbe
only service,
prin~o.r;y
p~ovi~ed
s er-.lices, and in SOEle inst:3.nces the
by video1;ex systens are the ba~kins
functions a customer can perform at home.
telephone bill pnyirs to
and c2sh
mannzs~e~t
'l'lj e
e~ablins
The different home
the custo@er to use
programs.
.
Se~G8nCeS
.
susmarlze 11any of the
services tl~e 3~iQr hone banki~~ systens provide.
of the
Dys~eGS
budS8~
o~fer sin~le
accou~t
re~ortins
Alcost all
services
i~
-,
tion, most of' U"8 sy:::; [;cr:;s allo',) the user to cond.LJ_ct :i.nter.-
nble
t~c
custo~8r
to
~ollect
t~s
mo~thly
bills, send
t~!0~
to
bills
from
T;lhL~h
he can inform the bTClk
mO~ley
his accounts the
is lucky ,
'.Jhe~
to pay then cmel 1:Jhich of
is to be \'ii thdrmrr~ frOI:'l.
If the bank
the ret2iler Hhom the ban}::' s customer just p:::.ici '.Jill
have nn ?ccoant with the bank.
credit t"'e r,o;tai ler t s account.
so, the bank will
si~ply
If the retailer banks else-
the day and send a ch0ck and specific payment list of the firm.
acco'1:1-1~
Aside from
home
ban~dng
sy:3~::er.:s
9~~ bs~k
est rates
offer financial
~lost
:!l2.riptll::ltion 3.:1d bill payr::ent seI"lices,
viill provide information on curre"t inte:c-
ad~inistrative
~?r~gecent
services, such as bank hour3,
services.
Budget and cash flow pro-
crams, portfolio analysis, t8Y -1ata collection
a~d
computation,
and general in7c;3tr:;ent infor.oat;ion services arc eTJnples of
the features to cose.
~o
...,
participate
•
<1+-':
i~
adv8nced
te18co~rerencin3
C02-
9
i,_unlC<~l,..!..O
-,
\Tideote~,:
Co;nr;m2lication IIediuEl3
.1.
via satellite
Eu-s hm1 ':Jill
0.
firm Hhic[l supplies '.Ticleotex services
bring the previously mentioned services into a custoser's hODe?
l
r}
I
8~J:cre:':1tl.7
(:>"FlC G
of'
i~1.forl:lation
:~elevi[';ioYl.
'"atio~l
nec:essar~!'
t>lere are b'!o nedi'..wls '.·jllich allm'! the
from -;';he consurner to the
A thirrt possible
~eans
ex-
corres:ponc~ir:.s
•
.c>
of transporting the lE-,or-
is sotelli tes, but this E1ediu.m '.Jill probabl:'/ r..oc be u-
"t:ilized ':!i t":!,
sic;n5.ficance for some time due to cost con-
3::",7
siderations.
Althoush telephone lines and cable television each have
their separate advantages and disadvantages, phone lines apDear to be the
is that Gors
do~inant
The major plus for
pho~e
lines
95 percent of the United States households
tha~
have telepbones.
medium.
10
Only 20 percent of the American households
are '\:!l reel \,!ith cable.
Another distinct disadvantage of cable
is that a mere one-half of one percent of the oable lines
Rre interac~ive.11
tatioD
medium~o
be interactive, able to receive
a~d
to t2.;':e p1ece plricos 8.Dother damper on tIle
fOI':;l8,-;-;io'-;,
of cable
A videotex system requires the transpor-
becomi~~
the videotex
~ediun
also
cl'l8:::lces
since the exhanse of
1) 9 n}:::: i..n[\ •
'J.~ C oU.:1. ~-: s.
-"1')
! (":
nut telephone lines preserl"L;l:l nresent a nroblem
.J.
to
:-."
-;~he
v
_ " 10",.
_
e
f".. ('l'T?nc"'o'.
,''-'
_
d
p-;TE~lopI.r'F.:-_.",.+:
~ v
__
• _
v
0
P
.L
v
""o-'--e
v "_
-ITJ"
, _ ('nc'
..:.
co
oJ
er'Tl" ces
,
,
,
'ho~o
.d
J:1~
-
3
shoppi n~; in
pa!'ti~ul'l r.
possiblo solution to this
nnl
}l.g G
dilems~
te~~i-
is thnt if the user's
i::l.te llir:;ence., o. bui It-in COr!iyllter ~ it; CEi.n recor1stru.ct
the sna!'se information transmitted over ohone lines into
l'
.L·
•
.L
sopnlS~lCdGe
.~-.-,
d
,.
ma~e
, 13
G~apnlCS.
The bisgest advantage to using cable as the
mediuG is its ability to carry
hi~h-quality
informatio~
motion graphics.
Horns shopping services usinc cable could show the user a live
the Sears
,
1
Also a
system can provide a
c~ble
peal ins package of services to
~hc
~ore
customer, including
aD-
mov~9s,
sports, video games, and other ent8rtainoent features.
I
So ':Jh:Lch mediu.w \·,ill pl'Jy the dominant role?
blue-chip
)
cataloc;.
companies
cabl~
tryin~
1981 alone,
invest8~
an estimated
'~1
:S'fen
tho'-~3l1
billion in
to develop videotex services, wast
indus~r~
J
I
experts fee 1 phone lines 'dill prevail.
cTolm A.· :'::1.:80el, vice
president o.f Ba:-lk One of Columbl;s, OLio, for,'?c8sts, 1I:.rhe
product is
zoin~
. ."
,/lL~
to be delivered by -ce
1.8~)!lOne.
telephone line:; n.ppeor to be "elle
bination of cahle brinsins the
the customer
a~~
the dnta base
feasibility of
The
0:::1
~2y
telephone
AlthoUE5I:
delivery me rl5urn, a cc:::-
i~formation
transmittin~
and Cruphics to
information b2Ck to
evolve as nn alternative.
t1:--~is
tcr8i~ol
L!.~in
0230
Currently the
combinntion is unkno·,TL.
the customer will use will vary
tr-.e videotex system he
p8rticipC3t(~3
i:::1 and his
dope~dins
infor1T~:J.tion
9
')'he teI'!",inals range
t:JPC
used in Chase IJ12rl-
Dill-Pay service, which is an advanced telephone cop-
h~ttan's
.,-,__ble of'
the
:F'ro!~
up to 16 e:.lnrrlcters of infor:Jation, to
displa~/in~;
personal
such as the Atari 800 used
co~puter,
5ank's Pronto system. 15
i~
a
Ohemical
John ~vssel'R predictions for the
type of terminals videotex custoners will use nrc: 60 percent
0:
the 22.rket
use a stand-elone videotex terminal costi:1g
~:!ill
approximately B250, 20 percent will use decoders attached to
other 20 percent will use hODe
their television sets, and
16
computer;3. '-
Depending on the videotex used, the customer uay be pro-
'.dded \'lith a te:!:'t!inal at no charee, such is tice case in the
na~J~-at-~orne
s~8ten
~nozville,
in
Tennessee.
In this example,
users are supplied with Radio Shack TRS-80 color computers for
t:heir
'video;~ex
(:~nire
the user
• p.
,
systems, on
-1..;0
•
SpeC1Jlc~erml~a
point i_n
'~;l]at
I
j~:s
pU::c'e1' <lse ei ther a personal
1
dGveloped
~o~
,I
t~e
._"",
__
-:'1:;8
one.
[~i. Ie:>
COf.'1:p1.1~~e:::-
pa~ticular
. "!~"... ,,-A, , ,t'.........
"'n-:,)""'OYl
- 0 1 "(r
1: .l. .L .. __
u~
0 ......
or
videotex
[l
s~s-
"35 0 18
:'.
I:'
_ •
supplie"'" of the vi.deotex service to rent
~~e
:~llinois,
that
other hand, re-
participants are required to bl\7 a ",'.rester!}
, . ~ ,,=-;
C oC"·r-ln':·
ternativ8 is for
t~u
Keytran operation in Chicago,
its 1.1.:=38rs the option of either pnrcn2sinz a
,
~
"L'~
~~ecj~lists
stase, industr:'
with his local
part of
2
Even thouSh the
ba~l:s.
respective
foresee
~j~ancial
~8tWO~~
of
still
hon~
bankins services ba-
custo~8r
may
institution, he will
cus~omers
d8~1
~irectly
prob~bly
interconnected through
be
~any
.8Y jntcnd to franchise their services to
er institutions ..
cated in
Hni ted !\rneT'iC8 n Sorvic: e Corporo.+; ;0-::( IJJ~,,?'-::) 10-
K~oxv~lln,
reports t"'.--\8t
J
I
f
interest in
mo-rF~
usit~·,~
ot~-
Tennessee, has 2nnounced its
tllS.n LI-OO finar.cial insti tutio:ls
the
UA~3C
service .,\.c;cordin,::; to
i~1;s~tio~s
h:.1.'.Ip
to
e:~pressed
,J'lCl~0.r"
arc:.'
ing.
CornorQtion's Dians.
...
-l-.
of four
cor:p:::nies, p18.rts to o.ffer .fr!J.ncl1isi!l[;
.,
ser~lic(:s
ba~:
1
~oldinz
to 'other"" fiilrln-
-
11
cial institutions across the nation.
t~at
explai:·ed
Vid(:)oFiYla~lcj21
nOT'8tioD is a peTtner, intends
David Orte:a, a special-
S8I'vices, of ';,:hier: :Janc One Co:-·!~O
ha've ef3t.3.blisheri tl'le178 re-
gional data centers stratesically localed
1987. 21
States by
throug~lout
the
Unite~
The data centers would oake VideoFinancial's
services available to virtuallz,T every fina::.cial institution in
'che United States.
tion
have exclusive access to its services in a particular
~ill
market.
VicleoFinancial assures that no one insti tu-
VideoFinancial claims that its ever.tual success is
contins;ent
Up01J.
the bro2d acceptance of its s ervices
financial institutions.
b~,-
many
'")")
Lc
In addition to UASC ar:.d VideoFinancie.l, Cher::ice.l Balli::,
Chase ::anha ~t;al1, and ('cutor,2tic Data PrJcessi::'"JS a:'e further ex-··
amples of
o~her
firms
plannin~
.
Vlces
on a I.arBe sca I e. 23
Even thOUGh it i2
Dare than sixty financial
i~stitutions
there 'iay only he a sElall
r.ul'lhe~c
home
lv~n~,:Llg
reaSO"2
s8I'vices.
occur.
~heir
to franchise
~Qy ~e
of f1JtuI'e
videotex ser-
esti~ated
i~volved
nr:, j OJ:'
that
in ex-
su:!?pliers of
:Scono:.lies of scale of pro,ridin3 video-
12
i~
this smArging field
i~ dev~Jopin3
nssume th2 risks
o~hers
Jet
i~~Gr8nt
ne~ co~cent?
a
" E~'"f'l' nJ'
,,r n
c ,;-e'
v
.L.}
_L oJ(,.
s t a:: as. "-r,'Te r~.,.'bo·_l,-T oU.,,-o:rd.; to 1 e8d.
Fl'
E, he r_
_
',J"
hanking is not
a~rt
Q
,
_
industry,
coura~eous
_
this has
a~~
But
"
contrib~ted
fact, banking is
Fisher says transaction
. "'ce of'
311_
-~
ers.25
t"'c. -r; deo+p.'·
-i_.......
.:....!. ......
\. _.....
'.J
nr
nd'ls,l..·r
aY,r'
could be the lead_L
G-J,
.Ll:_.t oa.,..,1."
.... ...:..1.:.. ... ....:
l' -.
In addition to ba~ks meeting ·the transaction needs of
the system, they could also be. an
~nd
can be 'the c8i.ter-
applicatio~s
i~portant
data-base provider,
thus they 'dill have an influencs on the paee of accep";;ance
of the
Ba:1l:.: One of
&
COhli'l:)l)S
I
report on its joint venture into VideoFinancial Services, the
forefront in
There
are a
and the 8mount
n,
numbe~
of
benefj~s
paper those transactions
~ddi~io~,
fi~~nci~l
in~titutuo~s
;;ioned to sti"l:;r cOtTlpeti ti '.,TS 1:.'i th
jns
new and more
financial institutions,
co~venient
o:~her
ser~ices.
i~".."
re~uire.
will be bette::-
ti1:;u-:::ion8
A~d,
Also tho
b~c
po~: ·t-
provid-
probably most im-
13
portQntly, bonks viII be abJ_e to
,
cl'
:r~ 80S cr'.0.rr;e
_ -,~ 0 'n 0 me
C,t.",
l o -LIJ O"'"
,,""'s
''''.-L
b~
,1- 1' ~('
l ,:_lu,ll;::,
nev revenue from the
~cnerate
"'D(-'
,--,)_
;:i'nlc1l p:JTticip3.te in franchise agreeme:n-cs.
executine vice president of
~irst
o+-,h
o__ I' l' ;;8
, ,___
,. Tv l' -'.;lUT1'
_
v __ or1S
~
-'-0
t,
Don'tld P. Cri vello~e,
Interstate
RDI~
of California,
s1J'TIr.J.ed up F:Lrst Interstate I s reasons for entorinc t.he home ban}:iW; field \'Ihen he stated, "Ue' ro being buried in paper and the
brick and mortar cost of buildinG a new branch has doubled in
28
the last five years."
Crivellone also cited rising people
costs os another major motivation force impelling him to pursue
home
Vhen reflecting on the cost savings to financial institutions, Bid
Systens
Tay~or,
sta-~ed
a national sales manager with Engineered
1I1:!eif-~h
1
the
po-tentiCll of the n1JFlber of calls
and maTc-hours that \'Jould be tied up b./ those transactions versus havins a reliable electronic banking system twenty-four
1-:::' s
hours a cla;:;r.
I ~'
cer-_~,--ln
1 Y co o
-:->:J"
e+'-fec-r.-·1 va
.-L _
J_
''-'.
7.0
,,/
Accepting the fact that banks stand to profit from additiona.l
r8'.re~'.ue
~~;8nerat8cl
by c.na
cost saviEgs incurred beCallS0
of hO!lle ba!1Jein: 1 tl,"ro o')vious 'luestions arise: hov! ouch '\ViII
home bankirs snrvices cost, and what will be the benefits to
the custoDcr
Costs and
w"o
receives these services?
Be~efi~s
::-.-; i_ ~.,_-' c p-
• 1
~~e
of 7ideotex to the Consumer
"
+VloeOJ8X
oY devclopm0nt, many
"
.
1nQUS~rJ
ho~e
•
18
.
s- t:; 1• 11'lD 1tS
bankinc projects have not indicated
11hat cY:,'lr-tl;;r tt:eir ini tiLl 1 fCG structure l;lil1 be.
HOi:J.e i:l
I~noxville,
early stases
f]1 eIL18ssee,
Bank-at-
1:_'hich has teen operational since
schedule:
Chicago, Illinois, will be ann of the least expensive
for its users.
Participants of this system wil be given the
option of purchasing
Ten~ins
syste~s
~
te~minal
it for S25 per month.
costins
app~oximately
In addition users
~ees for access time and paS8s.32
~ill
$700 or
be charged
Most of the other major vide-
otex snpplie::'s have i?1rlicated -they intend to ei theI' rc'}uirc the
customer to buy or rent a terninal, pay a monthly fee for ac-
But what
have
eree:~
cl
~ill
entice tho
b'-~-clles
as
to use a videot0x sJs-
cus~omer
to
c10.":2
8.S
m8n~r
.;?otenti?l
as possible an'
shoppin:;
dis tricts oy!d -. 'sn airports.
3re peri'eet eX'='r:1ples
of~c~i~=
r:1axi~'rr~
Cl)StOTl8L':::
of
'J1he
(l't1L;oma'ced teller l'l.achinos
the baYlkiYl3 indus-cr;y's comL,:itcent to
~ho
customer convenience.
,
cuscomer
.
convenle~CG.
involvemert of
Bu-~~
not only is
15
[''ole users to hs.'re <'eeess to
r:!Cl.XJ :'lUD
a!~,OU:lts
pants, but it does offer.' a cost savi:.l?S for
2ble to utilize man7 of its f.38r iJices.
he pays a bill when
checkin~
pa:~;;:ent,
perso~
\1 e7ery
fees, postage, and other
~iscellaneous costs are considered. 33
the cost of' bi 1.1
'.'Jill "8e
t1lOSC:; 'il110
:Davicl Orteza, i'ror.1 BRnl>;:
One of Cohlnbus, estir:,ated that it costs a
ti~e
o~~· info~:J.ation
Aside from savlng on
videotex users ',,,,ho have needs for
larse amourts of information, vhich their particular videotex
systeD is
of providing, stand to benefit from the cost
capa~la
savin;:,;s of rec c;ivi:nC; their inforrn.s.tion viE', their L'lOm·2 te.rmir:::tl.
And, of course, the novelty of participating in a videotex systern will draw
qrE-
\'J110
so~e
people
J::8r':etj.nc~
adoptersll.
T~~3
the core of
the~r
lifestyles
\'!C"lO
a;(
specialists refer to as the
is the sroup f'or
,
ters are
technolo:;ies
users into the videotex market.
a~d
..
o.re b eCTo:r
GO~,c~~pts
~LL
• ./·
who~
infor~ation
!I
early
will be at
~orkst~les.
educated, more
sophis~icated,
15
?ank One's Channel 2000
To provide a Qore clear picture of who the major
opers of videotex systems are and
~evel-
their projects lDvolve,
~hat
several current home bankins projects will be discussed.
, .
One Corporation in Columbus, 0 DlO,
is one of the nation's leadinz
videotex.
..,
~'Il-cn
pio~eers
Banc One is involved
its own channel 2000 system and
~i~~
t~o
,
asse-r::s
in homo
01~
,"·n
J(
Banc
"'1"lon,
'Ol_
bax~(ing
and
videotex projects:
joint venture called Video-
Q
Financial Services.
T:""':8 Channel 2000 project is
duc-teCl by 3enl: On8 of
.q
'lid eo;:;ex ezpc::':'iwen t;
co~"-
O::.e Corporation I s lead
7.5
ban!\:, and O(;LC(Ohio ColleGe Libr::t.T'7 Center) • ./
OCT,C is a
librar~r
CoIU~tbus,
services cocp3.ny based in
on-line computer
n0twor~
Colu,"~b0"3
'dhich opc:ratcs an
used by over 2,000 libraries in the
The
p~oject
Bq~lC
are to increase the
objecti~es
avqilabili~y
of OeLC in the
of library resources
to patrons and reduce the rate :::t \!hic:l librD.ry _cos-co are
7.
r)
risil!_~~.:J/
!.1he-·-' ~-:he Cl!.:-ll1{lel 2000 projF::ct; s-cc1rt;ec1 i-rl Jcl~Q :[·'J11
videotex industry:
t":-te
service to be tested in the Uni"l;c;d
;)t;Cl
tes, the first Dulti-
;,.
......
17
'1011':-1(;
the
r::e~leral
e~ui~me~t
aD~
the conclusion
fulfilled by
enc:.'clopec::i.2. to be F,Dele availo.ble electro-;:ic2l-
communication
t~~t
t~e
re~uirements
nee~ed
to deliver
the technol03ical requirements would be
end of the decade.
In addition, the
custoners were not ready to
se~eral
ac~ept
rrite Chsnn8l 2000 sys·t";e,1. 1:!ill oper8.te on a fr:3e-stanc.ing
compu':~cr
pe:'-.:'mi ';;'in':=
tioD to be
Up_l,> !~::;d
d~coder pro(1.1Jc-:-:C~
with the
i
i
I
I
I
I
/
I
I
1
C1J.3to:~er3'
on o. dai l~.' bClsis.
text 2n0.
tele~:sion
f:::Vl!lcial an.d billiEg infoT".la-
gr8I'l]Yi CG
set turnerl t:o
The service will be
in eiGht cii T.ferent coLn's
f:riencll~rll
•
If tr,e user selects the B'1nJ:: One
a~ain
option, he is
he can
presented with
The three
U3e.
~ajor
:G'Jn~{ing
EOf28
Ser---i.ccs
sever~l d~~~srent
services
financial services are account
s~atus, ~eneral £inanoi'11, and two methods of ~il1 pay~ent.41
E8Cll.
Channel 2000 customer \"Jill h8.ve
ing acc01Elt,
t~/;o
to one checlt-
aCCOGS
savinc;r3 accounts, an instslJr":sEt loan, a
mercinl 10·?F or IJortgace, and Ol1e Visa card
CO;:1-
;;onth-
o.c~OU:1t.
detailed crans '."·:ion i'1..5'!)E,1O.t;ion is <:..':ailabls ror t'10 checlo-:-
DeI'S
can enter hillins information
dirac~ly
.,
.
~nelI'
their
fro~
.
,
lnpu~
.
V1Q
,
.,
~ne
ho~o
us-
tele-
vision screen.
c ;:m
0. c C 8 S ;;
.:; h e
tIl
custo~8rs
o~
,
accou:'n:; •
Particip0~~s
to 3creen
1
displ~ys
1n the
Ch~nnel
t~e
Cb2~nel
2080
if·)
2000 project also have access
of seneral financial
infor~~tibn.
Included
i~
this
i~for~2tio~
are
rates on certificates of de-
ir~ere8t
loan rates, and the prime
rn.-~:e,
rrc_(li-!:;~.orl
in
The user can
~~o
O-;-}Jler fi!.1.ancial d.D-to..
c~oose
One's financial services,
Cb~TInel
2000
d~scription
Am8rican Academic
five other services aside from Bank
wi~h
~ncyclopedia
and if
Ca~alos ~ill
availab~~.
ce.?:l o.lso
[:lcces:~
the P'lblic
the Channel 2000 systeo.
explains how to use the system.
c:rclopedia's h,fornatio!:,.
bus Library
/!...~
r,-1~1e
e~able
The
The
permits full access to the enelectonic version of the Columusers to look for a publication)
have it mailed to their hones.
The customer
il'.forr::C1tion cO':1cernins cOr:1r:1uni t;;r e'isnts thr01.1s"l
Inf0~C"rltioY'
Services option.
The
service,
l~inal
user to return to
pase o.nd
t~e
....
ne was uSlng aurlnz his previous access to the sys-
.,
Video~i~ancial
Services
'tenture of Southeast
D~nkin3
Cor-
Corpo:::'.'ltiorc ,
nancial
tra~sac~io~
.
processinG qn d '~ence "D~nKlng
local financial
institu~io~s.
other
b~sin8~ses.
fo~
n~al]
F"
.' l
Q
eO.l' 1 n G.n c 2. a I pIa :~, s
",'
•
to p:eovidc
20
Financial will also process the financial
~ill
.'-
lr
the~
assist
,,8.SL.S.
in record-keepinG anrt
of vid20-
finan~ial manaze~ent
L~5
VideoFinancial's major
t:o
por~ion
pro~/ide
Florid~
the bank
s~'Ti tel},
co~mitnent
at the present tiDe is
including hone
bnnkc involved in the Viewtron
banki~g
videotc~
for
system to be
irrrplerilsntecl in southern T'lorida 'in Gepter::ber of 19[:3.
'rne
Viewtron system is sponsored by Viewdata Corporation of lmeri-
A~ r:>:. ':l/Sout;iler:~ Bell 1.'Jill desir;~! ar.ci
.sell the terc::inals to be
used
QCC0SG
to
Included in the other
fe~tures
are
t~e
trnrii ·tioYlal ho-~e bQrJcins servic2s, such as aCC01..:.~t stnt"ls) bill
p3.:TrneYl. t;,
~-
clT.!.cl
t.r,J~n3_-fcrs
ILO
•.
.J
21
COThltios viII become payins
"r"C~
,_
'J"
fJ
-.~~~
./c;,-,-,~
o~
,:.
.
oner 8 'Cl'nn
~J
Co
to purchase the AT
50
~11PP
.' ~r~:l"c-_~D,.Lan,
+~
__ . _
.::'-'__ v .
v~
---,,_.
~
of Viewtron
c~3tomers
~television
be ':~25 i~o :';30. /,-
,
!
"
_
presentl~
tar~eted
to
:Cleven Florid3. financial ins ti tutior..s have
signed Ie tters of intent 1:"Jith 'IC,\
and 'crnnsac·GJ.on
vl"ll be rec,·.uired
adapter terminal for approx-
"
. 1
~~50S1
lmaC8.7.:'.?
-~
ana, pay the monthly fee,
r:?
~urinG it~
~
.L unc'"lons TO
'- "
•
'l~o
help provide the banking
'
'} lei.'l t
ron
--"'
s cus l,o~lers. 53
J..
Knight Ridder plans to offer Viewtron in several cities
across the nation where Knisht Ridder provides newspaper services and possibly in one or tvo cities in which it is not 10cated.
~!orth
1
e
•
10
,LJ.,
v~}
Potential future
Vie~tron
sites include Boston, Fort
ICa:1So.S City, P~lilaclelphia, San Jose , Detroit, 8:r:.d Char-
54
Banl:-o t - t~ OIT'.e
Another
majo~
videotex
s7s~em
p~o-
called Dank-at-£ose is
United Ar:J.erican
Ran3~
or
ICnoz~ril1e,
Fh:Lch has recentl~r been a~quired by First
~he
ser~ices
pro-
In c!cl.di tio"l,
.L1
"ile
22
The user is
e.e, I'' l .l "e~
__, ;-),
~
",,,,(1c
C,~J_
r)
C,
::~c
,j
n15
char~ed
Y'\0r
jJ- _ _
"'Ol"l-(""\
,.
l-!-
no~~hly
('1*
i~··1,1+·1'7
.'-- OJl;
v'
fee for the
bnnkin~
access rate is assessed if
~he custo~er uses CompuServe. 57
In October of 1981, four
franchise i ts
Bank-:Jt;-~Io:~!e
hUndre~
s~r8t8m
nresidont
chief executivi:; o:r':'ficer of UASC, repo::::'ted tl1at
so:~e L~OO
control the
100 personal
-
to financinl institutions
across the nation.
bad expressed 'T interest in nsiws
\
customers were receiving
so'ectio~
.
r:;q
COmplJl~erc;."
,-
ba!L:s
::;8nk-;:d~-Fome.
De~ fr8nc~ises
of
an(~_
to ;et a balance of
23
also
lJC
pl~nning
,
t
to develop u videotex prod-
,
C)lJSLl.ess.
II, will rrovide cash
:-:md
:y;l~ess
,
0
lec1;:9a.
~irst
funis tr2nsfer, forecasting,
to COITl80n cOrJyuter pro?;rarns, such as accounts re-
user computer ror Pronto II has rot heen se-
~he
ceivehle.
nnnaze~?nt,
(;()
Ba~k
s~stemls
First TIand
First Banl,;:S;'lsterll of r:irlYleapolis, Ylinnesota, beca:ne the
first
bank to use the
~merican
uhen it sto.rted
,
.
l"GS
Firs t
~ra
videotex system, TeItel,
~rench
'1d 7ideotex service in 1S82.
Clel-
It is a credit-card si2e
computer chip stored
provirtes
n~
el2s~ronic
i
;","'I-q
.;: n
~.J•
."
••
• ,.;
'.",
•
layers of plastic.
het~een
The ITli.croc:1ip
l~ey
to co; fidential coded
and
auto~atically
dates
d~t~
3TId
filss
i~
re8ord~
-.-:
0 p f',~ --'.-'
~.J...,~.'
l' r,
L'" +'_ O~L
. 'n
i-; on ,;.::. r-vr ; c p
cl" ,
_>-.
.J.
~
-'J'
.
62
GerVlces.
_
~
C'Juc 1}
CJ . .
L
.I...
0"C')
...
~'r
r:>;>-)
• ............
'-'In
1'"
..
L
.... ' . _ ,
':1Ar-~
_
_.'
,_
,
CIIAPTER I I I
syste~8
Even though there are Dany videotex
y
O ~ed
<.-'
~crocs
i:;).
~he
'J ~-
n~·tion
_ G. -. L _ oflOerl'n~
._
• co·....
p
arra,Y
_ _
_
of.
'opo~~
_
J. ,<
beinE devell·nfor~_._.a+l·on
_ _
_
v
__
services, several probleI:'. Hreas need to 'oe considered and overcome before videotex services can be \iidely marketed in the United States.
~efore
the home shoppjnS
se~vices
o~
Joh~
ceive dpta to
cleari Y':~
h01~.se
~~d
~ro3
billers.
videotex systems call
?isher,
I'm hopeful the
sen~or
vice
~utosated
::. et'.!orlc uill proTLde the
J
J
•
ready to t~l~t a vid80tex systeD. ~tth t~eir b~nk account
25
custo~ers
nay be reluctant to
nccep~
home
bankin~ an~
other
sizes 2nrl pries levels, by a host of banks, near-banks, and nonbanks, is conf1),sed by it all. ,,64
1970s,
t~e
Studies conducted in the 8nr1y
day8 of early technical innovation, revealed slow,
even
dis2ppointi~g acceptance of technology-based·products. 65
~ut,
surprjsin~ly,
the same studies show a hieh level of custo-
mer loyalty to technolosical
se~vices.
~hey
bRcl: to Yhe old
.
'Dre';rt3.l1.
b2nkin~:
Mr. Sulljvan stated,
didp't want to go
Now, Mr. Sullivan feels, we have
en
') .
'
s2r--:/ic")
;':~
1]
sj--;'Irt
01),t
as an 1J,pscale offerin;:-:;, but it
H
.L,2
adds,
11frhG.t
I
G
been
I see it
1y
.,
hi~t
tec~nolo~y-oriented
'';:'U8
eve~t~-
environment, will aid in tearin;
26
-
videotex services.
2000 report, that customero are
d9~andin~
cess
Another 90sitivc note
increasingly better educated society
more
co~es
cated, their needs for specialized and
con'Tenie~t
ac-
~or
our
fro~
studies
perso~~lized
co~-
information
tends to expand as does their acceptance of automated delivery
.
'70
sysL;ems. '
Another potential proble3 urea involving home
that sUPDliers of videotex
security.
Capitalizin~
ser~ices
Dust be concerned
a porson \'lith.
ad'.;",~::.ced
~:ost
syste~s
'iideJtex
have? personal
al.
~ith
is
on Technolo;y points out that t~e e9se
~~e
thcd~
ba~~i~;
r:icrocofr:::::n1:Ce::-
protect the
5~entific8tio~
public~tio~
ad~s
trainin~:';;o'_11d ha~Jc
custo~er's
~u~ber ~hich
Dust
bQuk
accou~ts
~8~ch t~e
"vc-
~.
over the p hon·~ 1-::..n.es
{'
~.
:,o;r.
'h
'C
.. 8
Cll:=:; i :oner " S
nome
2qin computer will be encrypted, or specially coded.
All iss1)e v:hich does not ilppear to hCJsper -che implelJenta-
tion of videotex services, but does pose as a
p~oblem
to the
widespread usaCe 0f the services, is the cost element.
r'ec:L~".olo0;Y
tA.lizin;r, On.
Capi-
reported that studies indicate the terr;:i-
nel will have to cost approximately half as much as what Dost
One of the crucial
conqacr is
terns.
areas videotex suppliers must
proble~
other merch3nts involved in the videotex sys-
gettin~
The hiGh costs to the customer for receiving videotex
could be greatly lowered as advertising dollars could be
in ta defray
co~~s.
that advertisinc
If
come
in.volve~
bill payment
and horne
A
tex
';~ill
G21:::e
vi~eotex
~roc
pos3ibl~
is
Orte~a
One of Columbus
o~ Ba~k
or b:;::>(:.ak the
Sl':.CC'3SS
suppliers can entice
the systems by
i~
shoppi"~:;
service~
David
pa~ticipating
~erch3nts
so~~~nr~
s!~ort
In
develoPGe~t
advertisin~
\'le
shop
of video-
for practical day-to-day applica-
Sl~t])Pl=l.
,
mo~n~
to be-
in electronic
l)otcntial vidaotex offers, the \,;ay
~hat
3tat~j
of -Jideotex
th8ir custooers and utilizing the
constr2frrt to the rapid
brou~h~
7L~
i
C~,
co es
Software
.
user
proS~~~3,
.such as
Thus
u::;f3'::1le;
the cus-
re~ui~ins
-'-:or:lcr
Tr::
,::xper,c1 cO:::1sidnrable ef':foTt ":::0
te~pt
":::0
do anything new is what ars the rezulatory implications
for the
area.
~s~
leC!.r!'~
hm" to use the pro-
The only re3ula-tion gocrer!ling bonlcing
. app 1
appears ~o
y ·1S PcteCll 1 2Glon ~~.'76
L·
This reculation
1:I~ich
outli~es
the rules on the physical receipts and inforcation customers
th·
, 7 7 But R8.Ylc One is
mus~ reC01ve co~cernlng
_elr accoun~s."
L ·
.
leaving
~othing
One and
C~~C
of
Cha~~el
•
to chance with its
re~resentatives
2000 to the
Senate cS-'lking cOE1rni ttecs. 78
authorj~~e2
exp~c3sed
7~:
the
ope::'~":;ion.·
presented a
~embers
A~d
2000 system.
Cha~nel
staff
~anis-on
o~
Bane
demonstr~tion
both tte qouse and
Also o=ficcrs at the United i\:Jeri-
no criticism of the
i~teT-state
nature of
2S
The future participation
28
predic~
difficult to
And the
Y.2"",'
fin'1.r:cial
a.s the
~y
.l~"J.ture
i·:J2tru~.8,!.-cs
d.ustr;y p::1rtieipo'-c1ts belie':,ce th2-C
firm
c~t~~0·ted
~~?t
4,00~
banks in Videotex syste3s is
deregulation of
that mny evolve.
~10:ne
rir8~cial
ba:,,;.~:in3
But r:-.ost in-
banl::inc; 1:,i11 be offered on
institutions
c~y
be offor-
:, tic.
,
"".':.ee c ;
~
i-v:~~:;;_"--'r-_nc ~':
~~r;r'/ic8~,
8flC:
:: -~"'~~Gs-t~!~e~:lt
COll.n:.;c1.iY'..~
Ceil'
-3.1l
b~'~
,lifestyles could be
sj~nificont.
Once videotex systems
8~co~e
or
·~~8X
~~g8zine
hO~8S.
delivered to our
screen.
We would not
e~en
~~
have to
could slGply have the
~ub8cribe
~ell
The videotex systems may very
C
orporCl te thouso.nJs of 10c8.1 !1e 1:!Spe:;:>ers,
t~heir
puters -::;0 develop
data files.
library to
21rer~dy
use coc-
typeset ond pase In:70uts, irc-to their
A 'J.ser could read a :p2per fron almost rmy :12.jor
cou~try.
city in the
files ror
~:J'nich
in-
custo:!(;~'S
p~rform
Several videotex
to
·'}cceS~3
re8e~rch
on
thu~;
n~
s7~teDs
Qcntioned in this
elir::i-';"1tin;::; [) crip to -':he
issue.
appe2r.3 to be
orticle, cl.DcJ
nany.
that nn
Ore
c~fec~
efficie··~
-t1: 3
the qbove
:::'1'0
8equenc~
may have on businesses is
(slivary system will need to be
~evelopeC.
l:!hether eacfl re'>·::jiJcI'::ill deliver its :=00d3 itself or incle-
clerks, cnsh~.er.'3 ~ cash re:~:l.sters, o.::d floor space in the· store
~8.n
be reduced.
•
I
•
.
lDcenS1VC
. ,
J008 o.s-
31
assjstin~ custo~crs
sociated with
i~
purchasinG some product9
,
,
than off-set ~he increased cost of deliverinz -sne icosts and pos-
But how lon3 will it be before a significant
ho~es
are participating in videotex services?
nu~jer
Payment
of
Syste~s,
an electronic funds transfer research and infor8ation service
company, estir:lates th,').-t:; up to 10 percent of American hOl}seholds will have a home computer terminal by
1985, and un to
40 percent of the llouseholds will have a terminal by 1990. 80
This does not mean
videotp.~\:
"'Jill 81so be a
alre~d~
people Hre
''-''''-'Y'
t"
t >1;
eac~
50
.
;:-:1
serVJ_ces.
i.!l
-:-0
termi~al
But if people do :lOt have
households may be
If
per~0~~
~ouseh0lds,
:::rur~;
a significant nu~ber.
Con-
and as hieh as 20 percent of the householdG
-t~h e
is up
that has a
orjentedto using computer terminals, vid-
well over 100 mjJlion
7
~ous8holds
CllS ~or:ler.
OF A~erican
'.
as low as
of the
s-y:cu12tior'.
3 ,-')
service risht nc~ as we were ~i~h credit cards in 19G5-5S,
have a
treme~dous
on
ou~
lives over the
~ext
ten
~years
P.l~
• tt'"'
33
Col7:
..IIbid.
l'
'-CE' pi t,31izi~,C; on 7echrlOlosy," A -report providE:d by -::;hr::
~:8tion,"'1
Inr:liFlDf;:
Be.nk, Indionapolis, 13 j\rril 19B3,
}}.l~.,
(Type-
"'''''''l'
-'-+-pn
",.'L
l., v·J
• )
5"'_-L,- p bor-,'~,-1., "rt~o,.""t=>r
_
,Toin
_
_ __
.11-
1~,:,nJ::\'!3S0rl,
6 f!~nre-:~cl
"1
!,
/l
'-7
.. ;-~rl:;icl_..
II
d,~.
,
"'i",T l'
I:r~alysis,!r
-"'1
~ -Pr~
0-1--T'11~Ture
B1U-i 1 d'-'
._"L
..
l,_
-c, ,'~ Banks
'E>:;,ui pr1!'~nt, :::'ebru&:;:>:, 1 S'83, p.5.
d,coT.r,_"Y
"
--
Bn.nk SY;3tems
_0_
o.,~
'v v
_
~
•
p.17.
;9 ) .
I t'ft!n....,,~"":rl
.l -.L .... ",'
.'-.....£.
'~>IC,;lL)
If
~·ulti-'.)tate
~'\S00r~j nt:io~
-.P~cn1·:ins
n'l-;:,k-F'rol1l-Ho:ne
fTo'urn81 1 O·::to1~\(~_~
-'~0
3'+
22Bar~: Ore of Colu~bus, p.4.
p.3.
orr f='echY!.o logy,
" p.9.
?"
- . BanJ: One of Co1QTibus, p.4.
P .L1-.
;0;0
./ CrOI;1er, p.2.
"7/1
:J 1"',1 1-','8 0:.L
,. cJ·
.
!~112_ 1 ySl~-"
.. p.o.
n
It
p.1.
"7.7
./ , ChO-:l1.('1e1
"7"
')
(',()O
r._ \.J\....
,
0 "'I .
.J..
:JoT'
. ,
_ OJ.o..
p.2.
40Ibid. ,
p.3.
LILL
r'I1lid.
L~5Ibid •
of
Colu~1bus,
35
}!.1.
p.1.
p.26.
52 Orr,
'7
p . .:;.
57, 1fi
i'rend Analysis, It p.26.
-"
58 0 -""",
'7
P_j.
r~,
59r<T',""''''r
v _
,
'-'J.l~""""
lL
1...'.
'0
..
,-,,:-,.
; ) .? S
t- r e e -l:; e .~~. -:
~p _ :3 •
rrl
~-)
/ I b ~ . (J •
r"
~=>'-F:~(-1lt~Y'npl
\.,' !...l.
'-,,-,..1
~
..........J-
. . "}0(....... ,J
),
_.
,
35
1
'7
' ,
..+" CO.p:L't-:a l.lZJn::;
77.
1-, 'd •
"_._Ol
r}3,
,
, SGreecer, 9.4-.
p.1.
80ltCapita1izing
0::1
rreclmo1o[~=,T, 11 p.11.
81n
01). 11'
lvon, p.1.
8311C::'Pl' +.-,,1;
v
J ........
CA.
--
Zl'
;"[i'
- - .... 0
p.2.
85 Orr, p.3 •
-
.
,
I
on Techno1oS:1,"
p.5.
Bank (be ()
\':r:--i t ~. ~(:;
.
"
,
I'Capit"'li7ir ..
(, 1
TTi3tiOT"lCJl
Cllannel 2()()O.
(~
,."
r
!\ If.: r ,
Dapkor::;
'T
1
, ,
Cromer, Debcr:di.
Darn.l: ,
,,r-_
,
.-' ~ J
"
',~"
I
'-11Y-P;ln,,-:; !-)i10'
,)l1rn[, 1, :\(~ ',ot,,, Y'
~---------------------------------
TTnil;ed
:~~~-;-;r.,e~~
Hyman, Ton;)
rf ,--'!i:.'
1"1 t:1 C:; (
~~~"",.'~
pp.
'if
I;: i
n-;Oi~\r:~
1
C
tl~--:,:Jho
,~·.i1,1:t.J::
;'rJn~~('I·.,
I'
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t -: 1e
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•
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AS8ocl!:; '" in
P:j"l;.:::j"
Ed ',:'lros, 'nol),l:'
:;
:;,uild:~
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----=:::..---
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v-
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1 nn3, [;". "''7-1 OJ.
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of
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----,--------------;~
"'kinr Prospectus:
r
plosi "Pc r;"c, ""
JO~lT":
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or
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p. :
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ill '
streeter,
ca"'1
Sulli V-9n, . i (~, :f_; 1
ment ." r,,:i. ('~(;
Ifr;l..,.....p
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in n
r;
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i,
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J'on-
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I
./
.
,
:~
-~
~
.
"Trend Analysis."
report provided l,~r ·~,.rlirF~~\ ':atior:aJ
IndiRrrifJol:i,J, 17; tn~'il l')P;'.('T'ypC,!,·i I, C!l.)
e
r'.'?:~l-,