X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

BOSTON-Think of it as bridging the chasm between the old and the new economies. That’s how the people at FleetBoston perceive the bank’s ongoing push into an increasing number of Internet markets. Carrying an estimated price tag of $100 million, the strategy has been dubbed e-Catalyst.

The biggest splashes came when the lender took the wraps off of its Bid.com and Celeris services. The first, according to one company insider, is geared to bring commercial finance projects online. The second, a product of the Fleet Mortgage division, is designed to “help financial advisors originate mortgages and to supply other financial services as appropriate.” The Celeris operation is based in Columbia, SC.

“In the first quarter of this year,” the spokesperson tells GlobeSt.com, “we underwent a corporate-wide planning process in which every business line was evaluated for its E-preparedness. Included in the questions we asked were: when would the Internet reach absorption, and what point were we at then. We asked if each business line thought of itself as E-enabled and how virtual competition could challenge the success of our business.”

The products rolling out this year are a direct result of that initiative, the spokesperson notes, and there are more to come, although the details get sketchy here. “There are some products in the works, but nothing we can announce now,” she says. “The strategy is to enhance what we currently offer on the Internet by building products in house or aligning ourselves with leaders in the industry who can develop products for us.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.