Banking in the 21st century.

• Author: BURNS, MICHAEL
• Position: KeyCorp - Company Profile

Banking in the 21st century will have no more in common with 20th century practices than the 19th century had with the 20th. At KeyCorp we no longer identify ourselves as a bank holding company, but as a bank-based financial services company. This is much, much more than semantics and investor relations.

First of all the word banking, in the traditional sense, has changed and continues to change at a rather rapid pace. Banks are no longer the big austere buildings on the busy street corners in the heart of every community in the country. Today the term "financial institution" better suits the work being done by banks. The locations have moved as well. Financial transactions can be made in most any size building no longer in the heart of town. They are on street corners, in grocery stores, sports arenas, shopping malls and anywhere an ATM will fit.

There are many factors that are driving this change, but two have more to do with this metamorphosis than the others do. The first of these is obvious to all-technology. The second is more subtle, but equally compelling-the pace of all of our lives. Time is a scarce resource for each of us.

While the structures and delivery mechanisms are changing, there are expectations that are the very foundations of our business that will need to be met. What do people expect of their financial services professional? Each customer defines his or her needs and sees us in one, two or all three of the following roles: helpful provider, trusted advisor and/or an innovative partner.

For example, KeyCorp, the parent company of KeyBank, is one of the nation's largest multiline financial services companies, with assets of approximately $85 billion. Key companies provide investment management, retail and commercial banking, consumer finance and investment banking product and services to individuals and companies throughout the United States and, for certain businesses, internationally. The company's businesses deliver their products and services through facilities located in 46 states; a network of about 2,500 ATMs; telephone banking centers; and a robust Web site, Key.com, that provide account access and financial products 24 hours a day.

Key, like others, is really just a small bank with a big bank inside. Local people, many of whom have been working in this industry for years, run our KeyCenters. They are Alaskans, they know the people, they know the economy, they understand. These people are that small bank, the...