Customers will be able to shop for a new car online, as part of an alliance between
KeyCorp and Auto-By-Tel (www.autobytel.com), from the comfort of their home or
office. Through a series of simple clicks on Auto-By-Tel's Web page, the car
buyer will be able to apply for an auto loan. Auto-By-Tel reviews these
applications and prepares them for automatic processing by sending them to
KeyCorp and other participating lenders via the WWW.
As a loan request comes in from the Internet, the data is entered into one of
KeyCorp's IBM mainframes using IBM's CICS transaction processing software.
IBM CICS Gateway for Java software ensures that they loan application can be
linked with any database, server or back-end processing system at KeyCorp.
This solution relies on NetDynamics server software and IBM RS/6000 UNIX
servers to enable KeyCorp's existing IT systems to be extended for use in
new electronic commerce transactions.
KeyCorp also plans to make a version of Key Auto Finance's Loan Origination
system available to more than 6,000 automobile dealers and 1,500 recreational
vehicle dealers. With this system, dealers will be able to offer automatic
loan processing over the Internet to customers from their Sales Department
computers. Auto loan pre-approval service over the Internet will also be
offered direct to consumers from the Key AutoFinance Web site later this year.
Key companies have a presence in 46 states, including its network of KeyCenters,
1,900 ATM's, affiliate offices, and four telebanking centers (1-800-KEY2YOU) that
provide financial products and services 24 hours a day, every day of the year.
KeyCorp's Web site can be found at http://www.keybank.com .