One smaller financial organization that has gained competitively thanks to Java is the Heritage Bank & Trust Co. of Lafayette, Ind., owned by CEO Perry S. Smith and his family. In January 1996, Smith decided on an advanced Web page that would "distinguish us in the community."
Over the past year, Smith accumulated several Java applets and effects at little or no cost, downloading them from various applet banks on the Web such as Gamelan. Many of these were for cosmetic purposes--a means of sprucing up the bank's Web site--but some clearly served the bank's business needs.
One was a Java-based mortgage-payment calculator that originated in Dublin, Ireland. Another, written by Smith, is an income qualification calculator wherein a potential mortgage borrower inputs income and expense data; the program then suggests the maximum prudent monthly mortgage and maximum loan amount. Customers can also access Java-based data on the one-year Treasury index, the basis for the bank's adjustable-rate mortgages.
Smith feels that even a small bank can benefit by adopting a cutting-edge technology. "Adoption of high-technology for banking is not common in central Indiana, which is our loan market. It would be different if we were in Silicon Valley, but this is a technology that is going to grow. I've visited a number of sites for larger banks. Some have nice professional Web page designs, but you'd be hard pressed to find any Java."
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