BOA Uncoils Online, Mini-Card Innovations

March saw Bank of America reach a number of milestones that indicate it’s still tops when it comes to high-tech banking.

Mary Dailey, the bank’s consumer market executive for Arkansas, said no competitor offers the cadre of online banking and e-bill pay services that the Charlotte, N.C., bank does for free. That must be why Bank of America’s number of online banking customers is up 61 percent from 3.1 million nationwide in 2002 to 5 million as of March.

And 2 million people now pay their bills online through the publicly traded bank (up 122 percent from 900,000 in 2002). About 1 million e-bills, electronic versions of actual paper bills, can be received by Bank of America customers each month from about 230 creditors across the country. That figure is three times higher than a year ago.

Specific data for the local market was not available. But Dailey said the Internet innovations, along with the October launch of products such as Bank of America mini cards and Total Security Protection, make it unrivaled in any market.

“Our mini debit and credit cards are one-by-two inches and fit on a key ring,” Dailey said. “They include a photo and signature right on the front for security, and it’s a lot easier to get that out at the grocery rather than digging for your card at the checkout line. Total Security also gives our customers no liability if their card is stolen, and none of our competitors have those.”

Dailey said the fact that most of the company’s local staff has “been the same people for years and years” gives it another advantage. Combined with its 4,400 domestic offices and 13,000 ATMs; instant approval for credit cards or mortgage and home equity loans and paper-saver mortgage program, she said, that enables the firm to deliver big bank ability with a local bank feel.

Local Schools See Teams Advance

Four semifinalists in the undergraduate division of the 2003 Governor’s Award for Entrepreneurial Development competition, and five finalists in the graduate division, came from the University of Arkansas in Fayetteville. The University of Arkansas at Fort Smith and John Brown University also had undergraduate entries make the initial cut.

The third annual competition, sponsored by Capital Resource Corp. (an affiliate of The Arkansas Capital Corporation Group), attracted 82 teams from all 12 of Arkansas’ four-year colleges and universities and pays $104,000 worth of cash prizes. The final competition was to be held April 26 at the Arkansas Arts Center.

Startups from Northwest Arkansas that made the cut include Complete Coverage from the UAFS; Wedsite.com from JBU and from the UA were Word of Mouth Co.; Stargaze Dinner Theater; To Your Door — Delivery and Transportation Service; Horizon Building Systems; Pooltek; WireCon; FYM Consulting LLC, Ovation Products LLC; Logomotion Inc. and Star Geospatial Co.

Two $5,000 “technology incentive” bonuses, sponsored by SBC, will be awarded to the two teams that best incorporate the use of technology into their business plans.

Find Federal Dollars To Launch New Businesses

Larry Wright, the chief executive and chief engineer at the Pine Bluff Arsenal, will be the keynote speaker May 15 at the all-day 2003 SBIR/STTR Conference at the Genesis Technology Incubator in Fayetteville.

The conference, sponsored by a consortium of Arkansas organizations, aims to increase the amount of federal research dollars attracted to the state by small businesses through the SBIR (Small Business Innovation Research) and STTR (Small Business Technology Transfer) programs.

Wright, who oversees the Aresenal’s 1,000 employees and $110 million annual budget, will speak during the luncheon about entrepreneurial activities and the role of small business in furthering economic development in Arkansas and the world.

The program will also include specifics on how to complete the technical and cost proposals for Phase I SBIR/STTR grants which can provide $100,000-$750,000 to help provide technical feasibility and launch a small business.

Cost of the conference is $20 and preregistration may be done by visiting www.innovationincubator.org. A total of 15 graduate students will be accepted at non-charge and on a first-come, first-serve basis.

For more information call (479) 575-7634 or (501) 683-7716.