The Charles Schwab Corporation has made its long-awaited move into the banking market, using technology provided by Sanchez Computer Associates.
Schwab Bank selected Sanchez banking applications - including the Profile, Xpress, WebClient and WebCSR packaages - alongside consulting support from Sanchez Services, and ASP-based outsourcing through Sanchez Data Systems Inc. (SDSI).
The bank, which had been slated for launch late last year, is opening with a promise of best-price guarantees on home mortgages.
David Pottruck, Schwab president and co-CEO says: "Our clients have told us that when it comes to mortgages, they're tired of confusing terms, hidden fees and inconsistent service. Schwab Bank's value proposition is clear: you will know what it will cost, you will know there is a best price guarantee, and you will receive a loan decision within 24 hours."
He says the addition of mortgage and banking services through Schwab Bank will diversify the company's revenue and earnings stream and help strengthen its financial performance during stockmarket downturns.