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Case Study for Wingspanbank.com.
The first 200 words of this essay...
Case Study for Wingspanbank.com
Wingspanbank.com was launched on June 24, 1999. It was a freestanding Internet bank under the auspices of the First USA division of Bank One. It was an Internet-only bank that marketed itself with the claim, "If your bank could start over, this is what it would be.? Created in a record four months and launched with a huge advertising campaign in year 1999, Wingspan provided one-stop shopping for financial services. At first glance Wingspanbank appeared to be a hugely successful startup, and in a way, it was because it had met virtually all of its goals and led the industry. However, the First USA division had performed poorly since then, it suffered $70 billion in outstanding receivables and shares of Bank One had fallen more than 40 percent since May 1999. Finally, "Wingspanbank was downgraded to be a test lab because it didn't attract enough customers? Bank One officials said in September 2000.
But was Wingspan, a standalone Internet bank, a flawed business model or a good idea doomed by circumstance? The answer may be both. Internet pure plays don't have staying power, especially in banking. "Pure online banks are
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