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MINDFABRIC CUSTOMERS AMSOUTH AND HUNTINGTON TOP LIST IN WEB SELF-SERVICE PERFORMANCE STUDY ON U.S. RETAIL BANKS

Mindfabric: News & Events - Press Releases - February 27, 2004

New report issued by the Allen Bonde Group ranks AmSouth Bank and Huntington Bancshares first and second, respectively, for web site search effectiveness.

SAN JOSE, Calif.—February 27, 2004—Mindfabric, a leading supplier of next-generation customer interaction solutions, today announced that two of their customers, AmSouth Bank and Huntington Bancshares, scored the highest in search effectiveness in a new study by analyst firm Allen Bonde Group (ABG).

The report, “The State of Web Self-Service: Search Effectiveness and Performance of the Web Channel at the Top U.S. Retail Banks,” is the culmination of ABG’s latest independent research on the usability and performance of the top 50 U.S. retail banking sites, ranked by asset size.

In the study, sites were evaluated for their ability to provide relevant and concise search results in response to several test queries as well as their site design and overall user experience. One of the report�s key conclusions was that many banks are still neglecting the online customer experience, but a few stood out for their ability to respond to �everyday language.�

�Sites that are powered by natural language search and navigation tools not only streamline access to the right answers, but also perform at a higher level and typically provide a much more positive customer experience,� said David Hybels, program manager at ABG and lead author of the study. �For example, several sites returned a great deal of miscellaneous links while the AmSouth web site returned exactly the links we were looking for with only two links per question,� he added.

AmSouth Bank topped the list in the number one spot for providing the correct responses to the test questions with the fewest number of links returned. Huntington Bancshares followed close behind in the second slot. Both banks� search function is powered by Mindfabric Enterprise�Mindfabric�s flagship product that features natural language processing technology, business rules, and advanced analytics. Other banks ranked in the top six were Bank of America, Charter One Bank, Sun Trust, and Charles Schwab Corp.

�Mindfabric provides a very robust solution with unprecedented accuracy within a well-defined problem domain. The key to our technological success lies in the architecture of our portable knowledge base and its ability to represent human expertise within vertical industries like banking,� said Dan Gregerson, president and CEO of Mindfabric. �The ABG results are exciting because they represent neutral party confirmation that Mindfabric�s products and services lead to superior customer satisfaction, online revenue growth, and customer care cost-structure savings.�

About Allen Bonde Group, Inc.
Allen Bonde Group, Inc. is a leading market research, management consulting and strategic advisory firm focused on enterprise software and the impact of emerging business models, technologies and markets. Recognized as an authority on business intelligence and Web self-service applications, ABG has been a trusted advisor to over two dozen leading organizations in financial services and high-tech. The firm is located in Wellesley Hills, MA and on the Web at www.allenbondegroup.com.

About Mindfabric
Providing a New Way to Serve,� Mindfabric optimizes customer service interactions between companies and their customers. Mindfabric�s innovative customer interaction solutions use natural language understanding, business rules, and advanced analytics capabilities to understand and respond to user intent. This patented technology allows companies to expand the capabilities of their existing customer service solutions while reducing costs and driving new revenue opportunities. Based in San Jose, California, Mindfabric is privately owned. For more information visit www.mindfabric.com.

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