Bermuda financial institutions should consider the wealthy as the premier market for the next wave of technological banking, Bill Storie, speaking at an Institute of Chartered Bankers luncheon last week, said.

"If we combine Bermuda's knowledge of the banking business, its global outlook, its reputation, its legal and regulatory framework, its administrative infrastructure, its business driven technology and point it toward a target audience, then I believe Bermuda could establish the first international, offshore bank conducting business over the Internet,'' he said.

Mr. Storie is president of William R. Storie & Co., a firm which offers insurance and reinsurance as well as Internet consulting services. Mr. Storie is also the Hamilton Chamber of Commerce's Internet advisor.

"I can easily see why high net worth individuals, as they are doing, would dearly love to conduct their business affairs -- private banking, investments, performance data, personal trusts, investment holding companies, loan applications, credit card management custodial needs and so on -- over a secure electronic facility from anywhere in the world,'' Mr. Storie, speaking on Thursday at the Royal Bermuda Yacht Club, said.

People will not conduct business with "virtual companies'' but they will bank with a well-known financial institution in a respected, quality jurisdiction, he said.

Bermuda banks should target high net worth individuals because they were among business innovators and willing to embrace new technology, he added.

Mr. Storie said that though web sites are unlikely to have the selling power of other media, "target marketing'' over the Internet can be a powerful marketing tool and a potential cost saver.

William Storie