Wednesday, November 26, 2008JOHNSON CITY—Despite the high number of bank failures plaguing the economy, a Johnson City company that develops intranet software for the financial industry has found a way to succeed. The company, Banc Intranets LLC, was virtually “hatched” in a business incubator and has celebrated its fifth anniversary.
“Banc Intranets’ success story is a remarkable one,” says Mark Anderson, president and CEO of the enterprise.
The company was launched by Lynette Anderson, a technology consultant who envisioned creating flexible, user-friendly intranet solutions for financial institutions. Using her personal savings, ingenuity and hard work, she, along with a programmer, proceeded to develop her first intranet software product in 2003.
A year later, BancWorks was officially introduced to the marketplace. At that time, her company had just a handful of staff covering sales and marketing, including her husband, Mark Anderson, a former head of information technology operations for a bank. From there, the company has steadily grown, increasing its revenues by about 50 percent annually — all while remaining debt-free.
Over the years, Banc Intranets has evolved into a leading provider of premium content management software for community banks and credit unions. The company caters to financial institutions throughout the country and has more than 100 financial institutions on its client roster. Some of its recent clients include Bank of Atlanta, Burke and Herbert Bank in Virginia, Kinecta Federal Credit Union in California, Cambridge Savings Bank in Massachusetts, Bank of Idaho, and United Community Bank in Georgia.
Banc Intranets provides an array of innovative turn-key and hosted solutions designed to help financial institutions enhance their efficiency, productivity and operations. The company’s intranet software is created by banking experts, so it is uniquely designed to meet the needs of banks and credit unions. Banc Intranets’ products include BankWorks, a single repository where employees can gain immediate and convenient access to corporate information; DirectorsLink, a secure board of directors portal; and BancTrain, a flexible Web-based training management system. Banc Intranets also designs secure disaster recovery sites, employee hot sites, and other custom Web sites.
In spite of a national banking crisis that has encompassed some 20 bank closings thus far in 2008, Banc Intranets is experiencing its best year ever. This is a testament to its superior customer service and the high demand for its products, according to Mark Anderson. “We are totally customer satisfaction-oriented, probably to a fault,” Anderson says. “We are all about improving productivity, which drives a better return on assets and return on equity. This type of technology is a ‘must-have’ today for community and regional financial institutions to survive, whereas, five years ago, it was probably a ‘nice-to-have’ or on the ‘wish project list.’”
Banc Intranets attributes part of its success to the technology-based incubator where it gained its footing — the East Tennessee State University Innovation Laboratory. The full-service incubator is an economic development initiative of ETSU, partnered with the Tennessee Small Business Development Center and the ETSU Entrepreneurial Leadership Program. Business incubators are designed to nurture the development of companies that are starting or expanding.
Trends indicate that most incubators are sponsored by academic institutions such as ETSU, and incubators are becoming increasingly popular throughout the United States. There are approximately 1,000 business incubators in North America, up from just 12 in 1980, according to the National Business Incubation Association (NBIA). Business incubators contribute significantly to local and regional economies.
Banc Intranets’ plans include continuing to improve and support its software solutions while potentially expanding