American Century is upgrading its Web site for its direct channel to allow investors to make redemptions and change their address information. The firm already allows investors to open accounts online. It plans on adding these features in steps between now and early 2002.

The changes are part of an effort by the firm to allow investors to have a total online relationship if they so wish. "Our goal is to make the process easier for investors," said a spokesperson. She added that the firm was confident in the security it has built to protect investors while at the same time simplifying the redemption process.

To protect investors, American Century will not allow redemptions within 15 days of a change of bank account information. It will also provide investors written confirmation of changes when an investor's profile is changed. Finally, it beefed up security and now requires that passwords and usernames each exceed six alphanumeric characters in length.

David McCalley, vice president of electronic commerce at American Century, explained that 80 percent of customer interactions now take place through the firm's Web site. "It's undeniable that a large portion of investors are relying on the Internet to manage their financial futures," he said.  

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