Most likely you already have more on your plate for 1997 than you could ever hope to accomplish by the end of the century, much less in 12 months. That’s the nature of capitalism. But if you are still looking for some additional small projects to fill in the gaps of your online business plans, consider the following ideas. Most can be accomplished with minimal out-of-pocket costs, although internal development time can be significant. If you are stretched for resources (who isn’t?), consider hiring college interns to work on your Web site. It could be a great opportunity for a college student to make an impact in the “real” world, plus you can tap true Internet experts for a fraction of the cost of a full-time employee or consultant.

1. CREATE A “WIRED” SERVICE ORGANIZATION: It doesn’t cost much to get wired these days (we’re talking E-mail here, not coffee). Create easy-to-remember Internet E-mail addresses for every bank department, line area, and executive. Also designate certain call center (or branch) reps as “E-reps” to handle E-mail and Web-form input from customers. Use consistent E-mail addresses that are easy to enunciate over the phone such as Jo.Smith@yourbank.com, credit.cards@yourbank.com, help@yourbank.com. Make sure your server routes misspelled names to one of your E-reps for forwarding to the appropriate person rather than simply bouncing them back to the sender. Avoid using the underscore symbol ‘_’ in E-mail addresses.

2. REACH DEEP INTO YOUR ORGANIZATION FOR WEB CONTENT: Effective Web-based customer service address real user problems with real language. No bankspeak allowed. In other words, the frequently asked questions (FAQ) area on your Web site should not be created entirely by a marketing staffer. Sponsor an internal competition to develop useful content for your Web. Pay $50 for each customer problem posted to your FAQ. Not only will this generate good ideas, it will motivate customer service reps to pay attention to your Web.

3. DEVELOP APPRENTICE WEBMASTERS INTERNALLY: Instead of relying completely on an outside company to generate Web content, or relying on your over-committed marketing department, consider farming out Web content creation/maintenance to motivated “volunteers” throughout your company. You probably have numerous Web enthusiasts in your company who would love to make a contribution to your Web. Have each Web apprentice be responsible for a designated section of your Web. They would monitor it for accuracy, keep all material and links up-to-date, and be expected to make content suggestions. Each apprentice would have their E-mail address posted within their area and would be responsible for finding answers to internal and external questions/problems generated from the content within their control. Web apprentices would also be expected to generate ideas for entirely new content subject to approval from the official Webmaster(s). Eventually, apprentices could rise up the ranks to the point where they were charged with independently developing content for the Web.

4. TEST WEB ADS: Outside the top 10 Web publishers (OBR 9/96 p. 20), it’s a buyers market for Web advertising. Anyone with even a few hundred dollars to plunk down will find dozens of places to promote their latest marketing offer. For as little as $1,000 you could develop an attractive banner and run test placements at other interesting sites. If you need a banner designer, The Internet Link Exchange lists several hundred candidates. If your Web ad budget is ZERO, you can still find sites willing to let you run test ads, especially if you agree to exchange links to their site.

5. PUBLIC RELATIONS BLITZ: The first wave of hype is over. Don’t waste your time trying to get ink merely by the fact that you now have a Web or a PC banking program. But if you can demonstrate to editors that your Web actually provides a useful, preferably novel service, and you document your claims with usage statistics, your story will be heard.

6. BRANCH/ATM LOCATOR: You want new customers right? Make sure your Web has a searchable listing of branch and ATM locations so new customers can find your physical locations. Include as much description as possible with each branch listing. You might want to provide very detailed lists of nearby streets, shopping centers, schools, and other landmarks. Why? New residents searching the Web for information on their new neighborhood might enter their street address into search engines. If your site contains that street name, your Web will be listed high on the list of the links returned by the search engine. For a twist on the usual Web-based ATM locater, develop a surcharge buster feature; a search-able database of ATMs that do not assess surcharges (if there is such a thing in your area). Not only would this support your ATM/checking account users, it could be a good draw to your Web, not to mention an excellent feature for gaining some positive PR.

7. SELL LOAN PRE-QUALIFICATION SERVICES ONLINE. The first online loans were pitched to subscribers of Prodigy beginning in the late ‘80s. Unfortunately, these pioneer lenders were confounded by one of the conundrums of any new marketing channel for loans, adverse selection. That is, the first applicants are likely to be those most desperate for a loan, probably due to credit problems. This can lead to dismal initial loan approval percentages. On Prodigy, approval rates in the low-teens were common, thwarting efforts to turn a profit. While adverse selection is still a risk in 1997, it has been reduced by the sheer numbers of online users. You’ll still get junk applications, just like you do in the branch. But you’ll likely get enough solid applications to boost the overall approval percentages to a profitable level. One way to insulate yourself from a slew of junk applications is to charge a nominal fee for loan “pre-qualification services.” Users submit an application and wait to see if they like the rate, loan size, and terms you are offering (see p. 8 for related article). After reviewing your offer, users can choose to accept, decline, or think about it for a few days. You might want to refund the pre-qualification fee back to applicants that accept the offer. Charging loan application fees not only discourage applications from people that know they won’t be approved, it can provide an added source of fee income. Especially if you also sell credit reports to prospective applicants (OBR 5/96 p. 5).

8. CREATE AN ONLINE “MOVERS” PROGRAM: Households on the move provide a significant source of new accounts at most financial institutions. Make sure consumers moving to your city can find you on the Web and provide an easy way to open an account remotely. Consider developing a “newcomers” area on your Web with specially designed services and offers. Look into partnering with the Chamber, or other local agencies, that target services to newcomers.

9. BEEF UP YOUR SMALL BIZ WEB: Small businesses, especially new ones, need help with simple tasks such as finding the phone number for the city’s business license department. A bank could make a name for itself by posting small biz resources on its Web site. The challenge is keeping the info relevant and up-to-date. Consider farming it out to a local management consultant who specializes in small businesses. A good small biz consultant will have the necessary info at their fingertips and may agree to run your small biz Web for a nominal fee in return for the exposure.

10. RUN A USAGE SWEEPS: Credit card issuers and ATM networks have long used sweepstakes to encourage usage of their plastic. Generally, users are entered into the sweeps each time they use their card. It’s a low cost way to remind users to use the “electronic channel.” Bank of America’s usage program for its home banking program (OBR 12/96 p. 12) was the first time we’ve seen this idea applied to online banking, but we’re sure it won’t be the last (see p. 10 for the American Express/Starbucks sweeps). While BofA offered about $10,000 in prizes, you could do it for less. Just make sure your prizes have some perceived value (no mouse pads please).

11. PROVIDE FREE WEB SPACE TO BUSINESS CLIENTS. Everybody likes something free, especially if it has the potential of providing incremental sales. Offer your business clients free Web space on your server. Server space is so cheap it hardly rates a line item in a business case. But design and maintenance expenses can be quite high. So use a template that your clients can fill out to easily set-up a simple Web site. Then let your clients negotiate directly with your Web service provider for additional customization and maintenance. You can drive business to your clients by creating an online mall with online purchasing either enabled by your institution or merely backed by your credibility.