| By Jim Bruene on October 13, 1998 11:29 AM | Comments (0) |
In just nine months, NextCard (San Francisco, CA) www.nextcard.com has gone from unknown to powerhouse (OBR 5/98). It’s one of the better examples of harnessing the Internet to grow a business. Compare your results to these:
|
NextCard’s First Nine Months |
|
| Metric |
Results |
| Loan apps per month (Q3 98) |
100,000 |
| Annual run-rate for loan applications |
1.2 million |
| Cumulative loan apps from Feb through Oct 15 |
500,000 |
| New balances transferred per month: |
$15 million |
| Market share of all U.S. Web-based loan applications* |
20% (est.) |
Source: Company 10/15/98; OBR estimated market share +/- 33%
*Derivation: According to Cyber Dialogue some 4.6 million Americans reported having applied for a loan online, assuming that all those applications were in the last 12 months, that means Americans are applying for 400,000 loans/mo as of the date the survey was fielded (6/98); assuming that the total has increased to 500,000/mo in Q3 (annual run rate of 6 million applications), NextCard is pulling in 20% of all U.S. loan applications on the Net.
NextCard has made some subtle changes to its home page since May (see the before look,OBR 5/98). A graphic of a credit card and the tag-line changed from “The First True Internet VISA,” to “The Visa card for Internet users. (Use it offline, too!).” Both changes help grab the surfer during the critical first few seconds.
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