| By Jim Bruene on November 4, 1998 10:00 AM | Comments (0) |
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Description |
Comments |
Companies |
| account access | Web access to credit cards, mortgage/escrow accounts, etc. | |
| advice/reference centers | Homeowner, home maintenance, home buying advice | |
| application, interactive | Build a dynamic loan application that changes as users answer questions | |
| application, subdivided | Long loan applications need to be divided into bite-size chunks | NextCard GMAC |
| approval, instant | Instant loan approval won’t be the norm for another 18 to 24 months, so you have a window of opportunity to pick up incremental business by adopting this strategy quickly. | PeopleFirst Finance Wells Fargo AnyTime Access Bank of Montreal Bank of Montreal American Finance Beneficial Finance BayShore Trust NextCard |
| auction marketplace | Marketplace where users submit applications and lenders bid | MortgageAuction.com Lending Tree |
| balance transfer form | Transfer credit balances to an integrated home equity line of credit | NextCard |
| banner advertising | Portals (a.k.a., Search engines) are the place to be | |
| bill payment/presentment, mortgage and others | Countrywide demonstrates how NOT to do it (Apr 98); see Oct 97 for a better way | Countrywide Countrywide |
| blank-check lending | Buyers of big ticket items, especially automobiles, can receive a preapproved blank check to use at the dealership | CarFinance.com PeopleFirst Finance |
| branding, cyber- | Dressing your product with an “internet look” | |
| build your own loan | Let users select as many loan parameters as possible | |
| bundled home equity line | ||
| business loan finder | Intuit launches the first online business financing marketplace | Intuit |
| calculators | SmartCalc FinanCenter, Sovereign Bank |
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| chat online with loan officer | Loan officers answer applicant questions online in real time | |
| credit card checks | The online version of an industry standard | |
| credit card registration | An online version | |
| credit report services | Credit report access and automated reporting services | QSpace CreditFYI, NetEarnings ConsumerInfo.com, Quicken Online Credit Network MyCreditFile, CreditComm Republic Bank/Equifax Experian |
| custom Web views | Users are presented with a web site that closely matches their needs, e.g., Refi shoppers vs. First-time buyers | Bank of Montreal
|
| discounts - on application fee |
Waiver/discount of application fee |
Intuit |
| - free home appraisal - on loan points |
Norwest Countrywide |
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| document access/storage | Web-based loan docs with indefinite storage | |
| email homeowner reminders | Reminders for home maintenance tasks, tax deadlines, PMI cancellation, etc. | |
| email lead follow-ups | Don’t let the leads get away when email is free and easy | Countrywide |
| email loan status reports | Daily status reports for loans in process; monthly for others | |
| email rate updates/alerts | Rate triggered, time to refi, etc. | Bank Rate Monitor, Canada Trust,
Countrywide, E-Loan, Home Shark, Loan World, & Security Federal
Bank One Mortgage Watch HomeOwners Finance Center |
| email to a friend | Allow users to email friends about loan products/offers | Ziff-Davis |
|
Description |
Comments |
Companies |
| email payment reminders | Payment-due reminders and confirmations | |
| guided Web links | Links to homes-for-sale listings, Realtors, relocation services | |
| home-for-sale listings | Long Island Savings Salem Five |
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| home value reports | BankAmerica/DataQuick Experian |
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| improving user confidence | E-Loan |
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| insurance checkup | ||
| instant loan decisions | see Approvals, instant | |
| interactive loan application | see Applications | |
| kiosks in real estate offices | ||
| leasing, online applications | Atel’s Cyberlease | |
| lead generation | GetSmart Salem Five QuickenMortgage |
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| loan analysis | Calculators, recommendations, worksheets | |
| loan finder services | Profile preferences, then connect to the optimal loan program | |
| loan marketplaces | Originate loans by participating in any of a number of growing loan marketplaces | MortgageAuction.com eStudentLoan.com The Lending Tree Intuit Cashfinder Get Smart Quicken Mortgage |
| loan monitoring services | Track user’s loan and recommend refi when appropriate | E-Loan |
| loan officer bios | Charter Bank Northwest Federal CU |
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| loan principal pay-down form | Web and email based | |
| loan servicing, virtual | Service any loan by becoming the user’s payment center | |
| loan status reports | (see Email) | |
| lowest-rate guarantee | American Finance | |
| micro-sites | Focused Web sites selling a single product/product line | Crestar yourequity.com NextCard |
| personal finance hub/portal | Build your own or team with others | |
| preauthorized debit form | Web-based signup and maintenance gives user more control | Countrywide |
| prequalification services | Instant prequalifications for home shoppers | E-Loan maze.com |
| rate-lock button | E-Loan | |
| real-time loan approval | see Approval, instant | |
| Realtor services | E-Loan Countrywide |
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| refinance services | HomeOwners Finance Center | |
| reference info/library | Homeowner’s emporium with info/discounts on home supplies | Stanford Federal CU |
| relocation/movers services | Salem Five SmartCalc |
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| search engine exposure | Make sure your met-tags, page descriptions, and HTML lay-out make it easy for search engines to find you | |
| service guarantees | ||
| skip-pay application | Users request payment skips online | |
| sweepstakes | Quicken.com | |
| Web-branded loan sites | Instead of sending users to yourbank.com/mortgage, create a more catchy Web brand such as yourmortgage.com | Crestar yourequity.com The State Savings Bank |
| Web site sponsorships | ||
| worksheets/profiling | Countrywide’s self-selection worksheet is a promising mortgage sales technique | Salem Five Countrywide |
| VIP virtual lounge | Web-based services for your best customers | |
| virtual personal banker/loan officer/concierge | Personalize the process with real human point of contact | Countrywide |
Source: Online Banking Report, 11/98
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