14 Ways to Boost Revenues Next Quarter without Breaking the Budget (NetBanker)

Many of the ideas in this issue require executive approval, capital budgeting, I/S negotiations, and so on. If you are looking for ways to boost traffic in 2000, within your existing budgets, here are some low-cost ideas we’ve dubbed “50/50 projects,” ones that can be completed within 50 days for less than $50,000 and usually without any extensive internal systems work.

	Project	Comments	Who Can Build It	Supports
1.	Automatic savings plan	Provide a simple way for users to initiate and change automatic savings plans; email messaging could confirm each transfer and keep the user apprised of their progress towards saving goals.		deposits, account retention
2.	Spruce up your refi area	If you haven’t looked at your refi area for a while, take a fresh look, then compare it to the top mortgage companies profiled in OBR. You’ll likely find a number of simple improvements that can be made to drive profitable refi and home equity loan volume.	Hire outsiders (consultants, interns, and/or customers) to review the area and provide fresh perspectives.	mortgage refinance and home equity loans/lines
3.	Launch a home equity lending center	Build more interest in the product by building a Web area with ideas on how to put home equity to use, such as home improvement, vehicle purchase, business opportunities, etc.	Build from scratch with interns or contractors; or license from Web providers	mortgage refinance and home equity loans/lines
4.	Preapproved overdraft protection offer	Add an area on your Web that tells customers how easy it is to sign up for and use overdraft protection.
5.	Small/micro business center	Create an area that caters to the very small business crowd.	Build from scratch with interns or contractors; or license from Web providers
6.	Drive traffic with Google and Yahoo self-service keyword placements	While banner ads on major search engines can be pricey, most offer self-service placement opportunities. We especially like the Google program, which is extremely easy to use, and provides valuable data on what works and what doesn’t.	Interns, online marketing consultants	all
7.	Rich media email cross-sell blitz	Email marketing messages are getting more sophisticated, even spam usually boasts HTML these days. You can still stand out from the crowd by sending well-written, attractive messages. To further differentiate yourselves, consider a “rich-media” message that can include sound and/or animation and can be highly personalized.	Numerous email providers; two we’ve recently talked to are MetaMail and DynamicsDirect, who’s done work for E*Trade and others.	all

8.	Financial datebook with bill pay reminders	User enters billing due dates to trigger reminders; this service generates Web traffic and positions you well for bill presentment.	Off-the-shelf, e.g., greatwebcalendar.com or a Web programmer	bill payment, traffic building
9.	Searchable merchant directory	List all local merchants, especially those sending billing statements; include customer service telephone numbers, hours, email addresses, Web links, and payment options; a good first step for electronic bill presentment.	Web programmer with research support from intern/contractor	bill payment, small business banking
10.	Security center	Build an educational area where users can read about safeguarding their privacy and avoid identity theft, include credit bureau links and info (see PayPal).	QSpace (for credit bureau purchase); intern or contractor	traffic building
11.	Personal VIP ebankers	As an experiment, assign an e-rep to your top 50-100 online customers; equip the rep with email, after-hours capability from home, personal Web pages, and so on. Over the next year, measure account balances and customer satisfaction, with a before and after survey.	in-house	retention, cross sales
12.	Email information alerts	Create a free email subscription service that delivers SHORT periodic alerts with valuable personal finance info. (e.g., “the tax extension deadline is tomorrow”) and rates.	Web developer; in-house; intern	brand; traffic building
13.	Rate comparisons	If you pay rates higher than national averages, let users see how much they can earn/save with graphical comparisons to national averages.	Bank Rate Monitor; BanxQuote; in-house	deposit products
14.	Community calendar/database	Develop a template that branch staff can use to post branch-based “neighborhood events” calendars.	Custom from a Web programmer or a turnkey system	PR, Web traffic

Source: Online Banking Report, 8/01

14 Ways to Boost Revenues Next Quarter without Breaking the Budget

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