| By Jim Bruene on July 12, 2007 2:20 PM | Comments (0) |
Last month, we introduced the Financial Services Monthly Performance scorecard produced by Compete. Here's the second installment, summarizing the overall performance of 23 large U.S. financial institutions and lead-generation sites. For more information, including the detailed methodology and companies tracked, refer to that post (here).
The highlights:
- Financial shopping was down or flat in most categories, especially savings accounts; not surprising given the typical tax-time spike in April.
- The main exception to the trend was checking, which grew a phenomenal 31% in May compared to April.
- The main drivers of checking account growth: Bank of America's promotion of free MyAccess Checking (see coverage here) and, to a lesser extent, Wachovia, whose Google/MSN marketing caused a major spike in traffic
- But it wasn't all rosy in checking accounts: While BofA was experiencing 25% growth in applications, ING Direct went through a typical post-launch downturn with a 50% decline in application volume
- Credit card conversions were up dramatically, with a 5% increase in application volume despite a 6% drop in shoppers, resulting in a 22% conversion ratio (see note 1)
Note:
1. Compete revised its card applications show in the previous report. The revised number of card applications:
March 2007: 1.57 million instead of 1.71 million
April: 1.70 million instead of 1.88 million with 8% growth instead of 9%
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