|By Jim Bruene on October 17, 2007 5:30 PM | Comments (1)|
In April, we introduced the Financial Services Monthly Performance scorecard produced by Compete. It summarizes the overall performance of 23 large U.S. financial institutions and lead-generation sites. Refer here for the detailed methodology as well as companies tracked.
In August, the continued rise in interest rates led to a drop in home equity, mortgage refinance, and credit card applications while deposit accounts and purchase mortgage applications were up.
Some highlights from the monthly activity:
- Credit Card applications were down 2% overall, but Chase (27%) and Capital One (5%) grew applications and conversion compared to July
- Savings applications were up across the group with the exception of Citibank which posted a 13% decline
- For high-yield savings, only HSBC and ING Direct saw both application and conversion growth
- Home equity application/lead volume and conversion dropped across the group with declines observed at 9 of 16 providers
- Purchase mortgage application/lead volume was up over July with Countrywide and Capital One both showing notable growth
- The refinance mortgage market was flat overall, masking strong application/lead growth at Countrywide, E-Loan and NexTag while declines were recorded at LendingTree/GetSmart, LowerMyBills and Low.com
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