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Online Financial Services Scorecard: August 2007

By Jim Bruene on October 17, 2007 5:30 PM | Comments (1)

Compete's online financial services purchase activity

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. 

Commentary
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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I love these stats, Jim. What I was wondering is, can you provide them in the context of all apps? I.e., what % of all apps for the particular product did the OL channel account for?

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