| By Jim Bruene on December 7, 2007 4:38 PM | Comments (0) |
Update, Dec. 10: The original chart, published Dec. 7, contained a mistake in the home equity application count. The correct number, shown above, is 82,362 instead of the 111,139 in the previous chart. NetBanker and Compete regret the error.
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
Online credit card applications were up as consumers prepared for holiday shopping. In contrast, home loans continued their downward trend.
- Monthly credit card applications rose 4% in October and conversion was up 5 points, reversing the prior month-over-month trend.
- Several key competitors in the home loans refinance and purchase categories saw significant losses among both shoppers and submitted leads/applications bringing total submitted mortgage activity down 11% from September.
- Home equity saw a 14% decrease in shoppers and a 14% decline in total leads and applications submitted. Both direct lenders and lead aggregators saw declines this past month.
- In deposits, there were 4% more shoppers across all categories (checking, savings and high-yield savings). Only checking, however, was able to convert that into more online applications with a 7% increase.
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