| By Jim Bruene on January 9, 2008 4:35 PM | Comments (0) |
Commentary
The revolving credit season was off to a quick start as credit card applications posted a double-digit increase. However, all other product categories declined.
- Monthly credit card applications rose 11% in November and conversion was up for all but one tracked company. Almost all companies experienced double-digit application growth as well.
- Several key companies in the mortgage refinance space experienced significant losses among both shoppers and submitted leads/applications. Purchase shopper activity dropped 8% from October while applications saw a 19% drop.
- Home equity saw a 27% decrease in shoppers, and a 13% decrease in total leads and applications.
- In deposits, there was a slight decrease from last month in shoppers and applicants for savings and checking accounts. High-yield savings had 13% fewer shoppers. However, with large application growth turned in by several companies, total application volume slipped just 1%.
About the Financial Services Scorecard
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.
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