Zions Bank joined the very short list of major financial institutions that bother to alter their homepage during major holidays. ING Direct usually posts timely messages on its otherwise spartan homepage, most recently on Halloween (see also last 4th of July, last Christmas).
It's a sign of the times. Instead of creating interest in auto loans by showing a sexy new convertible on a windy seaside road, Chase offers to help customers stay in their same vehicle with a lower monthly payment (see today's homepage below).
Interestingly, the $44 number in the headline is the actual average savings to Chase auto loan refinance customers in August (see note 1 for how Chase calculated the savings). That makes the whole ad much more believable than the usual what-if scenario.
Instead of burying that key fact in the fine print on the bottom of the landing page (second screenshot), Chase should make it the main headline of the landing page. The bank could go "social" with it by adding testimonials, a blog or forum, calculators (how about one for the iPhone?), a Facebook page, sweepstakes and even a scrolling activity ticker showing actual refinance savings as they happen, much like the Progressive auto insurance quotes (see note 2).
It's not going to help Detroit much, but it's smart marketing for the pre-holiday period. A $44 lower monthly payment translates into $500 in annual savings, enough to put a little something extra under the tree this year.
Chase Bank homepage (13 Nov 2008)
Landing page pop-up (13 Nov 2008)
Notes:
1. Derivation of the $44 savings:
Monthly savings figure is for illustration purposes only. $44.43 is the average monthly amount saved by customers who lowered their rate by refinancing their auto loans with Chase during the period from 7/25/08 to 8/21/08 on which we have the information to determine savings. These customers started with an average balance of $17,500, with an average remaining term of 49 months at an average Annual Percentage Rate (APR) of 10.50% and refinanced on average for 53 months at an average new APR of 7.31%.
2. An activity ticker is one of our top-rated projects for next year as published last week in our Online Banking Report 2009 Planning Guide.
The best time to get your customer's attention is right after they log in to look at their account. That's why login-screen marketing should be in your mix (see previous coverage). But, your message is not necessarily welcome at that point, so it's a marketing option best used judiciously.
Wells Fargo makes good use of the technique this month with an open letter from CEO John Stumpf. It's been a while since I logged in to my Wells Fargo account, so I'm not sure it was posted. But it carries an October date, so it was probably later in the month after Wells Fargo prevailed in its bid to buy Wachovia.
Many financial institutions have posted we-are-still-going-strong messages during the past few months. The Wells Fargo message isn't particularly noteworthy, other than they don't beat around the bush asking, then answering, the question:
What does (the Wachovia acquisition) mean to me as a Wells Fargo customer?
Wells Fargo splash screen displayed immediately after logging in (10 Nov 2008)
Overall, most major financial institutions do a good job with website design. But one thing that's usually lacking is timely tie-ins with events and holidays. Google is famous for doctoring its logo dozens of times each year to coincide with the national holidays and other big events. For example, for today's big presidential election, the logo has been changed into a voting booth.
Those efforts, while not always directly driving new business, keep the website fresh and show that the bank is paying attention to the events that impact users day to day. And the best ones can increase sales. By leveraging well-hyped events such as the Olympics or Super Bowl, financial institutions can gain valuable PR and attention from customers.
I looked at 3 or 4 dozen large U.S. bank and credit union sites today and found just one riding the election hysteria to make a point. Key Bank's Pick Your President promotion (here) has nothing to do with McCain vs. Obama but is actually a clever way to convince customers to switch to electronic statements. Customers get $1 (George Washington) for every account switched to estatements and $5 (Abe Lincoln) if they take bill pay with that. The bank is also throwing in a pair of $1,000 sweeps prizes to add a few Benjamins to the mix.
Nice job Key, our vote is with you.
Key Bank homepage with small banner for the Pick Your President promo
(4 Nov 2008)
Key Bank Pick Your President landing page (4 Nov 2008)
I've written about ING Direct's holiday animations before. While they won't win any new business by themselves, they are part of a brand image that ING Direct cultivates. And it works because many consumers respond positively to a sense of humor even from institutions that are supposed to be serious.
With consumer confidence at an all-time low, and banks not exactly on anyone's holiday-card list, it's probably not a good time to create a whimsical branding campaign. But if you are ING Direct, which has built its image on bright, orange graphics and hip advertising, you can still have a little fun with the bank's favorite orange holiday, Halloween.
Visitors to the direct bank's homepage this week initially see white space where the bouncing orange ball normally does its thing. Within a few seconds an orange-eyed ghost comes out of the background (see first screenshot below). It comes towards you, then reveals the orange ball underneath the white "costume" (see second screenshot). Then it ends with the usual homepage (see third screenshot; note 1).
Very clever (I'd even say LOL, but I've vowed to never to use that term professionally).
ING Direct homepage (28 Oct. 2008)
Notes:
1. The animation runs just once. That's an important element of restraint to preserve the viewing experience. Don't endlessly cycle animations or you'll annoy your visitors. They can refresh themselves if they want to see it again.
I noticed a new graphic on the ING Direct homepage today, "We, the Savers" in the upper-right corner. It leads to a banking version of the Clue Train Manifesto called The Declaration of Financial Independence operated by the bank at <wethesavers.com>.
At the microsite visitors can read the 10-point declaration and sign the manifesto online. The U.S. map includes orange balls in each state that when moused over reveal the number of signers. So far, more than 5300 consumers has signed since it went live Oct. 10th. All signers can be viewed at the site, but you have the option of leaving only your last initial for privacy.
When you sign the declaration a little orange ball bounces over to the map and updates the state count in real time. As a final touch, signers qualify for a free "I save" bumper sticker from the bank's online store.
The effort is well conceived and well executed, as we've come to expect from ING Direct.
Wethesavers.com microsite from ING Direct (28 Oct 2008)
"We, the Savers" link on ING Direct homepage (28 Oct 2008)
While making the rounds in the Finovate networking room last week, I saw an intriguing graphic on Yodlee's big-screen monitor (see inset). It turns out to be Qi (pronounced "key"), the robot mascot for Yodlee's latest aggregation client, Australia's ANZ Bank, which launched that day (press release). The new service is called MoneyManager (see screenshot below; note 1).
The cute little beast also appears in the bank's new iPhone promo on the ANZ website (here). The webpage features the app running in a full-size iPhone emulator. But that's not what you notice first. The bank uses a little programming trick to turn your curser into a GIANT robot hand (see screenshot below). It's a little disconcerting at first, but it does get your attention and proves you are dealing with a creative enterprise. I like it.
According to Rob Findley, blogging at The Bank Channel, MoneyManager can be used by any Australian and does NOT require an ANZ account relationship.
ANZ's iPhone webpage with giant robot hand curser (19 Oct 2008)
ANZ's MoneyManager webpage features a less intrusive view of Qi, the robot mascot (19 Oct. 2008)
Note:
1. For more info, see our Online Banking Report on Account Aggregation.
Eventually the distinction between mobile and online banking will go away as the devices and services converge (see note 1). But until then, mobile banking, because it's perceived as cutting edge, is more interesting to many customers. That's why Bank of America, Chase, Citi and many others have featured mobile banking in on- and off-line media (see previous coverage here).
But it's not just a mega-bank play, any financial institution can play up their mobile capabilities. Texas-based IBC Bank, in the top-100 with $11 billion in assets and more than 200 branches, flaunts its mobile capabilities with a large banner on its homepage (see screenshot below). The mobile banner currently rotates with an identity theft protection pitch.
IBC Bank homepage featuring mobile banking (2 Oct 2008)
IBC Bank releases iPhone app
Last week, IBC became just the second U.S. Bank to release a native iPhone app in the Apple iTunes App Store. The mFoundry-powered application was the 36th most popular finance app yesterday, out of about 120. Following is a screenshot of the application's entry in the App Store. Bank of America, which launched its app on the first day of the App Store, is the other App Store participant (see previous coverage here).
mFoundry will be demo'ing its latest innovations at our Finovate Conference Oct. 14. Video of its previous demo is here.
Note:
1. For more info, see our Online Banking Report on Mobile Banking.
Identity Guard, the direct-to-consumer credit-monitoring brand from Intersections, has a new logo, homepage design, and a compelling new offer: six months of free credit monitoring (Good Start option) PLUS 30 days of access to your credit report and score (see previous look here).
And unlike most offers in this industry, this freebie is made with no obligation. Intersections does take billing info as part of the sign-up process, but unlike most others, they will not automatically begin charging a monthly fee at the end of the six-month free trial (see note 1). Last year, Intersections offered the six-month free trial (post here), but did not include the free credit report/score (see note 2).
Identity Guard hompage (11 August 2008)
Separately, I ran across the company's banner ad today at Amazon's IMDB site (below). Here, the company is taking a more traditional approach, offering a 30-day free trial plus $3/mo discount on its flagship Total Protection service (regularly $17.99/mo).
Identity Guard banner at IMDB (12 August 2008)
Landing page from the IMDB banner (12 Aug 2008)
Notes:
1. I tested the free offer last year and can confirm that they did NOT bill me for the service after it expired, nor did they pester me to become a paying customer at the end of the trial.
2. See our Online Banking Report on Credit Monitoring Services for more information.
After returning from some R&R in Iowa and Kansas, I logged into my banking and credit card accounts to see what I'd forgotten to attend to before leaving town. Luckily, everything seemed in order this time.
Always on the lookout for online marketing examples, I thought it would be interesting to compare and contrast the marketing messages presented to users as they logged in and logged out of five major banking sites.
What's Innovative?
There wasn't anything particularly enlightening in these examples. The WaMu Live pitch was the only truly unique message. For the most part, they were typical, well-crafted marketing messages you'd expect from these major players. That's fine now, since most customers don't yet have "banner fatigue" at their online banking site. But going forward, the messages will need to be more targeted and more interesting to get attention and action from jaded online users.
The other issue is frequency. You'll figure this out through testing, but there's a line you don't want to cross where a splash-screen message presented at every login ceases to be effective and is just plain annoying.
Finally, for financial institutions, such as US Bank, still not using this login real estate for sales messages, your customers thank you; however, quick-loading, targeted messaging, used with discretion, should benefit your bottom line.
1. Bank of America login screen for business-credit-card only account (1 Aug 2008)
2. Bank of America logoff screen (1 Aug 2008)
3. PayPal logout (1 Aug 2008)
4. WaMu login screen (31 July 2008)
5. WaMu logout screen (1 August 2008)
6. Wells Fargo login splash screen (1 Aug 2008)
7. Wells Fargo logoff screen (1 Aug 2008)
Kiwibank has one of the most eye-catching homepage designs in the world. Who can resist a lime green Smart Car with four monstrous speakers strapped to the roof?
As I was obsessing about iPhone apps this week (see note 1), I ran across Kiwibank's landing page for iPhone banking (see second screenshot below). Now that the iPhone has gone global, we'll see if more banks leverage the iPhone hype, something that didn't really happen in the United States so much. According to CNet Australia, ANZ is building an iPhone-specific interface, but a search of the ANZ website found nothing.
Kiwibank's homepage iPhone promo, one of three rotating in the lower right, leads to the not-so-exciting landing page. Still, when you are riding the hype, you don't necessarily have to put that much effort into your own work (see note 2), just grab a hold of Apple's coattails and hang on tight.
Kiwibank homepage featuring iPhone promo (11 July 2008)
Kiwi Bank iPhone banking landing page (11 July 2008)
Notes:
1. Yesterday, I promised it was my last iPhone post for a while, but I couldn't resist one more. Consider it a Saturday bonus post.
2. Case-in-point, the BofA non-app app being dissed by the vast majority of early-early-adopter reviewers at the Apple App Store (see yesterday's post).
With consumer confidence diving, the banking industry reeling, and even Starbucks closing 600 stores, what we need is a national holiday! Well happy Fourth of July to U.S. readers, and happy Friday to everyone else.
What are the big banks doing to celebrate the holiday online? Not much it seems. We are 25 hours away from the birthday and of the thirty largest banks, only ING Direct and WaMu (in the Seattle area at least) are showing the red, white and blue.
Anyone else know of a financial institution with an Independence Day theme on its home page? Drop it in the comments. Enjoy!
ING Direct's homepage features a fireworks animation (2 July 2008)
WaMu trumpets its July 4 Seattle fireworks sponsorship (2 July 2008)
After seeing the little blurb buried deep in today's Wall Street Journal
(p. B-9), I checked out the press release, and then headed to Facebook to see Visa's new app aimed at small businesses. To gain that all-important viral effect, Visa is giving away $2 million in Facebook advertising credits, $100 to the first 20,000 businesses that join its new The Visa Business Network on Facebook (see note 1).
Visa's Facebook page advertising the network looks good (see screenshot below). It's very "corporate," but I prefer that over lame attempts to look hip. It's dominated by a large video at the top explaining the program, plus three more along the bottom explaining other aspects.
Visa Business Network (promotional) page on Facebook (24 June 2008)
Selecting the Join this Network button takes you to a page where you are encouraged to add the Visa Business Network app to your Facebook profile. After adding the app, you must complete a short form to identify your business to the network and upload a picture if desired.
It only takes a few minutes, and your company is visible to anyone searching the Visa Business Network. It doesn't appear that Visa's network is searchable through the regular Facebook search. If and when that happens, the network would gain considerably more value.
Here's how my Visa Business Network page looked after uploading a graphic:
Summary
The application also features a Business Resource section with the usual collection of business tools (from Google), articles and videos plus an Ask the Expert section.
While the idea of a general business network within a larger network seems a bit superfluous, Facebook hasn't exactly been known as particularly accommodating to business needs. Maybe this will work. Certainly, if Visa attracts the 20,000 businesses it's earmarked advertising credits for, it will have a head start on others wanting to do the same thing.
However, we wonder how much effort the card giant will devote to the service. It doesn't seem to align that closely to its core card-processing business. But if its goal is to merely improve brand recognition with small business owners, it could be a valuable effort. Clearly Visa has the deep pockets to fund it for the long term. Who knows, maybe some lucky Business Network member will appear in a Visa Super Bowl ad some day.
Note:
1. The $100 advertising credit was handled flawlessly. A few minutes after joining the network, I received an email to my main email account explaining how to redeem the credit.
In an interview in the Charlotte Business Journal (here), Wachovia's Savings Director Kathryn Black reveals that the bank has added 650,000 Way2Save accounts since its launch four months ago, "well ahead of our goal to have 1 million Way2Save customers by the end of (2008)." She also said they are looking at expanding the service:
We consider (Way2Save) generation one. We're continuing to think through what's next -- how do we make this product better? How do we add on to this idea for other segments who have different needs?
-- Kathryn Black, Wachovia's Savings Director, 30 May 2008
The Way2Save account offers up to 15% APY in the first year on a maximum average annual balance of $600, built up through automated savings of up to $100/mo. That works out to a maximum of $90 in interest the first year (not including the golf bonus detailed below), about $70 more before-tax than you can earn on other high-yield accounts. For more details, see our previous coverage here. For small savers, it provides above-average returns and helps them sock away cash without thinking about it.
Way2Save Golf Bonus
In addition to the maximum 15% first-year rate, Wachovia ran a promotion in May tied to this year's PGA tournament Wachovia Championship (see screenshot below). All Way2Save customers, new and existing, will earn a rate of interest in June, July and August pegged to the number of strokes under par the tournament winner scored. With Anthony Kim beating the course record by 3 strokes, for a 16-under score, Wachovia is now paying 16% interest for the next 3 months. For the savers that started their $100/mo contributions in February, it will be another $15 in extra interest. For those just getting started in May, it's only $5 more before tax. It also means that the first year's blended rate, (16% x 3 months) + (5% x 9 months), is just under 8% (see note 1).
Analysis
So it's no wonder Wachovia has attracted a slew of accounts. It's been live for about four months, so it's adding about 150,000 accounts per month. The most anyone could have amassed in the account so far is $400 plus a buck per electronic transaction. Assuming average balances of $200 per account, the product has attracted approximately $130 million so far.
Whether the new account pans out for the bank is yet to be seen. Assuming it pays out an average of $60 extra to each new Way2Save customer, Wachovia will have invested more than $60 million to attract a million low-balance savings accounts. And that doesn't include the marketing or customer service expenses or the cost to open 15 new checking accounts for one person so they can open 15 Way2Save accounts (see previous post). It will be years before Wachovia knows if this product has a positive ROI.
Granted, a bigger strategic issue is at play here: creating awareness of the Wachovia brand. So it could be a huge success if the bank opens up hundreds of thousands of new customer relationships due to the promotion.
Note:
1. The 16% rate applies to accounts opened before May 30th.
It's an unusual time of year to see a free iPod offer (see previous coverage here, here and here). Usually, they appear closer to the fall "checking account season" when consumers start thinking about holiday gift giving. That way, even if they don't need an iPod themselves, they might still be motivated to get one to give to someone else.
However, Bank of North Georgia, one of 36 bank brands owned by Synovus, has an offer running through June 20. Customers opening a new personal checking account, including free checking, and sending three bill payment by the end of July earn a free iPod Nano. The bank may be testing the pull of the freebie during the graduation gift season. We checked the other Synovus banks and none are offering free iPods, at least not prominently (note 1).
Bank of North Georgia is using a homepage graphic of the latest generation ipod Nano, complete with Flash video running on the Nano screen. The fine print (as shown on the offer landing page):
The iPod ships before Oct. 1, just in time for the next holiday. Thanks to Bank Deals for the find.
Bank of North Georgia homepage (20 May 2008)
Note:
1. Tested from a Seattle IP address on 20 May 2008. We refreshed the homepage multiple times to see all offers presented in the main window. We did not search the entire websites of the 36 banks.
As a marketer you have to love WaMu. They are bold, quirky, and not afraid to poke fun at conventional wisdom. I haven't liked all their advertising campaigns, but that doesn't matter as long as the bank is reaching its target markets and delivering results.
While the bank has its challenges cleaning up the mortgage mess, its marketing department and ad agency are still producing good work. Case in point: WaMu's new Facebook page (below).
I realize that all banking pages in Facebook will appear lame to just about every 20-something that happens to stumble across them (see previous coverage here). But 20-somethings do still need checking accounts, debit/credit cards, vehicle loans, and so forth. So they will buy banking services. And what brand will they choose? The one that is at least making an effort to meet them on their turf with Facebook pages, text messaging, and humorous advertising, such as the talking banner campaign shown below.
WaMu's Facebook page, which looks like it was posted April 17, contains videos, a crossword game, a branch finder, a checking account application form, a fan area and a communications app (note 1) that can be added to your Facebook profile. Take a look yourself here.
Excellent work: A
WaMu Facebook Page (23 April 2008) (note 2)
Notes:
1. Even though I added it to my profile, I'm not sure what the WaMu Facebook application does. It appears to be a way to communicate with friends on Facebook and has 49 daily users.
2. The bar across the middle of the page is unrelated to the WaMu page; it's the new Facebook chat feature, that appears along the bottom of all screens, and messes up my screenshot. It does show you where the "fold" exists on a 13.3 high resolution laptop screen.
Last week, ING Group's U.S. unit (note 1) made a splash with two major promotional efforts:
INGyournumber <ingyournumber.com> is remarkably similar to Wells Fargo's Retire Secure Index that we looked at last week (here). The financial services giant created a special site with a Flash-based tool designed to help you find your "number." That is, the total amount you need to save to provide your desired level of retirement income.
Financial institutions should draft behind these well-funded efforts, and make sure your retirement tools are prominently positioned within your website.
ING Took Over The Wall Street Journal Online last Thursday (13 March)
INGyournumber.com Microsite
Note:
1. These promotional efforts from the main ING group, not ING Direct; although the direct banking arm did receive a small link on the bottom of the screen.
I don't know if Wells Fargo has saturated the entire Seattle market, or just the radio station I listen to, but I've heard its ad for a web-based retirement tool a dozen times in the past week or so.
I like the radio spot. It takes a complicated subject and creates interest by asking, "What is your RSI score?" Then, sending listeners to the Web to take the bank's Retire Secure Index test. It's interactive, it's timely and it makes good use of a multi-media approach.
And Wells Fargo uses search engine marketing masterfully to ensure that interested prospects find their way to the bank's retirement landing page. The bank has purchased Google AdWords for various retirement terms (see first screenshot below) and created a unique landing page (second screenshot) and URL <wellsfargo.retiresecureindex.com> that has quickly moved to the top of the organic search results (see note 1).
Retirement tool
The tool itself is good. It's not easy to make a retirement savings worksheet compelling, but the bank does about as good a job as you can ex
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