While so many FIs are scratching their heads wondering what to do about Facebook, it turns out that TD Canada Trust, one of Canada's biggest banks and the ninth largest bank in North America, is doing all kinds of interesting initiatives there.

What makes their efforts so impressive is that they have clearly tried to figure out the value they add to the demographics of Facebook users. They have managed to strike a balance of being true to their brand, yet not seem like they're pandering to a youthful audience, and offering something of value to the Net Generation.

What first crossed my desk this week was SPLIT IT, an application they created that allows roommates who are on Facebook to manage how they split basic bills.

Welcome to the SPLIT IT by TD Canada Trust application – a no-hassle, budget-sharing tool that enables you to share bills with your roommates. SPLIT IT makes it easy to determine who owes what, view your balances, and keep on top of your payment dates.

The application launched within the past few days. When I first saw it on August 15 it had 44 users. It's grown to 66 a mere 24 hours later. It will be interesting to see where it goes during the  next few weeks. I'm also curious to see how it's promoted. Will TD send information to its youth customers, or will they rely solely on word of mouth?

After seeing SPLIT IT I was mightily impressed. It's not easy to find a way to add value for Facebook users. From SPLIT IT, I linked through to their Money Lounge, and I was floored. They have job postings, videos, offers, all sorts of ways to engage the Facebook audience. Scrolling down, I noticed that they have 1,480 members of their group. Even if many of the group's members are employees, it's still an impressive engagement metric.

So, well done TD Canada Trust! The first bank to build its own Facebook app.

William Azaroff is the interactive marketing & channel manager at Vancity where he develops interactive marketing initiatives, and pioneered ChangeEverything.ca, the groundbreaking change-themed online community. William also plans strategy for the online channel, with a view to its potential to help Vancity, its members and the community. William brings nine years of experience in Vancouver, Seattle and Los Angeles producing Web projects for such clients as Honda, Disney, Intuit Canada and Nike Jordan. He writes about the intersection of online branding, social media and the world of banking on his blog at azaroff.com/blog

Canada Trust
www.canadatrust.com

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  Canada Trust uses E-Courier to “push”
  e-mail price and rate updates.

Canada Trust (Toronto, Ontario; $30 billion USD) continues its pioneering ways with two important additions to its online services:

• Microsoft Active Statement allows EasyWeb users to download data directly into Microsoft Money 97. Canada Trust is the second major North American bank to offer the feature. Wells Fargo (below) has had it since Feb. Canadian banks, CIBC and Toronto-Dominion are also planning to offer ActiveStatements.
• E-Courier, is a free outbound e-mail (push) service that provides mutual fund price alerts at user-defined price points, rate updates, and news commentaries.

Contacts: Bertrand Labelle is Manager Electronic Commerce at Microsoft Canada. Chuck Hounsell is VP Distribution Development at Canada Trust, 519.663.2548.

Wells offers a “download” option from its Web. Users select date range and file format: ASCII/spreadsheet, Quicken, Money, or Money 97 Active Statement.

Canada Trust (Toronto, Canada; $30 billion) introduced EasyWeb, a full-service Internet banking program at www.canadatrust.com. Canada Trust, one of the first banks in the world to offer Web-based account access in November 1995, (OBR 11/95 p.8) now offers full-service online banking in both Web and direct-dial versions. The direct-dial program, CTConnect, launched in May 1996, has 40,000 users. Canada Trust’s Internet access has 15,000 registered users. EasyWeb features access to loans, mortgages, and investments, along with the usual checking and savings account access. Canada Trust becomes one of just ten in the world to offer bill payment on the Web. EasyWeb includes an option to download data in QIF format for importing into Quicken or Microsoft Money. Later this year, Canada Trust will add a direct download link into Quicken 6.0 similar to Microsoft’s Active Statement (see related article p. 6-7).

Canada Trust promotes its EasyWeb front and center on first page of its Web site at .

There are no monthly fees for EasyWeb, but normal transaction fees apply (e.g. the bank’s personal banking service package which provides 25 monthly transactions for $7.95 CDN). Looking to drive customers to the Web program, Canada Trust instituted a $4.95/mo CDN fee for the direct-dial program, along with the same transaction fees as the Web version. Justin Bonar is Business Development Manager at Intuit Canada 416.756.3434 ext. 230. Chuck Hounsell is VP Distribution Development at Canada Trust, 519.663.2548.