Marquette Bank Reveals Online Banking Costs |
Marquette Bank (Bloomington, MN; $1.2 billion) bared its soul at Retail Delivery ’96, disclosing that it spent more than $300,000 during the year on a online banking program with 1,300 users at year-end. The $137,000 spent on marketing works out to a $105 acquisition cost per subscriber. Marquette was one of the first 17 financial institutions to offer PC banking via Microsoft Money and Intuit’s Quicken (OBR 7/95 p.6). Marquette EVP Albert Coliannie was optimistic about the payback citing anecdotal evidence that indicates online banking has been instrumental in capturing major new relationships. Dan Herbeck is Pres. Marquette Direct, 612.948.5890.
