Online Financial Services Monthly Performance Update for May 2008
Written by Compete (contact - e-mail) -- July 18th, 2008 |
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During May, there were up ticks in shoppers for both deposits and home loans, while demand for credit cards slowly angled downward. May performance shows us how rough a year it has been with almost all segments down in terms of year-over-year volume. Even though deposits and home equity have achieved large gains over the previous month, both segments are far from the momentum of last year.
- The credit card industry again saw slow decline from April with a -1% decline in shoppers and a -7% decline in applicants. Conversion also declined 2% over the previous month as the credit card market seems to angle downward.
- Deposits had big gains across both checking and savings (including high yield savings). Shopper volume increased across the board while both Savings and High Yield Savings saw more than 20% gains in terms of applicants. These gains however still fall short of the deposits market a year ago.
- Home Loans took a large step back during May. After posting small gains in April for applications, all three segments took a hit, the largest being a decrease of -38% in refinance mortgage. Even though home equity, purchase, and refinance increased shopper traffic during May, shoppers were less likely to complete any leads or applications.
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July 20th, 2008 at 5:27 am
Does this take into consideration factors like people pulling their money out of accounts in troubled banks, like Countrywide Bank FSB? This data is for May, so the Indymac closure and resultant problems at other banks won’t show up, but I guess what I’m trying to say is that deposit shopper traffic might also increase because people are switching banks.
July 20th, 2008 at 10:55 am
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July 21st, 2008 at 9:51 am
This is very surprising data! In tough economic times often credit applications tend to rise.
July 26th, 2008 at 2:19 am
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