Credit Karma Uses Advertising Model to Take on Subscription Model in Credit Score Monitoring
According to the 2007 Online Banking Report, approximately one in three US adult consumers monitors or checks their credit score in some form or another. A search on Google shows a competitive landscape with dozens of affiliates offering virtually the same product. Each site has "FREE" in bold letters, but upon closer inspection the score is usually only free if you enroll in a credit monitoring service. In this margin-rich
How Loyal are Wachovia and Washington Mutual Customers?
Now that the dust has begun to settle on the acquisitions of Washington Mutual by Chase and Wachovia by Wells Fargo, the question now is whether WaMu and Wachovia customers will remain customers of their current bank or transfer their assets to another bank. Some WaMu and Wachovia customers may perceive transferring their assets to another bank as a perceived flight to safety to banks not as entwined in the
Top 10 Reasons Why Consumers Choose Their Bank
Financial services marketers certainly spend a lot of time and effort in understanding why people choose to bank with them or decide to bank with a competitor. Compete recently fielded a survey to more than 1,600 online bankers to understand the factors that led them to choose their primary bank. Factors included a mix of both online and offline activities. The offline channel is by far the most popular factor
Who is the New #1 in the Banking Industry?
As a Washington Mutual account holder, my greatest concern about WaMu’s viability became a reality last Friday. WaMu, known for its breezy "WhooHoo!" advertising and bright colors, was no more, and now I am officially an account holder at JP Morgan Chase. I immediately logged onto wamu.com to see what information Chase was providing for potentially nervous WaMu customers (this would have been prior to reading the Q&A guide posted
Do Any Financial Services Marketers Really Do a Good Job in Marketing to Their Customers?
We recently had the pleasure of interviewing Bryan Stapp, former CMO of Quicken Loans and currently Chief Marketer of his firm Loud Amplifier Marketing. In our interview, Bryan discusses the key challenges online financial services marketers are currently facing, how to leverage online and offline marketing, and even what playing in his band has taught him about marketing. In your opinion, what are some of the key challenges for today’s
ING DIRECT vs. E*TRADE: Seeing Inside Your Rival's Ads
One of the fiercest areas of competition within financial services is in high-yield savings products. Since together E*TRADE and ING DIRECT accounted for almost 50% of high yield savings applications started online during May and June 2008, we decided to compare the performance of campaigns from these industry leaders. Both E*TRADE and ING DIRECT produced effective and engaging campaigns (according to the IAB post-click through engagement varies from 5-85%) but
Where is the Growth in Vehicle Insurance?
Recently, Compete posted a blog interview with Jon Swallen, SVP of Research for TNS Media Intelligence. In the blog, Jon details the state of the auto insurance market, which included his view on growth opportunities within car & other vehicle insurance. Jon specifically addressed the growing importance of specialty lines, such as motorcycle, boat, and small commercial auto as private passenger auto business growth slows. We took a look at
A Look at the Credit Card Aggregation Space
There has been a lot of attention given lately to the credit card aggregation space. Perhaps it is partially based on the success of CreditCards.com which intended to go public earlier this year but withdrew its filing in March due to market volatility. Credit card aggregators provide information on different credit cards on their sites, and then "transfer" those consumers to the issuers’ sites to apply. In the case of
Interview with Netbanker's Jim Bruene
We recently had the opportunity to interview Jim Bruene, author of the popular blog Netbanker. Netbanker is a leading online finance and banking blog which covers everything from online banking to person-to-person lending to mortgage lead generation. Jim has been providing insightful analysis and research of the online banking and finance industry for over 10 years. We asked Jim his thoughts on innovations in the online banking world. Here is
Bank of America Catapults to #1 Position in Online Mortgage Lending with the Acquisition of Countrywide
Earlier this month, Bank of America announced that it was buying troubled Countrywide Financial for $4B in stock. There are several theories regarding the reason why Bank of America’s CEO, Ken Lewis, would even strike a deal with Countrywide. One theory includes Countrywide fitting nicely into Bank of America’s acquisition strategy focused on dominating markets outside deposits, as evidenced by its acquisition of MBNA back in 2005. According to Inside
A Return to Caveman Times?
So easy a caveman can do it"¦.Who would have guessed that what started as a funny tag line to a GEICO ad campaign would lead to a budding pop-culture hit? (My favorite line from those commercials is when the caveman sitting on his therapist’s couch says "my mother’s on the line, I’ll put her on speaker.") Perhaps to appease his anger, GEICO built the Caveman a killer crib and later