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• W293168032 abstract "In a recent survey, community bankers said their top competitive challenge, by far, was raising deposits. One out of three respondents cited it. Several options exist to remedy the problem, most of them well known. They include simply raising rates, increased marketing, premiums, and, on a longer horizon, adding or acquiring branches. To attract large deposits, especially now when such depositors may be more nervous, there are services such as CDARS, which can significantly expand FDIC coverage under a single bank. (CDARS--Certificate of Deposit Account Registry Service, offered by Promontory Interfinancial Network, LLC, is an ABA-endorsed program.) [ILLUSTRATION OMITTED] But one avenue that relatively few community banks have explored raising is funds through the internet. Some smaller institutions have established branches, some with their own identity. But the reach of such efforts is limited by the bank's ability to generate enough internet buzz to show up on search engines, or its willingness to pay for preferred placement in search engines, which bigger players routinely do. It's a classic web challenge--you may build it, but if folks don't know it's there, they won't come. But there are alternatives that can put your institution on the internet deposit shopper's map. We looked at three such alternatives, and at efforts of banks that use them. One alternative, MoneyAisle, debuted in the middle of the year, and the others, Bankrate.com and Bauer Financial, Inc.'s product family, have been available for some time. One caveat: The internet doesn't appear to be a path to core deposits. Bankers' descriptions of the success they have had with internet funds gathering indicate that this is hot money, money with a rate-savvy saver behind it, who will likely not know your bank as anything beyond a good rate, FDIC coverage, and a web page, with some exceptions. What follows is a description of these three options. MoneyAisle: Where banks bid for deposits Many banks post their current deposit rates on their websites, and some bank sites permit depositors to open accounts online, and possibly even to fund them online. It's the stock-in-trade of ING Direct, HSBC Direct and other internet-only institutions. This is the equivalent of no-haggle pricing at those car dealerships that offer nonnegotiable price tags. The bank posts what it wants, and if the depositor is willing, a deposit results. If the depositor thinks they can do better, they move on to someone else's site. MoneyAisle, launched in June 2008 with approximately 100 depository institutions now participating, represents a very different approach to online deposit gathering. Prospective depositors enter the rate, term, and other details, including their location, into the software at www.moneyaisle.com. And then, institutions looking for the type of deposit indicated bid for that prospective depositor's funds. Right on screen, the prospect can see each round of what amounts to an online auction, and how many institutions are participating in each round. Finally, a winner is announced onscreen, including both name and logo. Links to the winning institution's website and other helpful data are provided, including guidance on how to move on to completing the transaction. The only institution name that the prospect sees is that of the winner, in contrast to services that list tables of top rates and the institutions offering them. Each participating institution governs the bidding using an artificial intelligence routine--or seller automated engine--incorporating such factors as type of deposit; minimum amount per transaction; market or markets they are interested in bidding in; rate parameters; and even how aggressively to bid against other institutions. Tiered interest rates can also be built in, so that higher rates will be bid for larger deposit amounts, within a single strategy. …" @default.
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• W293168032 date "2008-10-01" @default.
• W293168032 modified "2023-09-26" @default.
• W293168032 title "Hot, Web, and Green: Online Deposits Draw Bankers and Savers of Different Stripes. Three Web-Based Services Use Different Approaches to Attracting Deposits" @default.
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