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March 2008 Online Banking Statistics

Jim Bruene over at Netbanker has released the March 2008 online banking statistics.

Some interesting observations:

  • Many people are tapping into their home equity for $$. This could be a signal that people are strapped for cash.
  • Credit card applications have soared since February. Jim Bruene points out that conversion (the percentage of applicants who are approved) has dropped 2%. This could be a sign that banks are a little more careful about who they give credit to.
  • Applications for deposits (checking accounts & savings accounts) were relatively flat.

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Comments (2)
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  1. J said:
    on May 28th at 02:36 pm

    I am a frequent reader of your blog and happen to work in credit card analytics. The fact that the approval rate has dropped may be a function of tightening credit standards, but is more likely a result of less credit worthy applicants. As the economy, grows softer, consumers will become increasingly credit hungry, while their credit worthiness will increasingly deteriorate and lead to lower approval rates. This would explain the increase in applicants and decrease in approval rate.

  2. t-bone said:
    on May 28th at 08:19 pm

    thanks for the insights