By Ptacek, Megan J.
American Banker , Vol. 165, No. 166
In another sign that Internet-only banks are paring down their advertising budgets, NetBank is target-marketing to Quicken users through a link that the new Quicken 2001 will install on their computers.
The Intuit Inc. software, shipments of which started last Wednesday, will automatically put a NetBank icon on the main screen -- the "desktop" -- of users' computers. Clicking on the icon will bring users to NetBank's new-account application.
Fifty dollars will be credited to each checking account established through the link.
"This is a great opportunity for NetBank to target its message to the right demographic and to keep its already low account-acquisition costs at a level that's among the best in the industry," said D.R. Grimes, chief executive officer. "These deals will cost less per account, whether we get a lot of accounts or not," he said.
Mr. Grimes would not disclose the financial details of the arrangement.
NetBank recently completed a full implementation of OFX, a standard for open exchange of financial information over the Internet. As a result, NetBank account information can now be seamlessly integrated into Quicken or other financial management software.
Quicken users with an Internet connection and an account at NetBank will be able to download up-to-date account information and transfer funds between accounts directly from Quicken, without using an Internet browser. …