In Its Footprint Markets, WaMu Free Checking(R) Grows to 44%
Market Share and Online Savings Grows to 51% Market Share
SEATTLE--(BUSINESS WIRE)--March 17, 2008--WaMu (NYSE:WM) today
announced it continues its position as #1 in online checking and
saving accounts with consumers in its footprint markets (among top 10
online banks), according to fourth quarter analysis by comScore Inc.
Research showed that 44% of the online banking consumers selected a
WaMu checking account in its footprint, and 51% chose WaMu's online
savings account. Nationwide, online account market share is 31% and
According to the study, online banking growth for the industry was
8.1% in the fourth quarter of 2007 vs. a year ago, while WaMu's online
banking customers grew 12% during the same time period. The
competitive set of bank sites covered in the study consisted of major
national and regional banks with online offerings.
Success of the online accounts has been attributed to a focus on
marketing and store partnerships, industry leading customer benefits
and the industry's fastest application process that can take less than
7 minutes and includes a paperless account opening process.
"Making banking simple for customers, whether they are in our
retail store or on our website is resonating with consumers," said
Richard Blunck, SVP, WaMu's Director of eCommerce.
WaMu is a leading provider of online financial services, and its
site, www.wamu.com, has received widespread industry and consumer
recognition, averaging more than 3,300 online applications submitted
per day. The site is consistently ranked as one of Keynote's top
online banking sites. The online banking site also continues to be at
the top of the Gomez ratings for site response time, more than 1
second faster than the second-quickest site, and more than twice as
fast as the industry benchmark.
WaMu, through its subsidiaries, is one of the nation's leading
consumer and small business banks. At September 30, 2007, WaMu and its
subsidiaries had assets of $330.1 billion. The company has a history
dating back to 1889 and its subsidiary banks currently operate
approximately 2,700 consumer and small business banking stores
throughout the nation. WaMu's press releases are available at
Gary Kishner, 818-775-4234