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Entrepreneur - New Business
Deposit auction
Posted by:
Vasyl Artiushchenko
on 1/17/2012 1:12:58 PM
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Funding Needed
:
Under $100k
Category:
Business Products & Services
Website :
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Location :
Kiev,
Ukraine
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Description:
How it works: everytime you would like to open a saving account, the banks offer you a quite small interest rate, with deposit auction banks will compete for your money! You just apply for the deposit account and chose what banks will compete for it (it can be your current bank and some other banks that you trust). During the auction banks will raise the interest rate that are ready to offer you, the bank that offered the highest rate will get you as the customer and you will get the highest rate from the trusted bank. And it's completly FREE!
Why do We need funds: We've already done the website (auction platform) and now we need money for an advertising campaign among customers and banks in the different countries.
How much do we need: from $10'000 for an advertising campaign in one country. It is not necessery to start the project in Ukraine, it can be any other country.
Why we will succeed:
1)The Customers get the best rate while the banks compete for money, any auction means increasing the offer (generally no bank will offer to the clients higher rates for the deposits than it’s proclaimed and published on the banks web-site). At the start all the terms (annual of deposit, currency, term, trusted banks etc.) are set by clients and then the terms are only get better by raising the rate. The service is FREE.
2) The Banks get the customers without any expenses for advertising, marketing research, staff etc., because all they have to do is to click and win the client by making a little bit higher offer during the trade. Also Deposit auction is like the one and only deposit market place where the banks meet their consumers, so banks can advertise there some special offers.
3) The auction gets the small fee from the bank that won the customer. If it's more than 3 months account, then the fee is 0,2% of deposit amount, if less then 3 months then 0,1%. It seems very small but according to the deposit amounts, quantity of customers in one country and frequency of account opening, the profit must be on the high level.
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