MutualFundWire.com: Second Chances

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Thursday, February 3, 2000

Second Chances

Output Technology Solutions (OTS) has introduced Rapid NetSales, a new product that could help online brokerages reduce new customer sales cycle time and increase new account acquisition rates.

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A study conducted by E*Trade found that 50% of people who visited its Web site and started filling out account information abandoned the form before completion. With the help of OTS, E*Trade can take that partial information and turn it into new customers.

"We give them a second opportunity to convert the potential customer," Aaron Baldwin, director of product development for OTS's marketing services division said. "We take a data feed from E*Trade, take the information they did populate, and as long as we have their full address we can send them a form to complete the process."

After OTS gets the information from E*Trade it takes them between 24 to 48 hours to get the forms to the potential client. E*Trade has been using Rapid NetSales since mid-December, Baldwin said. One of E*Trade's online competitors has also signed up for the product. Baldwin would not release the name of the online brokerage firm.

Baldwin said OTS will be starting a direct mail campaign to all online brokers. Sixty-two such brokers have been identified by Output. A company spokesperson said that although the initial application will be for brokerages, applying the technology to other asset gatherers such as fund companies and financial advisors is not out of the question.

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