BanxQuote
| Company type | Subsidiary |
|---|---|
| Industry | Financial services |
| Founded | 1984 |
| Founder | BanxCorp |
| Defunct | 2010 |
| Headquarters | New York City , United States |
Area served | United States |
| Products | Financial indexes, analytics, consumer banking platform |
| Parent | BanxCorp |
| Website | banxquote |
BanxQuote functioned as a provider and licensor of financial indexes and analytics, serving as a significant indicator within the U.S. banking and mortgage sectors. Its consumer banking platform offered daily updated information on rates for banking, mortgage, and loan products throughout the United States until it ceased operations in 2010.
History and activities
Established in 1984 by its parent organization BanxCorp, BanxQuote introduced its online services during a national banking conference organized by Salomon Brothers in New York on April 7, 1995.
The company catered to hundreds of financial institutions across the country, with its indexes recognized as reliable benchmarks by policymakers, government entities, major banks, and corporations. For 15 years, BanxQuote maintained an online national banking marketplace presenting rates for money market accounts, savings accounts, jumbo certificates of deposit (CDs), mortgage loans, home equity loans, and auto loans across diverse terms and amounts.
BanxQuote also created proprietary composite benchmarks at the state, regional, and national levels for its banking and lending product categories. Its data was featured in The Wall Street Journal for 17 consecutive years beginning in 1985.
BanxQuote on Bloomberg Terminal
Between 1995 and 2015, BanxQuote’s exclusive data sets, indices, charts, and analytical resources were accessible via Bloomberg Terminals, reaching an audience of over 250,000 financial professionals worldwide.
The BanxQuote Index, Trademark and Performance Benchmarks
According to The Dow Jones Barron's Dictionary of Banking Terms, the BanxQuote Money Market Index(tm) is defined as an index that tracks rates on negotiable CDs and high-yield savings accounts compiled weekly by BanxCorp. It offers direct comparisons of rates from selected banks on small-denomination savings accounts (under $10,000).
The BanxQuote Conforming-Jumbo Mortgage Index(tm) evaluates the historical differential between average national conforming mortgage rates and jumbo mortgage rates.
As part of its business strategy, BanxQuote licenses its registered trademark along with proprietary indices, datasets, analytical tools, and financial applications to third-party entities.
Case studies
- AAA (American Automobile Association) Money Markets & CDs: In 2008, AAA partnered with Discover Bank to introduce a High-Yield Savings Program for its 51 million members using the BanxQuote Index as a performance benchmark.
- General Electric Capital Corp. — GE Interest Plus: Employs the BanxQuote Index as a standard for performance measurement.
- Ford Motor Credit Company’s Ford Interest Advantage Notes: Utilizes BanxQuote data for benchmarking purposes.
- Bloomberg Professional terminals worldwide incorporate BanxQuote’s data offerings.
- UBS relies on BanxQuote for comparative CD rate analysis.
- Discover Bank, under Discover Financial Services, benchmarks its performance using the BanxQuote Index.
- Countrywide Bank launched its Online SavingsLink Account with BanxQuote serving as a reference benchmark.
- MetLife Bank, a subsidiary of MetLife, provides National Average APY information derived from BanxQuote.
- Capital One Direct Banking uses BanxQuote National Average APYs as part of its performance benchmarking.
- Charles Schwab & Co. references BanxQuote data in its CD rate market reports.
- Zions Bank applies the BanxQuote Index as a benchmark for performance evaluation.
Usage
BanxQuote information is utilized by a variety of U.S. governmental bodies, policymakers, Government Sponsored Enterprises (GSEs), nonprofit organizations, and economic analysts.
U.S. government agencies
- The White House Council of Economic Advisers
- U.S. Senate Committee on Banking, Housing, and Urban Affairs
- U.S. Department of the Treasury
- Federal Deposit Insurance Corporation (FDIC)
- William Poole (Federal Reserve Bank president), Federal Reserve Bank of St. Louis
- Government Finance Officers Association
- Office of Federal Housing Enterprise Oversight (OFHEO)
- Office of Thrift Supervision (OTS)
Government Sponsored Enterprises (GSEs)
- Freddie Mac, also known as the Federal Home Loan Mortgage Corporation
- Freddie Mac's role in sustaining stability within the mortgage market
- Research from the Wharton Financial Institutions Center referencing BanxQuote statistics on mortgage spread data
Foundations, non-profit, judiciary, and religious organizations
- The F.B. Heron Foundation employs the national average for two-year jumbo deposits from BanxQuote as a performance benchmark across asset classes within its mission-related investment portfolio.
- BanxQuote average return figures were cited by the Michigan Court and Michigan Judicial Institute during their CitiStreet Investing Webcast.
- In 2007, the Diocese of Monterey adopted a policy tying all assets in its Cash Management and Deposit and Loan programs to the BanxQuote Money Market Rate.
External links
- Financial services companies based in New York City
- Retail financial services
- American companies established in 1984
- Financial services companies established in 1984
- Retail companies established in 1984
- American companies disestablished in 2010
- Financial services companies disestablished in 2010
- Retail companies disestablished in 2010
- Companies based in New York (state)
- Data collection
- News aggregators
- Companies of the United States by year of establishment