Change Sciences Research Shows E-Loan's Home Equity Site is Easiest Overall; Home Equity Powerhouse Wells Fargo Outscores Traditional Brick-and-Mortar Lenders for Ease-of-Use.

Business Editors/High-Tech Writers

IRVINGTON, N.Y.--(BUSINESS WIRE)--March 23, 2004

Change Sciences Group, Inc. released its 2004 Q1 report on the user-friendliness of ten leading home equity web sites. The research reports on the ease-of-use of home equity web sites from a new customer's perspective.

Sites were judged on four main areas:

-- Getting new customers from the lender's home page to the home

equity section

-- Supporting basic information gathering, such as finding the

differences between lines of credit and installment loans 

-- Supporting detailed product selection, such as providing

easy-to-find rates and terms among comparable products

-- Supporting an easy-to-use online application process

The sites reviewed included two virtual providers, E-Loan and E*Trade Bank; seven large banks; and one regional bank, Fifth Third.

In 2003, almost seven million homeowners refinanced to consolidate debts, improve their homes, and pay for education. In 2004, as interest rates remain low and equity in homes rises, customers are choosing to cash-in on their home equity, using home equity loans and lines of credit.

Virtual providers E-Loan and E*Trade Bank led the pack in ease-of-use according to the 2004 Q1 report, which used Change Sciences scenario-based Typifi(TM) customer experience benchmarking methodology. Home equity heavyweight Wells Fargo finished third overall and first among large banks.

"Acquiring home equity customers online is not just about short and painless applications," said Steve Ellis, Change Sciences founder and partner. "It is about answering key customer questions up front and making it easy for the customer to make an intelligent product selection."

Some of the pitfalls customers were likely to encounter included awkward navigation, poor support for comparing product types, and orientation in the application process.

The overall site rankings are as follows:

   1. E-Loan
   2. E*Trade Bank
   3. Wells Fargo
   4. National City
   5. Fleet
   6. HSBC
   7. Bank of America
   8. Washington Mutual
   9. Citibank
  10. Fifth Third

Sites were selected for review based on a combination of revenue, regional presence, and support for both home equity loans and lines of credit. The combination of regional banks, virtual providers, and large national banks provides a cross section of the industry. Notable absences include JP Morgan Chase, US Bank, and Wachovia, which do not support both types of loans. MBNA lacked a process for applying for home equity loans. Lending Tree, a notable virtual provider, acts as a broker site and was therefore not eligible for a competitive review.

For more information on this and other Change Sciences research, please visit:

http://www.changesciences.com/research.html

Change Sciences Usability Benchmarking Reports are based on its Typifi benchmarking process. Typifi allows for the empirical comparison of sites across key usability metrics. Our usability benchmarking reports show site owners how their sites compare with those of competitors, in terms of how a customer would use it, thought by thought and keystroke by keystroke. Sites that are easy to use attract and retain more customers. These sites also project a positive brand image. Using Typifi, Change Sciences' analysts can identify and document web design best practices, allowing site owners to make changes that matter to the bottom line.

Change Sciences was founded in January 2000 with the idea that companies can optimize key business processes by basing decisions about technological change in how people use technology while they live, work, and play.