NY based Quontic Bank saw retail deposits grow by 261 percent to $200mn and their retail customer base double in size; with the help of new technology and a customized middleware solution the bank has been able to compete in an ultra competitive market; their mortgage business is a big reason they can offer attractive rates with their loan portfolio averaging 6 percent interest; the rates have also garnered some free publicity through blogs who have picked up what the bank is offering; “When you post a top-ranking rate, which ours often is, you don’t have to have it posted for too long before the bloggers pick it up,” Quontic Bank CEO Steven Schnall said to American Banker. “And then suddenly the blogosphere will be filled with stories about the highest money market rate in the country, and that will drive a lot of organic traffic at no cost to us.” American Banker
