Advanta Archives - Finovate

Earlier this week, Visa launched its Facebook Business Network. While the first to use Facebook, several other major financial institutions have opened small biz networks on the Web in the past six months:

Advanta’s Ideablob launched last September at DEMOfall (previous post here). It’s a unique website with monthly contests awarding $10,000 to the best idea, as voted on by users. It’s an intriguing concept with decent traction, almost 30,000 unique visitors last month according to Compete (see chart below). (Full disclosure: I just realized I’m wearing an Ideablob t-shirt; schwag can still pay off!)
American Express’s OpenForum: As the name suggests, it’s a business forum and resource directory, not unlike Bank of America’s (see below). American Express has added posts from several prominent bloggers such as John Battelle’s Searchblog and Anita Campbell’s Small Biz Trends to keep the site fresh. The site has 5,400 members and monthly traffic of about 11,000 unique visitors, up threefold from a year ago.
Bank of America’s Small Business Online Community, a general forum and resource directory, launched in October 2007 (see original post here). It’s primarily a forum, with some additional articles on the side. Total membership is just under 15,000.
Capital One’s Slingshot, launched in February, is primarily a business directory. But it does aim for community involvement with user-submitted business reviews and comments on certain topics.
HSBC’s (UK) Business Network: Another forum-and-blog site similar to AmEx’s OpenForum. So far it appears lightly used, with just six blog entries this year and 270 member profiles.
Intuit’s Quickbooks Group: Although not a financial institution, the Quickbooks site is a good example of an active community with more content, including ten blogs, and as much traffic as the others combined (not including BofA which is unknown) with nearly 90,000 unique visitors, almost double the number a year ago.

Unique website visitors in May 2008 (source: Compete)

I don't know how I missed this one, but Advanta, a major credit card issuer with 1.2 million small business customers, launched a new Web 2.0 microsite on Sept. 24 at the high-tech DEMOfall conference (press release here). Just being there amongst the digerati was a coup for the card issuer, but they did much better, managing to come home with a coveted DemoGod Peoples Choice trophy at the conference.

The Web 2.0-laden site is called ideablob, and it's a place where entrepreneurs, inventors, and anyone else can post their business idea and compete for the monthly $10,000 prizes (contest rules here).

One month after launch, the site is generating a fair amount of activity. The eight October finalists showcased on the homepage (see below) have received the following:

691 total votes (must be registered to vote, can vote on more than one idea)
216 total comments (must be registered to comment)
10,300 total views (anyone can view the idea)

Traffic to the site should grow rapidly once word of the $10k prize circulates. That's a large incentive for the millions of Internet users who think they have a better idea.

Advanta, which uses fairly subdued branding on the site (see small "inspired by Advanta" under the main ideablob logo), is positioned to gain in three ways:

By associating its brand with innovation, social networks, and a Web 2.0 attitude
Assuming a good viral kick, and $10k/mo should do it, the site could generate leads more cost effectively than through other channels
Publicity in blogs and traditional media

Bank of America launched a good business networking site recently, but without the fun of the $10,000 in prize money (see previous coverage here).

Advanta's ideablob main page (25 Oct 2007)

An idea page