BanxQuote provides proprietary state-by-state, regional, and national benchmarking solutions and indices for its various banking, mortgage and lending products. Clients of the firm have included hundreds of financial institutions nationwide and its indexes are frequently used as a trusted source and performance benchmark by public policymakers, government agencies, GSEs (Freddie Mac), pension funds, foundations, non-profit organizations, major banks and brands.
History of BanxQuote
In 1984, after the U.S. banking industry and interest rates were deregulated, and at about the same time as the British Bankers Association began to publish LIBOR rates in London, BanxQuote began publishing bank rate tables and indices for a series of banking, mortgage and loan products throughout the United States.
BanxQuote started compiling and aggregating rates from financial institutions on a daily, weekly and monthly rotating schedule, inputting the rates into computers programmed to order, array, update and display the information. BanxQuote initially generated revenues by selling newsletter subscriptions, through paid access to a dial-up bulletin board system and by charging data licensing fees to print media, particularly The Wall Street Journal, which published BanxQuote rate tables on an ongoing basis for nearly two decades. BanxQuote started publishing its rates on Reuters professional market terminals worldwide.
From 1986 until 1995 when it launched its Internet operations, BanxQuote also operated a national call-center in partnership with various fixed income brokers. In the mid-nineties, BanxQuote started pubuishing its rates on Bloomberg. Dow Jones Telerate and Knight-Ridder MoneyCenter terminals.
The BanxQuote.com website was launched at a BanxQuote National Banking & Media Conference held at Salomon Brothers in New York, on April 7, 1995. The conference and multi-media event organized by BanxQuote featured a series of forward-thinking roundtable discussions moderated by senior executives and editors of Dow Jones, Reuters, Bloomberg, Business Week, Fortune Magazine, and other media, with the participation of government officials and top financial industry executives from across the country, including the Federal Reserve, the Office of the Comptroller of the Currency, the FDIC, Citicorp, Goldman Sachs, American Express, Fidelity Investments, Safra National Bank, and many others.
From 1995 until 2010, BanxQuote.com featured side-by-side bank rates on money market accounts, savings and jumbo certificates of deposit (CDs), mortgage loans, home equity and auto loans for various terms and amounts, enabling consumers to shop for the best rates and banking products and transact with banks nationwide.