Portal websites, the Internet gateways that provide sites focusing on specific areas, have become popular advertising channels for financial services providers.
When three leading Internet brokerages signed two-year marketing agreements with America Online (AOL) last year, a new trend in financial services advertising seemed to be emerging. The combined value of the deals was $75 million. The brokerages - E*Trade, the number 2 online broker; Donaldson Lufkin & Jenrette's DLJDirect and Toronto Dominion Bank's Waterhouse Securities - each agreed to pay $12.5 million per year to be displayed on AOL's personal finance channel and its new brokerage and mutual fund centres.
Other deals by banks followed last year. In August, Citibank, which had previously agreed to an e-commerce systems' deal with Netscape, announced that it would become the anchor tenant on the planned finance channel on the browser company's Netcenter …
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