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A new website that allows small and mid-sized banks to compete online for consumers' savings business may be expanded to include credit unions, and a lending component will be added, too, says the site's founder.
MoneyAisle.com lets banks "bid" for consumers' CD and high-yield savings business through an automated process that returns the highest-paying product to a consumer in about two minutes, according to Mukesh Chatter, president and CEO of neoSaej here, the company behind MoneyAisle.
"Within the next 60 days we will be announcing an online lending product very similar to MoneyAisle and I think credit unions will be excited," explained Chatter, who said neoSaej initially considered including credit unions in MoneyAisle but decided against it because field of membership restrictions and the belief that banks have a more pressing need for deposits.
"Our intention is to possibly have a separate...