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San Francisco-based Providian Financial Corp. (PVN) took its aggressive card marketing strategy to the Internet May 17 when it introduced its new online credit card site, www.aria.com.
The site is designed to compete head-to-head with NextCard and First USA, with an emphasis on fast approval. But the company is aiming to differentiate itself from its competition by casting a wider net for customers, says James Rowe, senior vice president and head of the e-commerce division at Providian.
Providian is applying to the Web its 15 years of lending experience in many areas - including sub-prime or non-traditional markets - so that it can be an aggressive marketer and also approve and serve more cardholders.
"Providian can profitably serve virtually the entire credit spectrum," Rowe says. "This gives us a significant advantage over our niche-oriented competitors."
The company found in early tests that many visitors to its site would fall into the "low end of our platinum business, which is counter-intuitive to many who have been watching...