Internet Only Banks
Concept of Internet Only Banks
With the advent of internet banking, a large part of the services that are offered by banks can be provided online as well. Therefore, a lot of entrepreneurs were of the opinion that brick and mortar banks have become obsolete in retail banking just as brick and mortar stores have become obsolete in retail sector. As a result, a lot of internet only banks came into existence.
Internet only banks do not have any physical infrastructure. Instead, they invest in high end computer infrastructure that allows them to serve their customers in better and faster ways. Many internet only banks have been granted charters in the United States in the 2000s. They are a new breed of banks and customers are still experimenting with them.
Internet branches have their own advantages as well as disadvantages. Some of them have been listed as follows:
Advantages of Internet Only Banks
Disadvantages of Internet Only Banks
Authorship/Referencing - About the Author(s)
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