Alternative marketing thinking

iCONTRACT

Virtual Banks Get Their Share

According to a new report from Synergistics Research, one in five households now have a banking relationship with a virtual, internet-only institution that requires e-transactions for high-yield savings accounts or discount loans. Banks like HSBC Direct, ING Direct, Emigrant Bank, Capital One and Citi Direct, while focussing on saving money are proving to be substantial competition for traditional banks’ core deposit business. American Banker reports on this here.

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