Although no more than 2% to 3% of the general public currently holds an account at one, the online-only banks have considerably more influence than their relatively small market share would indicate. This report looks at the growing influence of online-only banks including:
• Online-only bank forecast through 2020
• How the online-only banks attract deposit customers, and how any bank can use the same tactics
• How traditional banks are fighting back
• Deposit special offers at 60 retail banks and credit unions
• A closer look at five high-rate financial institutions: ING Direct, Emigrant Direct, MyBankingDirect from New York Community Bank, Western Financial, and MetLife Bank
• Website Usability (part 3): We run MyBankingDirect through our 62-point account opening evaluation with surprising results.