Banking Online Replaces Standing in Line South Florida Business Journal Online (11/03/00) Vol. 13, No. 7 p.4; Freer, Jim
Internet banking is growing at a record pace among
banks of all sizes, as more people seek the convenience of home
banking. More now than ever, banks are beginning to realize the
advantages banking online affords. Throughout the country, there
is an explosion of interest among banks on how to go about adding
new services to their Web sites. The Bank of America and
Washington Mutual are two examples of how banks are growing
Internet businesses at a record pace. Bank of America, which
boasted about 3 million online banking customers by mid-October,
is adding an average of 125,000 customers a week, and Washington
Mutual, which had about 300,000 online banking customers at the
end of June, is adding about 1,500 a day. Not to be left out,
small banks have also embraced online banking. Community banks
initially got into Web banking to stay competitive, but Florida
Bankers Association President Miriam Lopez says they have
discovered that Internet banking is also good for business.
Lopez notes that small institutions are now pursuing Web banking
more aggressively than they were two or three years ago.
"[Internet banking] may not be a profit maker on its own, but it
is proving important in bringing in business and in keeping
customers satisfied," Lopez says.