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.

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