Since the dawn of the new millennium, the US banking industry has witnessed the near total crash and burn of Internet-only banks. TowerGroup estimates that the number of Internet-only banks has declined to fewer than 20Sand none of the surviving institutions are of any remarkable size. As yet another early pillar of new
economy fades from view, bankers, vendors, and investors should take a hard look at what Internet banking has become and what it is likely to be over the near term. This is particularly important as industry averages for online banking continue to hover at an estimated 25% of the US population.
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