Also known as online banking, internet banking has become increasingly popular. It allows consumers and business owners to access their finances over the internet rather than locally at a brick-and-mortar bank. This report explores the global internet bank market.
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No longer are consumers and business owners forced to visit a local bank to conduct financial transactions. They can now perform financial transactions online using an internet bank. Also known as an online bank, an internet bank is a financial institution that offers online banking services. Internet banks perform many of the same services as their brick-and-mortar counterparts, but they are typically only accessible over the internet.
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According to Wikipedia, internet banks first appeared in the United States during the 1980s. Around this time, Citibank, Chemical Bank, Manufacturers Hanover and Chase Bank launched their own respective online bank. Of course, not many Americans had internet access back in the 1980s, so these banks weren't particularly popular. However, they laid the groundwork for other, more successful internet banks to follow. Today, there are dozens of internet banks available.
So, what are the advantages of using an internet bank rather than a traditional brick-and-mortar bank? Internet banks offer several benefits for customers, one of which is lower fees. Since they operate online rather than locally, internet banks have less overhead. As a result, they can pass these savings down to their customers in the form of lower fees.
Internet banks also offer a superior level of convenience. Nearly all internet banks have a mobile app, which customers can download to their smartphone or tablet. If you want to check your balance, for example, you can pull up the app using your mobile device. It's a faster and more convenient way to perform banking operations than visiting a local brick-and-mortar bank. For these reasons and others, internet banking is expected to increase in the years to come. In the United States as well as other countries, internet banks are slowly taking over.
The Global Internet Bank Market Growth (Status and Outlook) 2019-2024 report by ReportsnReports is a comprehensive study of the global internet bank market. Featuring 139 pages, it offers a professional analysis of the market's current and future prospective scenarios.
This report segments the global internet bank market by several criteria. On the basis of product type, the market is segmented into banking for corporate and baking for personal. On the basis of end-user application, the market is segmented into personal financial assistant, online investment, online shopping and other financial services.
Some of the key internet bank vendors profiled in this report include Kiwibank, BNZ, ANZ, Heartland Bank, CBI Bank, Axis Bank, HSBC HK, NAB, Leaders Credit Union, Sandhills Credit Union, Leader Bank and Swissquote.