One example is online banks
, who are more than happy to lend where traditional big banks won't.
retail deposit growth for the largest online banks
has outpaced that of traditional branch-based banks over the course of the Federal Reserve's (Fed) five interest rate increases since December 2015.
Identify theft is a significant concern, but some online banks
take this risk more seriously than others.
Worldwide, 60 countries have one or more domestic online banks
Apart from informing users on the usefulness of online banking, banks should also continue to increase the features and services provided by their online banks
. According to a banking study in Malaysia account balance inquiry, saving account, current account, summary report of transaction were rated as the most useful by online banking consumers, while services such as purchase or monitoring of unit trust and home mortgages are found to be non useful (Sulaiman et al., 2005).
In fact, growth in online banking customers at the top ten online banks
surpasses overall internet growth.
Bankrate.com also notes that it's harder to make deposits at online banks
. In most cases, they have to be mailed, which can be time consuming.
in 55% of US homes, and that online banks
need to take action if they want to break these constraints.
Experts are warning that, besides disabling Microsoft's anti-spyware product, the Trojan horse also targets users of UK online banks
such as Barclays, Cahoot Halifax, HSBC, Lloyds TSB, Nationwide, NatWest and Smile.
Jyllands-Posten, a Danish daily newspaper, carried out spot-checks of Danish online banks
and found that 14 out of the 16 online banks
tested did not provide enough information and failed to meet the newspaper's criteria.
Contrary to expectations, the Fed's tightening cycle thus far has accelerated growth in the deposits of online banks
as the gap between interest rates offered by online banks
and traditional banks has widened.
MONEY evaluated the largest 90 brick-and-mortar banks, 50 credit unions, and 15 online banks
, as identified by bank consultancy firm Novantas.