biz.yahoo.com
BancBoston Robertson Stephens Issues a Research
Report on the State of On-Line Banking in the U.S.
SAN FRANCISCO, Dec. 11 /PRNewswire/ -- The following is being issued by BancBoston Robertson Stephens, a member
of the National Association of Securities Dealers, CRD number 41271:
BancBoston Robertson Stephens senior electronic commerce research analyst Gary Craft recently issued a research report
titled ''On-Line Internet Banking in the U.S.'' In this report, Craft discusses the five principal on-line banks in the U.S:
Compubank, NetB@nk, NextCard, Security First Network Bank and TeleB@nc Financial Corporation.
''In aggregate, these five banks hold $2.5 billion in assets and approximately half that amount in consumer deposits,'' said Craft.
''These assets and deposits represent only a sliver of the industry's $3 trillion, plus in assets, yet rich veins of deposits are often
found below even the slightest cataract. The point of our research and investment thesis is simple: the modest cataract now
characterizing the Internet banking industry runs very deep and when explored, should yield very high rewards.''
Craft feels that the five current Internet banks discussed in the report represent a colorful palette of corporate strategies. ''They
range from traditional banking retrofitted for the Internet, to low-cost delivery/customer pass-through savings,'' said Craft. ''The
Internet is lowering the cost of funding for banks, and combined with the branch-less, low-cost banking platform, these banks
are able to offer superior rates compared to the traditional brick and mortar bank.''
In the report, Craft also reiterates BancBoston Robertson Stephens Strong Buy rating on TeleB@nk (Nasdaq: TBFC - news).
''We believe that TeleB@nk is a direct play on the on-line banking and Internet phenomenon. The company now reports that
48 percent of its customers and prospective clients interact with the bank through the Internet,'' said Craft. |
