<<Internet savvy people are more likely to have higher than average incomes because people with higher than average incomes are more likely to own computers. IMO, that demographic is unsustainable.>>
Mama, I agree with that statement. However, the fact is that the demographics are STILL in favor of the higher income person using the internet. One day, almost everyone will have home access to the internet (either TV will become more computer-like, or the computer will become more TV-like), and I believe, that a change like that will really favor internet banks, and will make those who were slow to change go the way of the dinosaur.
The banks that will servive, IMO, will be those who adapt to their new, more efficient rivals. For instance, what is the cost of having a branch office in a supermarket? Does it cost much less than a corner, stand-alone building? It probably does. That seems like a great stategey- one which I know Mellon Bank is pursuing (although I I have found some of the branch offices inadequately trained).
Maybe one day we will have bank-in-a-kiosk! Perhaps that sounds unbelievable now, but one day will might be wondering whey we didn't think of it (actually, I guess I just did!).
Maybe one day it will only be Ameritrade, Wells Fargo, NetBank, Mellon Bank, and "Kiosk Bank" competing for our financial business! Assuming NetBank isn't bought out before that.
NTBK: ~$31
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