Virtual banking

According to Jupiter Communications, in 1998 about 3.8 million households in the US used the Internet for their banking needs. That figure is expected to grow to 19.4 million by 2002. Forrester Research estimates that in the next 5 years, about 11 million credit cards will be issued over the Interne...

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Bibliographic Details
Published in:	Black enterprise 1999-11, Vol.30 (4), p.145-148
Main Author:	KEYES, ALLISON J
Format:	Magazinearticle
Language:	eng
Subjects:	Banking Banking industry Banks Branch banking Checking accounts Computers Cost control Cost reduction Credit cards Customers Electronic banking Finance Financial services Home banking services Home equity loans Internet Lines of credit Online services Safety and security measures Service introduction Services Software
Online Access:	Get full text
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Summary:	According to Jupiter Communications, in 1998 about 3.8 million households in the US used the Internet for their banking needs. That figure is expected to grow to 19.4 million by 2002. Forrester Research estimates that in the next 5 years, about 11 million credit cards will be issued over the Internet. The firm also projects that by 2003 more than $21 billion in auto loans and $13 billion in student loans will originate online. Some computer users are still wary of online banking, fearing that some mistake will happen in cyberspace and there will not be a flesh-and-blood teller around to fix it. But such worst-case scenarios are not likely. The Office of Thrift Supervision requires Internet banks to prove to regulators that customers are safe from computer glitches. Customers should make sure banks are following OTS regulations and are insured by the Federal Deposit Insurance Corp. by visiting www.fdic.gov, which lists all banks approved by federal regulators.
ISSN:	0006-4165 2691-5510