The strategy of building deposits through online banking has gained credibility in recent years, as a growing number of traditional lenders like Discover Financial Services Inc. and American Express Co. have expanded their own Internet efforts.
Customers are becoming increasingly comfortable with Internet-only accounts, and many online banks now offer rates that are little better than their brick-and-mortar competitors.
Internet bank accounts "are a good way to get into the deposits business in a straightforward way," said Michael Poulos, head of the North American financial-services practice at consulting firm Oliver Wyman.
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