Leverage online banking to generate deposit growth
Abstract: As a byproduct of the current financial downturn, more people are keeping their money in savings accounts and other investments they consider “safe.” This presents an opportunity for financially sound banks to attract new deposits. And one way to spur deposit growth is to take advantage of the Internet and other technologies that encourage people to save and make it easier for them to make deposits with your bank. But online banking also can increase your bank’s exposure to fraud, identity theft, money laundering and other risks. This article lists potential online services, along with risks to guard against.