The competitive strategy needed is nearly the same as any retial bank now though the internet is used instead. The retail banks compete in a number of ways fair costs for products and services is a good start. Fair interest rates are also very key to success for a bank because then people will actually want to bank when they get something back. Apart from these it's also good to target exactly who it is your trying to get whether it is a small business or regular consumers. These will keep you ahead of the game, most of the banks seem to follow close to the same model for each of their designs. Advertising is also important, TV advertisements, flyers, right outside your bank branch advertising can help you compete. Today the competition is different and the Internet can be used for banks each bank will try to catch onto putting there services on the internet. The better access someone has to all the information of there account and other services is crucial. Now you have a whole new place to expand to and you can use some of the same strategies that a retail bank uses to gain customers. You can advertise right online as well as keep all your information on a website right at the click of a mouse.

• There seems to be a common thread of how an Internet Bank looks and operates as oppose to a retail bank. Other companies stealing from each other or from the first model of an Internet Bank and then marketing and advertising different prices for what services they will give you. http://home.ingdirect.com/products/products.asp ING vs. Wachovia https://www.wachovia.com/

• A good starting point for a bank is to keep things very neat and median prices on all services becuase you will scare away customers with bad costs. Always have a compensation plan so your bank doesn't fail. Above all know who you are trying to get at be it homeowners or businesses. however getting high depositers is also a good plan as well as bundling up products or services. lastly, Cross selling is smart a stable working bank or as defined in the dictionary "the action or practice of selling among or between established clients, markets, traders, etc. A very good presentation on how banks compete over small business customers.

• From Money Rates- Interest Rates and the minimum deposits needed for some bank some that are even online. The annual percentage yield (APY) is generally used to refer to the rate paid to a depositor or lender by a financial institution the higher the percentage rate the more money people can get on there savings and with a small deposit amount people can get started faster. In this graph below a few of them are actually internet banks. APR however can get you because the fees can cause a problem banks can lose out becuase the rate is hard to keep good while trying to calculate the cost.

• The Competition today is different then before now there is more that people are looking for the environment is different. Now we have more services and many small businesses. Before it was all about less retail and more electronic atm's but that has switched over now too. There is also people who work at home and there is a need for a faster solution and new technology is used alot more then before so that solution is needed as well. So with this in mind Internet transactions and banking is a better solution then many branches. You may even save money for less employees and many and more electronic deposits then a safe can ever hold.
• There is other options out there that can be used like select plans that you can use like Business Checking or Small Business banking that you can use to bring someone in. Businesses are a good target for a bank and if you can switch that over to online you can then raise the fees slowly after people come in to get more revenue.
• Wire Transfers that can be done for a low price are a good way to get in customers as well a few banks have transfers like that. Bank of America charges $20 domestic and $45 international, citi does $18.75 domestic and $30.00 international, ING is also $30.00 for both to name a few check the bank to see what they have

• The Link shows Advertising is a big part of the competition for an internet bank either on TV or more specifically online where companies like ING and E*Trade are and you actually do see many ads for them everywhere as oppose to the retail banks sometimes. This si more a Marketing idea but it really gets your bank out there so there is some strategy in it since there are banks online now and people will see advertisements on the web pages they view. The Role of Advertising in Commercial Banking
• There are many security issues with online banking, Fraud and stealing of money can run high with technology so security and safety is yet another big option that can make or break the strategy of the company. Word of mouth on the internet can ruin your strategy.
• Though there is other things to consider with This article though competition between banks seems to cause a few problems economically because of where all the money is going how much interest is given and how much all this aquisition of customers will cost adding another layer to the strategy.Competition among banks: Good or bad?