Online banks have managed to pull off what has become a tall order in 2023: They brought in more deposits than they lost. Online-focused banks can often offer higher rates, as they don’t have to pay for the real estate, employees or equipment required to run a traditional network of branches.
“The future of everything in banking is digital,” Capital One Chief Executive Richard Fairbank told analysts on a call in April.
https://www.wsj.com/articles/online-banks-are-winning-the-deposit-war-8f7e16b9