Both are valid business models. Most people and small businesses still use a bricks-and-mortar bank. For folks who are tech-savvy and who don't have complex banking needs, an online bank can be a good solution. Check out these articles on some of the pros and cons: Online Banking - Advantages and Disadvantages
For what it's worth, 2015 marked the first year that customer use of mobile banking exceeded the number of customers that visited branches. So, the traditional brick-and-mortar view is definitely fading as a 'must have.' Considering how much commerce we do electronically today that is not surprising - Amazon, Netflix, Uber and more - there's not much you need to do in-person anymore. And, why should you if you can get better rates, better technology and better service from an online provider?!?
WalletHub Answers is a free service that helps consumers access financial information. Information on WalletHub Answers is provided “as is” and should not be considered financial, legal or investment advice. WalletHub is not a financial advisor, law firm, “lawyer referral service,” or a substitute for a financial advisor, attorney, or law firm. You may want to hire a professional before making any decision. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. The helpfulness of a financial advisor's answer is not indicative of future advisor performance.
WalletHub members have a wealth of knowledge to share, and we encourage everyone to do so while respecting our content guidelines. This question was posted by a WalletHub user. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not a financial institution’s responsibility to ensure all posts and questions are answered.
Ad Disclosure: Certain offers that appear on this site originate from paying advertisers, and this will be noted on an offer’s details page using the designation "Sponsored", where applicable. Advertising may impact how and where products appear on this site (including, for example, the order in which they appear). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.