People might be fine with using the internet as the dominate medium for friendships, billpaying, photographs, and music.But I would venture to say most people remain uncomfortable with the prospect of banking through something that seemingly exists only at a URL, be it ingdirect.com, fnbodirect.com, dollarsavingsdirect.com. They worry it’s a Nigerian scam at worst, that it would be too awkward to deposit and withdraw at minimum. When you’re talking about money, people need, understandably enough, some tangible proof that their bank exists.
ING Direct, lacking branches that dot street corners, lacks the physical presence that signals permanence. Instead, they advertise. The billboards, I noticed, lacked the a webpage URL. I’m betting that’s because they aren’t trying to persuade people to open accounts (that’s what the online advertising is for). Instead, they’re attempting to supplement word of mouth and seal the deal for customers uncertain about opening a new account. The prospect of problems with people’s money is a hurdle too high, even in the face of the enticements of some extra money in the form of higher interest rates each month. The advertisements, I believe, serve to trim that hurdle.
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