Virtual banks deliver products and services to customers by remote electronic means and without resorting to a network of brick and mortar branches. Nonetheless, they too offer traditional financial services such as savings accounts, paperless checking accounts, certificates of deposit (CDs), mortgages, mutual funds, business accounts, bill payments, credit cards, and home equities. Additionally, some Internet-only banks offer high interest rates and no-fee checking. On the other hand, ATM fees are typically charged by virtual banks because ATM transactions are provided through the ATMs of other banks.
The interaction of customers with a virtual bank occurs mainly through the bank website, via email, or by telephone. For example, customers can use banking services and perform banking transactions online or by phone. Consequently, the functioning of virtual banks differs widely from that of traditional banks in terms of the mode of customer contact. With a traditional bank, a customer physically walks into the bank, while in a virtual bank, contact occurs, for example, when a customer visits the website.
In spite of this significant difference, the same kinds of jobs that are found in the traditional sector are also found in virtual banks. For example, a virtual bank will also have the following positions:
- Finance manager: Directs departments, resolves customers' problems, ensures maintenance of standards for services, and administers institutional operations and investment.
- Accountant: Maintains financial records and ensures the bank's compliance with federal and state regulations.
- Loan Officer: Evaluates loan applications, determines the credit worthiness of loan applicants, and recommends or denies loans.
- Personal financial advisor: Aids customers in financial planning by identifying sources of personal income, determining personal expenses, managing risks, and planning for future financial needs. This also entails identifying investment avenues that balance the customer's risk taking ability with desired returns.
- Financial analyst: Researches the market and evaluates the various investment avenues that are suggested to customers by financial advisors.
