From a customer's perspective, banking is all about saving time and making money, according to Gary Lewis Evans, cofounder, president and CEO of the Bank of Internet USA.

It's a philosophy that drives the bank. Since it's July 4, 2000, launch, the Web-based Bank of Internet (BofI), headquartered in San Diego, has established more that 10,000 deposit accounts and has customers in all 50 states. BofI is riding the technology wave, one that continues to build.

"Technology is the driving force of the banking industry," Evans says. "It is the key to efficiency, and that's how we use it."

Due to technology's rapid progress, the days of personal banking are numbered, he says. "There is a percentage of the population who want personal service, but I believe at least 80 percent of the people don't want to go to the bank," he says. "People just want convenience."

That convenience allows BofI customers to bank at 3 a.m. if they want, Evans adds. Increased Internet security has also allowed people to be more comfortable with banking on-line. "We have people who say they enjoy banking on the Internet now. One customer even said she enjoys paying her bills," he says.

BofI -- which has raised more than $20 million in capital--can offer customers a better deal because the bank uses automation to lower its costs. "We're designed to be like the Costco or Wal-Mart of banking--we're the low-cost provider; we give great value to our customers. We don't charge customers; we pay customers," says Evans, who has been in banking since 1971.

BofI, which has $305 million in assets and 20 employees, plans to mirror the Bank of America business model, which is to bank people across the nation. "We see the future of banking becoming more of a commodity," Evans says. "We are designed for the future of where banking is going."

12777 High Bluff Drive, Suite 100, San Diego, CA 92130 • 858-350-6200 • www.bofi.com