There was once a day when the world was infatuated with the idea of a purely Net-based bank. The efficiencies to be gained from not having to operate bricks-and-mortar branches were seen as compelling. But the idea never really gained the sort of change-the-world traction that many expected. So it's with an awkward sort of nostalgia that we greet the news that First Internet Bank of Indiana (First IB) has celebrated its 10-year anniversary; it opened its virtual doors in a launch ceremony held at the Museum of American Financial History in New York City.

Few of you have ever heard of First Internet Bank. But I'm sure more than a few of you are more familiar with NetBank, of Alpharetta, GA , which was basically shut down by the FDIC in September 2007. It ran into problems way before the subprime crisis hit the industry. All in all, the idea of a Net-only bank seems quaint now, as top banks have succeeded in offering online services, effectively allowing people the best of both worlds. Indeed, some people see it as a huge problem that the top banks control so much online banking traffic.

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