HSBC has also been taking away market share, and their 6% new-money promo seems to be helping (see my HSBC 6% post). The study shows a big jump of recent unique visitors to HSBC Direct's website and of new account openings. Hopefully, this will encourage other banks to offer similar promotions. Perhaps EmigrantDirect will get back into the game.
One thing this study doesn't show is how much market share all the other online banks are taking (such as E-LOAN, GMAC Bank, AmTrustDirect, etc.) Another problem I have with the study is that the percentages don't add up. The Q4 2006 percentages adds up to 102%. I guess this might be round-off errors. I would have thought the total might be around 90% with 10% consisting of other online banks.
Thanks to the reader who mentioned this study.