Online Banking History

Online banking refers to the type of activities that you can do by checking yourself or savings account when using the Internet as a means of access. With the rise in importance of the Internet over the last 10-15 years, banking has become the norm for millions of people.

For most of its long history, the tight banking matters. Bank customers will drive, bike, or walk into their local branch to make a deposit or withdrawal, or to see about a loan. Then comes the ATM machine, which allows people to make cash transactions without actually going to the bank.

With the advent of online banking, bank customers no longer have to rely on the telephone, in-person visits to a bank teller, or a visit to an ATM machine to conduct banking business significantly.

Online banking has become so versatile these days, in fact, that there are some things that a bank customer can not perform through his online account. Examples of the types of things you can do through this method of banking include:
  • Making a payment to another person or company
  • Make the transfer of funds between checking and savings of your own
  • Purchase of investments, such as stocks or bonds of
  • Completing the loan application
  • Looking at the last account activity, such as purchases, payments, deposits and withdrawals
  • View and print out a check payable
  • Download the latest bank statement or history
  • Contact Person Bank

In terms of the technology used, most bank customers to access their account information or make transactions through their bank's website. More recently, the rise in popularity of applications or mobile applications accessed through smart phones has led to a number of banking applications that allow similar transactions.

Here is a brief history of online banking:
  1. In the early 1980s, some people choose to have access to the terminal a special keyboard and monitor can access their bank account information by using the telephone system. However, these systems have never enjoyed wide acceptance in North America and only limited acceptance in Europe.
  2. In the 1990s, telephone banking became popular. Customers can use their telephone keypad to check account balances and conduct simple transactions such as balance transfers. Telephone banking is arguably the most significant precursors to today's online banking system.
  3. With the advent of the Internet in the mid-1990s and, later, broadband, online banking was born. Online banking services utilizing the World Wide Web to allow bank customers to access their account information via a password protected, encrypted connection. Offers banking services online from pretty basic, but over time becomes more complete victim.
  4. Today, online banking via the World Wide Web is still quite popular. In addition, many smart phone applications are now available that allow bank customers to access their account information without using the World Wide Web at all: app brings them right to their account information.

Clearly, online banking is still in its infancy and the story is still being written. Over the next decade or two, further progress is expected in terms of ease of use and the fullness of service offerings available through online banking.

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Online Banking Report