Evolution of Online Banking

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Evolution of Internet Banking
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Online banking was introduced in the early 80s as
an alternative service delivery mechanism.
However, it is now a common service that we all
use in order to save our time spent on visiting
the branch and waiting in the queue. Today
e-banking is a common feature that we can come
across in any bank account opening application.
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Tracing the development of e-banking
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1980s

• The seeds of online banking had been sown
  reportedly by the Bank of Scotland in the United
  Kingdom by introducing a system called Homelink.
  It was a unique banking facility designed
  exclusively for their NBS (Nottingham Building
  Society) clients that enabled the latter to pay
  bills and transfer money through a telephone and
  T.V. set.

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1990s and after

• The real e-banking that we see now took shape in
  the latter part of 90s. Banks started launching
  websites displaying their services and address
  and later, for online banking. This allowed the
  customers to pay their bills, view statements and
  transaction history with the press of a button.
  Stanford Federal Credit Union in California was
  the first to introduce internet banking website
  for its customers.

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Recent developments in online banking
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• The new millennium saw further developments in
  web-based banking like addition of account
  aggregation services.
• With the tremendous popularity of web-based
  banking, banks today are investing heavily in
  technology to offer their customers a hassle-free
  and secure banking experience. Introduction of
  Mobile banking apps and Remote Deposit Capture
  proves testimony to it.

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