Online Banking has a history which now gives you the ease of banking anywhere, anytime, with your mobile device. We here introduce the breakthroughs in internet banking evolution which started in 80's.

1. Evolution of Internet Banking

2. 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.

3. Tracing the development of e-
banking…

4. 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.

5. 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.

6. Recent developments in online
banking

7. 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.

8. Thank you
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