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.
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.
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.
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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