History Of Internet Banking

Information verified correct on October 26th, 2016

A Long Time Ago…

You may or may not remember the days of screeching dial up modems and slow Internet connections. Few people still do. Back in those days, the modem revolutionised the world of computing, and no one thought it could get better than that. Here we are, a decade into the new millennium, and any time we hear that screeching on a movie we have one of two reactions: “What is that infernal noise?!” or a nostalgic sigh. It’s not that we miss those days, so much as we’re glad we were there for them.

Back in those days, online banking was born. Except then, it was called home banking, and it wasn’t free. You had to pay for the service, and the bank would send you a floppy disc with their proprietary program on it. This program would allow you to dial into the bank’s systems and access your account. It would also cost you a pretty penny. If you don’t know hat a floppy disc is, don’t worry, you weren’t missing much. (Literally. A CD-ROM holds more than 600 times the information.)

That was then, in the late 80s and early 90s. Somewhere in the mid 90s when the Internet exploded (almost literally), banks started setting up their own websites. At first, these could only provide basic information about the bank’s offerings, but within a few years and given the introduction of interactivity to websites, the online banking website was born and the online banking industry was revolutionised, again. You could do pretty much all of the same things then that you could now, the only real advancements have been made in speed and security, and maybe making the sites easier to navigate. It’s been roughly 15 years since the online banking site became a reality, and then ran into a wall when it came to evolution.

That’s all about to change, however.

The World Of Online Banking Is Moving Forward Again

Online banking exploded onto the Internet, and then stopped. You can still (and only) do the same things that you could do when the first online banking website rolled out around 15 years ago. You can view balances, a short 90 to 100 day transaction history, open new accounts, etc. But you still have to provide the same information when opening these new accounts: do you really need to enter your identifying information 3 times to open a new account, even though you’re signed in to your account, with a bank you’ve been with for 20 years? Don’t you think that, maybe, the bank could figure out who you are?

Not to worry, the machine is back on the tracks and moving forward again.

Thanks to advanced security measures and the secure https:// protocol, online banking websites can begin to allow us to do more with our accounts.

The new websites which will roll out will allow you to deal with the full range of your banking products and needs, safely and securely from the comfort of your own. home. This will mean a much more convenient banking experience and less trips to the branch. It will also provide a more streamlined and intuitive way for you to access all your banking information from your home computer.

These websites are quickly become more secure and easier to use, giving you more access to the site instead of shifting you from a “secure” site to a “non-secure” site and so on. You can now access all your information from your computer, and still have full access to the site even after you’re logged in – even if that means going back to a “non-secure” area, and all your data will still be protected.

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2 Responses to History Of Internet Banking

  1. Default Gravatar
    jothilakshmi | May 23, 2013

    how do working for internet banking and online transaction

    • Staff
      Jacob | May 24, 2013

      Hi Jothilakshmi. Thanks for your question. Generally this can be done through your bank’s website, or you can register for your lender’s online banking facility – sometimes done over the phone. If you can tell us which lender you’re talking about specifically, we can give a little more information on the process. Jacob.

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