A Brief History of Internet Banking

A Brief History of Internet Banking

The main purpose that banks have served since their inception is to keep our money safe for us. While keeping our money safe, they also allow us to earn a certain amount of interest on the money deposited with them. Traditional banks do this and internet banks continue the same function. The only difference is in the way the transactions are done.

Online banking has been around for quite a few years. It was actually introduced in the 1980s and has come a long way since then. The last decade has seen a sharp growth in internet banking transactions. Several pieces of legislation were also introduced in this area.

Although it started in the 1980s, it wasn’t until the mid-1990s that internet banking really took off. What attracts customers to internet banking is the 24/7 accessibility and ease of transactions. Surveys estimate that internet banking still has a long way to go. There are several banks that have customers who prefer banking in traditional ways. Statistics published by the FDIC show that only 40% of US banks offer internet banking services worth mentioning. Everyone else may have an online presence, but they don’t have enough online transactions to justify their presence on the Internet.

It is known that some customers turn to Internet banking because of dissatisfaction with standard procedures and practices. The complete lack of human interaction appeals to some people. Some customers turn to internet banking services for security reasons. This is mainly because customers are confident in banks’ ability to keep transactions safe and secure.

Most online transactions are done using the Internet Explorer interface. Internet Explorer has been around for over ten years now.

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