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    Presentation 2 Yaroslava Viktorova IE-302

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    Ярослава Вікторова
    Internet banking first emerged in the 1980s when programmers developed ideas for online banking transactions and banks started experiments with "home banking" using fax machines and phones. The first online banking service launched in 1983 in the UK, and in 1994 in the US. While concerns about security initially slowed adoption, internet banking grew popular with the rise of e-commerce in the late 1990s and 2000s. Today, online banking is ubiquitous, with most banking only available online to reduce costs.

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    Presentation 2 Yaroslava Viktorova IE-302

    Uploaded by

    Ярослава Вікторова
    96 views10 pages
    Internet banking first emerged in the 1980s when programmers developed ideas for online banking transactions and banks started experiments with "home banking" using fax machines and phones. The first online banking service launched in 1983 in the UK, and in 1994 in the US. While concerns about security initially slowed adoption, internet banking grew popular with the rise of e-commerce in the late 1990s and 2000s. Today, online banking is ubiquitous, with most banking only available online to reduce costs.

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    Internet banking first emerged in the 1980s when programmers developed ideas for online banking transactions and banks started experiments with "home banking" using fax machines and phones. The first online banking service launched in 1983 in the UK, and in 1994 in the US. While concerns about security initially slowed adoption, internet banking grew popular with the rise of e-commerce in the late 1990s and 2000s. Today, online banking is ubiquitous, with most banking only available online to reduce costs.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    96 views10 pages

    Presentation 2 Yaroslava Viktorova IE-302

    Uploaded by

    Ярослава Вікторова
    Internet banking first emerged in the 1980s when programmers developed ideas for online banking transactions and banks started experiments with "home banking" using fax machines and phones. The first online banking service launched in 1983 in the UK, and in 1994 in the US. While concerns about security initially slowed adoption, internet banking grew popular with the rise of e-commerce in the late 1990s and 2000s. Today, online banking is ubiquitous, with most banking only available online to reduce costs.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    of 10

    THE HISTORY OF

    ONLINE
    BANKING
    What is Internet Banking
    ◦ Internet banking can be defined as a facility provided by banking and financial
    institutions, that enable the user to execute bank related transactions through
    Internet.
    ◦ The biggest advantage of Internet banking is that people can expend the
    services sitting at home, to transact business.
    What is Internet Banking
    ◦ Due to which, the account holder does not have to personally visit the bank.
    With the help of Internet banking many transactions can be executed by the
    account holder. The concept of Internet banking has thus become a revolution
    in the field of banking and finance.
    Brief History of Internet Banking
    ◦ Programmers working on banking
    data bases came up with ideas for
    online banking transactions, some
    time during the 1980s.
    ◦ The creative process of development
    of these services were probably
    sparked off after many companies
    started the concept of online shopping.
    ◦ The online shopping promoted the use
    of credit cards through Internet.
    Brief History of Internet Banking
    ◦ Sometime in 1980s, banking and finance
    organizations in Europe and United
    States started suggestive researches and
    programming experiments on the
    concept of ‘home banking’.
    ◦ Initially in the 80’s when computers and
    Internet were not so well-developed,
    ‘home banking’ basically made use of
    fax machines and telephones to facilitate
    their customers.
    ◦ The widespread of Internet and
    programming facilities created further
    opportunities for development of home
    banking.
    Brief History of Internet Banking
    ◦ In 1983, the Nottingham Building
    Society launched the first Internet
    banking service in United Kingdom.
    ◦ This service formed the basis for most
    of the Internet banking facilities that
    followed. This facility was not very
    well-developed and restricted the
    number of transactions and functions
    that account holders could execute.
    Brief History of Internet Banking
    ◦ The first online banking service in
    United States was introduced, in
    October 1994.
    ◦ The service was developed by
    Stanford Federal Credit Union, which
    is a financial institution.
    ◦ The online banking services are
    becoming more and more prevalent
    due to the well-developed systems.
    Though there are pros and cons of
    electronic cash, it has become a
    revolution that is enhancing the
    banking sector.
    Brief History of Internet Banking
    ◦ However, with all this advent also, customers were still afraid to use online
    banking for several reasons. Security features were always a concern. Many
    were not sure how to use it or did not bother to put in the amount of time the
    start up or initial work needed.
    Brief History of Internet Banking
    ◦ This concept majorly caught up after
    the introduction of e-commerce. By
    the time the year 2000 came in, almost
    80 percent of the banks in the U.S
    were giving online banking to its
    customers. In the year 2001, Bank of
    America was the first bank to boast
    almost 3 million online banking
    customers. 2007 brought about
    another major change with the iPhone
    and use of the smart phone for
    banking.
    Brief History of Internet Banking
    ◦ These days, online banking has become extremely vital. Most banks only
    operate on the internet.
    ◦ They do so, so they can reduce overhead costs and thus try and give more
    competitive rates and as a result larger profit margins.

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