History of Online Banking

The concept of internet banking as you may know it today dates back towards the early 1980s, if this

was first envisioned and attempted. However, it was only in 1995 (on October 6, to become exact)

that Presidential Savings Bank first announced the power for regular client use. The thought was

quickly got by other banks like Wells Fargo, Chase Manhattan and Security First Network Bank.

Today, many banks operate solely over the internet and also have no 'four-walls' entity whatsoever.

In the beginning, its inventors had predicted which it could be just a matter of time before online

banking completely replaced the traditional kind. Facts now prove that was an overoptimistic

assessment - many customers still harbor an inherent distrust along the way. Others have opted to

not use many of the offered facilities due to bitter experience with online frauds, and lack of ability

to use online banking services.

Be that as it can, approximately as many as 55 million families in the united states is going to be

active users of online banking through the year 2010. Despite the fact that many American banks

still do not offer this facility to customers, this could turn out to be a precise prediction. The quantity

of internet banking customers may be increasing at an exponential rate.

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Initially, the center of attention may be the removal of tiresome bureaucratic paperwork in

subscribing to a free account, and the endless paperwork involved with regular banking. How quickly

this process happens online, along with the other services possible by these means, has translated

into a literal boom within the banking industry during the last five years. Nor are there any signs of

the boom letting up - in historical terms, internet banking has just begun.