Money you - History of online banking

The history of online banking begins with the developing and evolving of the Internet. It was in the 1980s when programmers that were working on bank's data have got an idea of Internet banking. The process of online banking development was evidently triggered after many companies have started their own websites with online shopping. Internet shops facilitated the applying of credit cards throughout the Internet. A lot of banks have already begun to establish data ware system to assist the work of their employees.

 

During the 1980s, banking and financial entities in the United States and Europe began research the conception of "home banking". During this period you had to use telephone and fax in order to perform any operation with money you had. The expanding of the programming tools and Internet provided additional opportunities for the home banking development. 

 

In 1983, Nottingham Building Society started the first E-banking in the UK. This service created the basis for the modern E-banking services. This tool wasn't of high efficiency because of limitation by the number of functions and transactions that could be conducted with money you own.

 

The first money-online service in the U.S. was introduced in 1994. This service was created at Stanford Federal Credit Union. Currently Internet banking services are vastly popular due to its well-developed systems. While there are pros and cons of e-money, it was a revolution that has improved the banking sector and increased the ability to manage money you own more effectively and not only via online banking but via mobile banking as well.