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The Evolution of Online Banking

From the barter system that existed in 3000-600 B.C to the most post-modern bitcoin/cryptocurrency system in the 21rst century, money transfers have always been an integral part of human life. The exchange of goods and materials to direct money trans............

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The Evolution of Online Banking

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  1. The Evolution of Online Banking

  2. INTRODUCTION

  3. WHATISFINANCIAL PREPARATION? transfers have always been an integral part of human life. From the barter system that existed in 3000-600 B.C to the most post- modern bitcoin/cryptocurrency system in the 21rst century, money The exchange of goods and materials to direct money transactions to online banking, money has never been static. Money initiates a universal flow from one individual to another or one organisation to another, as part of their economic activities benefitting both parties in various ways.

  4. WHATISFINANCIAL PREPARATION? The most advanced technologies developed in recent years have changed the front face of national and international money transfers. As Bill Gates once mentioned in 2008, “Banking is essential, banks are not”, we now send money online without opening the doors of local banks. What changed the situation? How did the transformation happen? In order to answer these questions let us now take a deep dive into the evolution of online banking to see the evolving angle of brick and mortar financial dealings to digital banking through smartphones, computers and tablets.

  5. WHATISFINANCIAL PREPARATION? home banking system available for their customers. 1981- New York City Banks (Citibank, Chase Manhattan, Chemical Bank and Manufacturers Hanover) marked a beginning by running a test at- 1983: Bank of Scotland initiated the very first UK Internet Banking services called Homelink. In which people had to connect to the internet through their home appliances such as TVs and telephones to pay bills and transfer money.

  6. WHATISFINANCIAL PREPARATION? closed in 2007. 1996: This year marked a significant turnover in the field of internet-only banking with the immense success of NetBank founded in 1996 and 1999: This year saw the emergence of Bank of Internet USA, the very oldest internet banking in the United States, opened for business dealings in 2000. By then people started realising the convenience and easiness of using online banking in contrast to the traditional banking methods.

  7. WHATISFINANCIAL PREPARATION? having 3 million banking online customers, which was like 20% of the total customer base of the bank. 2001: By the year 2001, Bank of America had a record-breaking history of 2006: With the rising importance of internet banking and its introduction into eCommerce dealings, the situation demanded e-banking facility from different banks. As a result of which 80% of banks in the US started offering online banking.

  8. WHATISFINANCIAL PREPARATION? shadowing the growth pace of internet. 2010: With the introduction of mobile banking apps, mobile check deposit, Popmoney for money transfer via text or email and EMV-chip debit cards, online banking started growing so fast even out- 2020: At present, online banking has established deep-roots in our modern lives. With the Covid-19 lockdown and state of affairs, the reluctance to go out of the house into physical banks have made people more dependent on online banking systems than ever before.

  9. CONCLUSION

  10. It was quite a drastic evolution of how online banking has transformed over the years, to reach the current stand it is today. National and International money transfers have become more than easy, letting you send money online to India and many other countries where your loved ones reside. As technology advancements happen every day, let us hope for further innovative ways of making finances much simpler and convenient.

  11. THANK YOU

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