[ad_1]
The concept of online banking, as we know it today, dates back to the early 1980s, when it was first conceived and experimented with. However, it was only in 1995 (on October 6, to be exact) that the Presidential Savings Bank first announced the facility for regular customer use. The idea was quickly scrapped by other banks such as Wells Fargo, Chase Manhattan, and Security First Network Bank. Today, many banks operate entirely through the Internet and have no ‘four-wall’ facility.
Early on, its inventors predicted that it would only be a matter of time before online banking completely replaced traditional banking. The facts now prove that this was an overly optimistic assessment – many customers still hold an underlying mistrust of the process. Others have chosen not to use many of the offered facilities because of the bitter experience of online frauds and inability to access online banking services.
In any case, it is estimated that by the year 2010, a total of 55 million households in the US will be active users of online banking. Despite the fact that many US banks still do not offer this facility to customers, this may turn out to be an accurate prediction. The number of online banking customers is increasing rapidly.
Initially, the main attraction is the elimination of tedious bureaucratic red tape in registering an account and the endless paperwork involved in regular banking. The speed at which this process takes place online, as well as other services made possible through these mediums, has translated into a literal boom in the banking industry over the past five years. Nor does the boom show any signs of slowing down – historically, online banking has just begun.
[ad_2]