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The Evolution Of Online Banking Methods


Online banking was first introduced in America in the 1980’s with four of America’s biggest banks offering customers home banking services. These four banks were Citibank, Chase Manhattan, Manufacturers Hanover and Chemical Bank.

These services included electronic cheque books, fund transfers between checking and savings, as well as being able to view your account balances. These services were offered via a variety of channels, including via the teletext television service and by using the dial tones on touch pad telephones.

These services never took off and were eventually abandoned due to lack of customer interest and the expense of maintaining them.

Early Developments In The UK

Meanwhile in the UK Bank of Scotland set up the Homelink system, using Prestel viewlink in order to turn a phone, television and keyboard into an online banking terminal.

Services on offer were equally functional as what was offered in America, with simple account transfers and balance queries being the order of the day.

The Great Leap Forward

It wasn’t until 1994 that Banks started noticing the steady impact the World Wide Web was starting to have. Banks starting advertising online and in 1995 it was Wells Fargo who became the first US bank to offer customers a true online banking experience.

Between 1999 and 2004, the amount of online banking customers rose from 0.4% to 31%, a whopping 33 000 000 customers.

Today, online banking is almost unrecognisable when compared to the first simple services banks offered customers. People can now go online and make investments, pay bills, get full account statements, replace lost ATM cards and much more.

The fact that online banking is so much cheaper to the bank as well as less time consuming to customers has further facilitated the growth and popularity of the service.

When it came to making deposits at casinos, credit cards were the first commonly accepted banking method, and Visa and MasterCard led the way for many others to follow.

Online Banking Options

Whilst transferring funds to and from accounts were the first steps for online banking and credit cards heralded the dawn of instant online payments, there are now a vast number of products that make making a payment online even simpler. Ewallets, online vouchers, eEchecks and other similar banking options have become the norm, and at Spin Palace you’ll be able to make a deposit and withdrawal using a myriad of different payment processing methods, all of which are safe, secure and reliable.

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