How and when digital banking began?
Digital banking, commonly referred to as online banking or e-banking, is the practice of providing banking services through electronic channels. Although digital banking has its roots in the early years of computers and the internet, it wasn’t until the late 1990s that it was made generally accessible to customers.
The early online banking services, which included monitoring account balances and transaction history, were provided by banks through their websites and were largely used for account maintenance. Early in the new millennium, banks started to provide more services including online bill payments and money transfers. This signaled the start of customers using digital banking extensively.
At about the same time, people have found it simpler to access their bank accounts and conduct transactions while on the go thanks to the advancement of mobile technologies, particularly smartphones and mobile internet. Due to this, mobile banking apps have been created, enabling users to conduct financial transactions straight from their mobile devices.
New digital banking platforms like neobanks and digital-only banks, which don’t have physical branches and only rely on digital channels to serve their customers, have also emerged as a result of the quick development of technology.
On the whole, digital banking started as a mechanism for banks to provide account management services to customers through their websites and has developed to include a wide range of services, including mobile banking, neobanks, and digital-only banks, as well as other types of financial institutions.
At about the same time, people have found it simpler to access their bank accounts and conduct transactions while on the go thanks to the advancement of mobile technologies, particularly smartphones and mobile internet. Due to this, mobile banking apps have been created, enabling users to conduct financial transactions straight from their mobile devices.
New digital banking platforms like neobanks and digital-only banks, which don’t have physical branches and only rely on digital channels to serve their customers, have also emerged as a result of the quick development of technology.
On the whole, digital banking started as a mechanism for banks to provide account management services to customers through their websites and has developed to include a wide range of services, including mobile banking, neobanks, and digital-only banks, as well as other types of financial institutions.