The evolution of online banking goes back to the early 80s, when it was first experimented. However, it was not until 1995 that it was first announced by Presidential Savings Bank for use of their regular clients. Other banks quickly snapped the idea. At the start, the people who invented online banking predicted that it would just be a matter of time before it will totally replace brick and mortar banking. Nonetheless, there are still a lot of people who prefer traditional banking even today.
Moreover, it was also estimated that by 2010, 55 million US families will be active users of online banking. Although there are still a lot of banks in the US that do not provide an online banking facility to their clients, the prediction turned out to be correct. The people using online banking has been rapidly increasing.
Online bankings’ main attraction is the elimination of tiresome red tape when you register for an account and the endless paperwork involved in traditional banks. The speed of online banking and the other services offered has made a literal bloom in banking history for the past five years. Online banking has only just begun and it will continue to grow to address the needs of the changing times.