Banking online dates back to the early part of the 80s, when it was first experimented with. Nevertheless, it was not until 1995 that Presidential Savings Bank first announced it use for regular clients. The idea was quickly snapped by other banks as well. In the beginnings, the inventors of online banking predicted that it would only be a matter of time before it will completely replace traditional banking. Nevertheless, there are still many people who opt to use traditional banks until now.
It was also estimated that by the year 2010, a total of 55 million American families will be active online banking users. While there are still many American banks that do not offer online banking facility to their customers, this turned out to be an accurate prediction. The number of people using online banking has been increasing at a considerable rate.
The main attraction of banking online is the stressful red tape in registering for a bank account and the never ending paperwork involved in traditional banking. The speed of banking online as well as other services has turned into a literal bloom in the industry of banking for the last five years. Indeed, banking online has just begun.