Origin of Electronic Banking
Electronic banking is a service banking institutions offer that allows customers to conduct various financial transactions online. These transactions include paying bills and checking balances. Electronic banking was first introduced in the 1980's by four of New York's major banks.
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History
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According to the "Journal of Internet Business," the Chemical Bank in New York became the first to offer electronic banking services to its business clients in 1983. The service was called "Pronto," and allowed clients to check account balances, transfer funds between accounts and maintain electronic checkbook registers.
Effects
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Citibank, Chase Manhattan and Manufacturers Hanover also introduced an electronic banking service. Pronto and similar services offered by the other banks were dropped in the late 1980's due to a lack of demand.
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Time Frame
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Banks started to venture onto the World Wide Web in the early 1990's with web pages introducing their office and ATM locations among other general information. In 1995, Wells Fargo became the first bank in the USA to offer interactive banking services online. The same year, Presidential became the first bank in the USA to allow consumers to open bank accounts online.
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References
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