Infographic: The History Of Online Banking

Account aggregation platform Yodlee have produced an infographic showing the history and evolution of online banking.

Interestingly, they trace its roots back to 1983, when the Bank Of Scotland started to offer Nottingham Building Society customers the “first internet banking service”. Known as Homelink, this service connected via a television set and a telephone (thanks to the Post Office’s Prestel set-top box service), and could be used to make money transfers and pay bills. Pretty much the genesis of what we can do today.

(Click to a larger version of the image)

History of online banking

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4 thoughts on “Infographic: The History Of Online Banking

  1. An interesting start! I had no idea as far 1983 banking transactions could take place online (although we’re not talking the WWW here). Great that it was a UK bank that came up with the idea too!

    I am however disappointed with the UK’s lack of a dedicated consumer product that pulls all your accounts and services into one central location – just like mint.com in the US. It’s puzzling as to why this has not caught on here…

  2. This is a fascinating look at the evolution of online banking. What I find most interesting is how the digital financial process started as a simple transaction method but transformed into a means of personal money management.
    Because of the accessibility of online financial tools, it’s great how easily they can integrate into our lives. If only everyone’s spending habits were mature enough to take advantage of the bounty of these resources!
    I’m excited to see where the years to come in online banking take us. I agree we need something like the U.S’s Mint–such a great tool.

  3. I thought online banking was a recent service, what amazes me is that you can now get banking apps so you can transfer money using your smart phone, imagine what will be available in the next 5 years !!

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