Online banking

Online Banking

One of the first electronic banking was ATM or hole in the wall, one of the first ATM in England was made by Barclays back in 1968 in London and these have become one of the most iconic thing with banking.

One of the first ways which allowed people to using bank at home was home banking which allowed people to access to their, via using the phone to call the banking to enter the details. This started at about the early 80s and became very popular by the late 80s. The first home banking set up in England was in 1983 and was set up by the bank of Scotland it was very basic and it allowed you to view statements, bank transfer and bill payments. The first bank to have an online baking website was Stanford federal credit union which allowed all of it member to have access to the online bank. Nowadays many banks have become only online banks just like many of the business today one good exmaple of this is egg.

Direct Debit

The service online us used to pay for the user account to the other people account by taking a set amount of money each time, the Debit card is used for paying rent or your mortgages as it only take a set amount of money for the person bank account, with using it online it can make it much easy for the user.

Apps for banking

Nowadays with people always on the move, and not near a computer, bank have start to have apps with do the same job as the service online has. These apps have the same purposes as the online service but are more freely used as your can send with a standing order or check how much you have in the bank, they have prove to be a popular app.

Disadvantages

There are two many disadvantages to the online banking service which are older people , skilled workers who work for the bank and people who like the communications at the bank.

Many older don’t user the internet or have difficult using the internet so having online banking service will not be much use to the older who will still prefer to use the bank to deposit and withdrew money. Also the might not use it for security reasons as there is a lot of new feature security details. Some people do not feel safe to share their personal details online.

The other group of people which would be effect by online banking service is skilled works, as computer would replace them as the can do a quick job and would cost less them using a real person to do the job. This could be a many disadvantages to skilled work as a threat of unemployment.   

Many people still use the bank as away of communication to talk with other humans but with many banks now online people would not have the communications as the would if they will at a actual bank.