online banking started in the uk in 1983.
online banking started in the uk in 1983.
when did online banking start in the uk?
1983
almost simultaneously with the united states, online banking arrived in the united kingdom. the uk's first home online banking services known as homelink was set up by bank of scotland for customers of the nottingham building society (nbs) in 1983. the system used was based on the uk's prestel viewlink system and used a computer, such as the bbc micro, or keyboard (tandata td1400) connected to the telephone system and television set. the system allowed on-line viewing of statements, bank transfers and bill payments. in order to make bank transfers and bill payments, a written instruction giving details of the intended recipient had to be sent to the nbs who set the details up on the homelink system. typical recipients were gas, electricity and telephone companies and accounts with other banks. details of payments to be made were input into the nbs system by the account holder via prestel. a cheque was then sent by nbs to the payee and an advice giving details of the payment was sent to the account holder. bacs was later used to transfer the payment directly.
online banking
in 1995, wells fargo was the first u.s. bank to add account services to its website, with other banks quickly following suit. that same year, presidential became the first u.s. bank to open bank accounts over the internet. according to research by online banking report, at the end of 1999 less than 0.4% of households in the u.s. were using online banking. at the beginning of 2004, some 33 million u.s. households (31%) were using some form of online banking. five years later, 47% of americans used online banking, according to a survey by gartner group. meanwhile, in the uk online banking grew from 63% to 70% of internet users between 2011 and 2012.
online banking