Disruptive Banking Innovations - Christopher Briggs / CMGT 557 : 11/13/2017 : Tammy Borunda

By djinnntawnik

  • Stratford Credit Union Creates the First Online Banking Website

    While the first "digital banking system" was created by the Royal Bank of Scotland in 1983, the Stratford Credit Union created the first usable website in 1997. This website allowed the customer to track their accounts, transfer money from account to account, and even to pay bills. Later innovations include ability to open accounts online, and even apply for bank financial services like loans and credit cards. source https://thefinancialbrand.com/25380/yodlee-history-of-internet-banking/

  • PayPal Begins the P2P Revolution

    PayPal began as an online service for making payments to the auction site eBay. This sparked a revolution in secure personal digital wallets which allowed people to make personal payments to each other without the need of exchanging cash or dealing with bank transfer fees and regulations. Source - https://www.pymnts.com/in-depth/2015/throwback-thursday-paypals-biggest-days-in-history/

  • ATM's Gain Advanced Capabilities

    In the early 2000's banks begin expanding the capabilities of the traditional ATM machine. Rather than just dispensing cash and checking account balances, these machines could accept deposits into your account. Later innovations would allow for customers to transfer money to different accounts, and future innovations are reported to be ATM bill pay. source - https://www.theatlantic.com/technology/archive/2015/03/a-brief-history-of-the-atm/388547/

  • Bit Coin Introduces the first Cryptocurrency

    A unanimous programmer creates the worlds first Unregulated decentralized P2P currency. Initially he set out to create a decentralized P2P payment network, however the network eventually came to a consensus about the standings and holdings of its members and BitCoin went from being a digital payment network to the worlds first decentralized digital currency. source - https://blockgeeks.com/guides/what-is-cryptocurrency/

  • FinTech Boom

    After the global financial crisis nearly bankrupted the world, a small number of independently financed financial services began to appear on the web. Lending Club, Credit Karma, and Crowd sourcing platforms like GoFundMe and Kickstarter are just a few notable names in the non bank related financial services industry. source - https://www.forbes.com/sites/falgunidesai/2015/12/14/the-fintech-revolution/#2b34c3a2249d