-
Online Banking
Stanford Federal Credit Union is credited as being the first financial institution in the United States to offer online banking. Online banking removed the limits of when people could perform bank related activities, by granting the customer unlimited access to their accounts 24 hours a day, seven days a week. -
Online Bank Lending
Online bank lending started around 1999, when it brought the convenience of a customer being able to apply for a loan, without having to go to a brick and mortar bank. This practice was a huge time saver for the customer, because many of the required elements needed to process the loan could be acquired electronically within a few minutes. -
Broadband Internet Services
Faster internet service capability meant the ability to transmit and receive data from thousands of miles, and several locations in minutes, versus days or weeks using traditional mail services. Larger amounts of data could be sent and received this way, too. -
Cyber Security
Cyber security is more than just protecting data. It's also protecting accessibility to restricted data to all but the person or organization the data belongs to. Cyber security includes making sure that only authorized devices with the proper credentials can access a customer's bank account information. Having the right people with integrity, and follow proper security protocols, is also necessary to keep data safe. -
Cloud Computing Services
Cloud computing services makes online banking not only possible, but it is a method by which a bank rarely experiences downtime, makes the sharing information far more efficient, and allows the cloud computing services providers to keep the data secure. -
Smartphones
Smartphones are a perfect device that allow banks to communicate with their customers, send and receive correspondence in real time, and give their customers multiple ways to take advantage of a bank's services, at the customer's convenience. Using the bank's mobile app, a customer can check his or her balance, transfer funds, pay bills, and make deposits using the mobile deposit feature. -
Mobile Deposit
The early technology that would develop into mobile deposits was called remote capture deposit. It would take the advancement of smartphone technology, and character recognition technology to get the mobile deposit technology we enjoy today. -
Enhanced Customer Service
Enhanced forms of customer service could be offered to the customer in a variety of ways. Thanks to faster methods of internet service, banks can offer customers their services virtually, as well as physically. Required documents for loans can be sent via email, using a smartphone and the camera app. If a customer can't go to a branch office, much of the requested service can be handled over the phone, using chat services,or through video conferencing. -
Mobile Banking App
A company called RBS created and launched the first functional online banking app. It originally was exclusive to Apple devices, but later versions of the mobile app would evolve over to the Android and Blackberry platforms. Mobile banking apps allow the customer to digitally deposit a check into their accounts using the banking app, and the camera from the smartphone or tablet. -
Chip Credit, Debit, and ATM Cards
Chip credit, debit, and ATM card technology provided an extra layer of security for cardholders, by making it more difficult for thieves to access the cardholder's money.
