Timeline of Digital Transformation

By pettyone

  • Sector Leadership

    Sector Leadership
    Large banking organizations such as Bank of America use information technology to attain sector leadership by using ERMA and IBM 702 systems.

  • Pay-Pal

    Pay-Pal
    PayPal began and would go on to be disruptors of payments in the banking industry.

  • Online Banking

    Online Banking
    Online banking is launched that helps ensure that customers can manage their 24 hours a day via the Internet. Online banking gives a bank an advantage of knowing where there customers are at all times.

  • Chip and Pin

    Chip and Pin
    The chip and pin was introduced and eventually became mandatory in 2006.

  • Contactless Card

    Contactless Card
    The first contactless credit cards are issued by Barclays. This would set up for the future market growth of more than 40 million contactless cards being issued. An advantage to tap and pay cards for the bank is consumers will likely use their card more often.

  • Cheques

    Cheques
    The decision to keep cheques was made by the payments council to keeping central cheque clearing open for as long as customers still need cheques.

  • Mobile Banking

    Mobile Banking
    Mobile banking is launched and made available on smartphones and tablets, the system puts customers’ banks in their pockets for the first time. Mobile banking has created an advantage for banks by performing banking transactions, lowering the pressure on infrastructure expansion to reduce to the requirement for manpower, making the entire system very cost-effective.

  • Mobile payments sent between banks

    Mobile payments sent between banks
    The Paym system goes into operation and allows customers of different banks to send and receive payments using a mobile phone. An advantage to mobile banking is that when other banks are not thinking beyond the current payment ecosystem leaves banks upon to a new host of competitors who have thought about how to best leverage the points along a purchase decision path.

  • AI and Machine Learning

    AI and Machine Learning
    Banks are starting to find ways to use artificial intelligence to create robo advisors to compete and have one-on-one human interaction. AI helps create a competitive advantage for banks by using smart agents to greatly improve risk management and fraud prevention.