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Cannot access account without internet connection. [2]

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81% of people feel digital banking makes managing finances easier. [5]

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Low economy led people to use online banks for higher APYs. [5]

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Easy access to account 24/7 from anywhere. [2]

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People used to visit branches and interact with advisors. [5]

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People living in remote areas do not have internet access. [2]

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Requires an electronic device eg. laptop, phone, tablet. [2]

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Online banks reduce wait times. [6]

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Transferring money is faster and more efficient. [2]

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Digital banks have higher interest rates on savings accounts. [2]

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Low income people cannot afford electronics. [2]

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“Today, it is critical that companies design experiences that help customers solve their problems and make the most of their lives with clarity and confidence, especially in a market crowded with alternatives.” -Rohan Amin [3]

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Online banking limits waste of natural resources. [7]

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Online banking reduces CO2 emissions. [7]

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Online banks made it easier to deliver a personalized customer experience. [6]

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“Consumer demand for digital features that make managing their financial life easier are driving innovation from fintech startups with a few thousand users to banks like Chase that serve more than 60 million households.” -Rohan Amin [3]

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No personal relationship with bank. [2]

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People becoming too dependent on tech for everyday needs. [2]

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Higher interest rates on savings accounts. [2]

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People are less interested in long term resources. [5]

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Health concerns contributed to rise in contactless payments. [5]

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Excellent tools, resources, and services now valued over human connection in banking industry. [5]

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Hard to get loans and other financial aid. [2]

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Easy to manage several accounts. [2]

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Can keep track of transactions and account balance all the time. [2]

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If bank server is down you cannot access your account. [2]

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“Consumers and small business owners will demand more personalization, leading to hyper-personalized features that deliver tailored experiences based on real-time dynamic signals about every individual customer’s needs and profile.” -Rohan Amin [3]

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Your account could get hacked. [2]

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Agarwal, Anuj. “Advantages and Disadvantages of Internet Banking.” ToughNickel, ToughNickel, 22 Apr. 2011, https://toughnickel.com/personal-finance/Advantages-and-Disadvantages-of-Internet-Banking. [2]

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Benge, Vicki. “When Did Online Banking Begin?” Sapling, https://www.sapling.com/5035719/did-online-banking-begin. [4]

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Harbour , Sarita. “6 Ways to Use Banking Technology to Save the Environment.” Discover & Learn, 19 Oct. 2016, https://discover.rbcroyalbank.com/6-ways-to-use-banking-technology-to-save-the-environment/. [7]

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Holzhauer, Brett. “Digital Banking as the New Normal in 2021: What to Expect from Banks.” Forbes, Forbes Magazine, 11 Apr. 2022, https://www.forbes.com/advisor/banking/digital-banking-as-new-normal-2021-what-to-expect/. [5]

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Knott, Rebeka. “Life before Cell Phones.” Groovy History, 12 Sept. 2017, https://groovyhistory.com/life-before-cell-phones. [1]

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Lisa, Andrew. “The Future of Banking: Will Online Banking Eliminate Brick & Mortars?” GOBankingRates, GOBankingRates, 8 Mar. 2022, https://www.gobankingrates.com/banking/banks/the-future-of-banking-will-online-banking-eliminate-brick-mortars/. [3]

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Popolo, Meredith. “The Evolution of the Bank Account – Part III: The Rise of the Internet and Online Banking.” ThePaypers, 21 Nov. 2017, https://thepaypers.com/expert-opinion/the-evolution-of-the-bank-account-part-iii-the-rise-of-the-internet-and-online-banking--770921. [6]

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New York introduced first “online banking system” in 1981. [4]

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People used landline phones and computers to view accounts. [4]

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Chase Manhattan and Citibank offered these services. [4]

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Old online banking methods were not very popular. [4]

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Internet banking was created by Stanford Federal Credit Union in 1994. [4]

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Presidential bank was first to give online access to accounts in 1995. [4]

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Many people had security concerns in the beginning. [4]

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People didn’t participate bc they didn’t know how it worked. [4]

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Setting up online accounts used to be very tedious. [4]

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E-Commerce made online banking easier. [4]

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By 2000, 80% of banks in U.S. were offering online services. [4]

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Creation of iPhone in 2007 kickstarted mobile banking. [4]

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Banking can now be done through apps on smartphones. [4]

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The pandemic has fast tracked online banking. [5]

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Factors: Stay at home orders and limited branch hours. [5]

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People feared contamination of bills and coins. [5]

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People using phones for banking creates prime targets for hackers. [5]

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71% of bank leaders expect their companies to increase cyber security spending. [5]

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From survey 1,506 incidents of data being compromised in 2019. [5]

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Number of data breaches down in 2020 from year prior. [5]

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12% of people left their banks for another one in 2019. [5]

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27% want to leave their bank after Covid. [5]

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Of 27% three fourths are gen z and millennials. [5]

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Proves no more need for building relationships between banks and consumers. [5]

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“What we’re seeing is the greatest acceleration of digital banking in history. What’s taken place over the last few months may have taken place over two to 10 years if the pandemic had not come along.”  -Mike Mayo [5]

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Consumers beginning to feel disconnect from their banks. [5]

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Before, banks relied on face to face relationships. [5]

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“Digital banking is no longer a nicety but a necessity.” -Brett Holzhauer [5]

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People deprived of social interaction. [5]

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No need to keep physical copies of receipts and bills. [2]

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Reduces need for paper and ink. [7]

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Fuel consumption decreased by 1.14 million litres per year. [7]

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Air pollution reduced by 16,706 kg each year. [7]

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85% of people feel they save time by digital banking. [5]

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No requirement to maintain minimum balance. [2]

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Lower banking fees since bank has fewer expenses. [2]

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Higher interest rates on savings accounts. [2]

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People can get your personal info and steal your identity. [2]

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Very difficult to deposit cash. [2]

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Lack of ATM machines. [2]

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Banking can be done at any time of day from comfort of home. [6]

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80% of people use an electronic device for banking. [5]

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Can quickly spot suspicious activity on your account. [2]

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Bank account is now more central our to day-to-day lives. [6]

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27% of all people do their banking entirely online. [3]

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67% of people in the U.S. use online banking services. [2]

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Before internet, banking involved visiting local branch or ATM. [6]

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31% of 25-34 year olds do banking entirely online. [3]

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36% of 35-44 year olds do banking entirely online. [3]

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Now big investments and financial decisions are made digitally. [5]

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Four in five people prefer to manage finances online rather than in person. [5]

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Older people cannot use bc of trouble with technology. [3]

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Young people are tech savvy and can use online banking with ease. [3]

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Banks realized that going online meant less fees and more profits. [6]

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This led to lower fees and higher interest rates. [6]

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Banks began to prioritize their online presence. [6]

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PC’s and household internet became more popular in mid 1990’s, as did online banking. [6]

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When e-Commerce sights grew popularity, so did online banking. [6]

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Online shopping made people trust online payment & banking. [6]

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Mobile banking first relied on SMS. [6]

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People could check account balance and pay bills through message requests. [6]

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As smart phones and internet connection evolved, so did online banking. [6]

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Soon apps could be used to transfer money and other financial services. [6]

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Had to go to neighbour’s house to talk to them. [1]

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Talking to people you don’t live close to required calling them on family’s ONE landline. [1]