Banking in Cyberspace: An Investment in Itself

Home banking has evolved from the telephone to dial-up computers and now to the World Wide Web

13 min read
Banking in Cyberspace: An Investment in Itself

banking in cyberspace 01

SOURCE: SECURITY FIRST TECHNOLOGIES
[1] Seated at a home computer, a customer enters a network bank through an electronic lobby [above]. Clicking on Customers provides several banking options, including bill payment, transfer of funds, or simply reviewing activity in the account's Transaction Register [below]. Click on the image to enlarge.

When home banking was introduced in the United States, in the mid-1980s, the top-of-the-line computer was the IBM PC/XT, which had at most 640KB of memory and a 20-MB hard drive. Fewer than half a million modems were in use, and Hayes had just introduced its 1200-baud model for $350. "User-friendliness" was still an abstract idea, particularly to the in-house bank programmers providing software for home users. Is it any wonder that home banking was such a huge failure?

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