Early Applications of Digital Banking

It might be shocking, but the first long-distance wire transfers were made available by Western Union, a global financial institution that still operates today, in 1871! Throughout the mid-to-late 1900s, credit cards, debit cards, and ATMs made it easier for individuals to access their money without a visit to the bank.

The first online banking features were offered by the Bank of Scotland in 1983, but digital banking didn’t make its way to the US until 1994 when the Stanford Credit Union began offering online features. As dial-up internet melted away and online access became easier, online banking became even more popular. In 2007, the launch of smartphones brought about mobile banking applications, and just a few years later, mobile payments were easily accessible.

Digital Banking Features Today

The rise of the Fintech industry has been astounding; applications such as Venmo, Square, and more, have promoted trust in digital banking services and made it more common for individuals to deal with finances online. There are applications to help you invest your money easily, track your spending across accounts, and more. It’s truly amazing to see the industry grow as regional banks and financial institutions continue to offer more digital features for their customers.

The Future of Banking is Digital

Mobile banking is growing at five times the rate of online banking, meaning that the future of digital banking services will likely exist on your mobile device. It has become easier to connect various financial channels into one spot through API technology. The future is here, and digital banking is a part of it. Oconee State Bank is happy to be paving the way to a more convenient, secure future for our customers.