Life becomes easy with online access - September 27, 2015

Life becomes easy with online access

Nowadays easy and almost permanent access to the internet makes our lives easier in many ways. We can do the groceries without leaving our homes, we can watch films or stream music while commuting. The same goes for banking: even in the ‘90s most of us didn’t even think about starting a transaction or checking our account balance without going into a bank’s branch - but that is so last century.

Literally: banks started to look for easier and faster ways to interact with their clients since the ‘80s. The first home banking projects started 30 decades ago, and they were quite far from today’s full fledged online solutions. They were not a huge hit back then either.

Strangely the same goes for the first online banking attempts from the ‘90s. Most of the huge banks launched their own solutions, but were unable to achieve a proper breakthrough with customers. Still, financial services did not give up, since they saw a great potential in online banking both for the clients and for themselves as well.

The breakthrough only happened after the year 2000 when people started to trust online shopping, or to put it a little differently: transferring money through the internet. Trusting these services was not easy at the beginning for users, but providers are paying bigger and bigger attention to security. Every service uses unique user IDs and passwords since the beginning but that is not enough. The trustworthy providers implemented encryptions and other security protocols too.

But still, not everyone uses online access to manage their financial life. The average penetration of online banking was 44% in the European Union and 63% in the US according to Statista. There is still room for improvement, but the numbers are growing every year. What’s more, there are countries like Iceland with close to absolute usage: 91% of bankers are using online access there. Seeing these figures make it easier to understand that there are more and more providers around the world without a physical, “brick branches”.

Understandable: a financial provider doesn’t even have to have a branch anymore. We can do anything through a proper online facility. We can not only check our balance, but also start transactions, read our account statements and history, and basically get every detail possible about how our money is doing. What is even more important, we are not bounded by the opening hours of a bank, we can manage our financial life anytime, anywhere.

It could be Sunday noon on the seashore, it just doesn’t matter anymore – if we have good online access, we can do whatever we want with our money!

Disclaimer: Innovative Securities provides state-of-the-art online access to clients through a secured and encrypted user interface. Our company also passed the audit for ISO / IEC 27001 which confirms the highest level of information security.