Yodlee, a leader in payments, data and security, has published an infographic on the history of online banking — which began in 1983, according to their research. Apparently the first type of online banking included a telephone and a TV set — no 4G speeds available just yet. Today, online banking has expanded to include so much more than just moving money between accounts and paying bills.
Entire industries have exploded around online banking like security software and PFM tools such as Mint and Yodlee’s own MoneyCenter. Online payment processing is also closely related — and has led to the creation of companies like Square and Card.io, now owned by PayPal. As banking becomes an increasingly digital experience, the cell phone and tablet will largely replace the computer for most of the basic functions of online banking. As a company in the banking or payments space, without a well-designed app you are pretty much dead in the water.