Online banking has gone through many transformations which have allowed it to reach this stage where it has becomes an efficient way through which people are able to send, receive money and handle all transactions concerning their bank accounts. This has allowed to people to operate their accounts from anywhere in the world and this has moved people into the era of complete efficiency. The revolution began in 1981 which was based on the idea of home banking. This was opened by the major banks in New York which were; Chase bank, Chemical, Citibank and Manhattan Bank. This was captured by the Videotex platform which worked on the concept of performing transfer of banking information through the channel of a wired technology.
The Bank of Scotland in 1983 set up Homelink, which was the platform that laid the foundation for the upgrade of the online banking platform to what it is today. Homelink was designed based on the Prestel style of information communication, whereby there was a server computer that was attached to a telephone system. In this case, bank transfers and any transactions were captured with ease and people also had the chance to enquire about their account at any given time. Online analysis of the bank account was also captured in the Homelink system and this increased the operation capacity from the previous platform.
It was in 1994, that Microsoft was able to induct personal software for financing and this enabled people to have a link to their bank accounts on an online platform. The Stanford Federal Credit Union is the one that was characterized as having the full operational platform of the online banking. Risk assessments and security modules were developed in 2001 to curb the online fraudsters since the number of online users had risen past the 19 million mark. This meant that individuals had taken up the idea with complete optimism. Remote access of accounts was coined in 2005 and it massively boosted the efficiency of operation of the online accounts. 2007 marked the move from online computer banking to mobile banking and this has increased personalized service.