The developers of United American Bank's first-to-market computer banking system aimed to license it nationally, but they were overtaken by competitors when United American failed in 1983 as a result of loan fraud on the part of bank owner Jake Butcher, the 1978 Tennessee Democratic nominee for governor and promoter of the 1982 Knoxville World's Fair. Videotext online Banking services eventually reached 19% market share by 1991 The first videotext banking service in France was launched on December 20, 1983, by CCF Bank (now part of HSBC). Because of the commercial failure of videotex, these banking services never became popular except in France (where millions of videotex terminals ( Minitel) where given out by the telecom provider) and the UK, where the Prestel system was used. Large banks, many working on parallel tracks to United American, followed in 1981 when four of New York's major banks ( Citibank, Chase Manhattan, Chemical, and Manufacturers Hanover) offered home banking services, using the videotex system. Thousands of customers paid $25–30 per month for the service. Services available in its first years included bill pay, account balance checks, and loan applications, as well as game access, budget and tax calculators and daily newspapers. United American partnered with Radio Shack to produce a secure custom modem for its TRS-80 computer that allowed bank customers to access their account information securely. The first home banking service was offered to consumers in December 1980 by United American Bank, a community bank with headquarters in Knoxville, Tennessee. 'Home banking' can also refer to the use of a numeric keypad to send tones down a phone line with instructions to the bank.
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The term 'online' became popular in the late 1980s and referred to the use of a terminal, keyboard, and TV or monitor to access the banking system using a phone line. The precursor to the modern home banking services was the distance banking services over electronic media from the early 1980s. 1.4 First online banking services by region.1.3 Internet and customer reluctance and banking.Some banks operate as a " direct bank" (also called " neobanks" or "virtual banks"), where they operate entirely via internet banking. Internet banking provides personal and corporate banking services offering features such as viewing account balances, obtaining statements, checking recent transactions, transferring money between accounts, and making payments.
Online banking significantly reduces the banks' operating cost by reducing reliance on a branch network, and offers greater convenience to customers in time saving in coming to a branch and the convenience of being able to perform banking transactions even when branches are closed. The online banking system will typically connect to or be part of the core banking system operated by a bank to provide customers access to banking services in place of traditional branch banking. Online banking, also known as internet banking, web banking or home banking, is an electronic payment system that enables customers of a bank or other financial institution to conduct a range of financial transactions through the financial institution's website.
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