Online banking, you don't look a day over 30

The fact online banking hits the 30 year landmark this week may come as a surprise to some, but as with any 30 year old, it has grown and changed significantly since its birth.

The technology has come on leaps and bounds to a point where we’ve seen the move from home-banking terminals, to dial-up via a PC, to broadband, and now the modern cloud via our mobiles. I can still remember my first banking experience, it was home-banking with Lloyds Bank. At the time, it was known as Speedlink and it was the UK’s first telephone banking system, which allowed me to access my account information and conduct transactions, all from the convenience of my home (actually my parents home, I'm not that old).

Whilst I hope that most banks have upgraded their systems in the last 30 years, it seems they have done so without major changes to the customer delivery – which is just as important today as it was then. Banks need to keep up with technology and renovate their systems to embrace changes, but rather than having to continually rip out and replace, can do so by renovating legacy systems with technology that sits on top.

Despite the technology dramatically changing, the basic customer proposition is still the same as it was 30 years ago - customers still want to access their balance and make payments.  When looking at the core services and business functions, online banking is still pretty similar to the original concept. 

But like having a child or getting married when you reach your thirties, what’s going to be the next big step for online banking?  Already this week we’ve seen the Pebble smartwatch accommodate a dedicated banking application.  And this may well be just the first step in banking through our wearable tech.

We’re going to continue seeing new platforms for payment, but regardless of the platform for managing our accounts, the basic premise will remain the same as it always has done – can I access my balance and make payments at my convenience?