Online Banking Origin
About Online Banking Origin
Stanford Federal Credit Union launched the first internet banking service in 1994. Security First Network Bank, founded in 1995, was the first fully online bank with no physical branches. Online banking grew slowly at first due to security concerns and limited internet access. By the 2000s, online banking became mainstream. Bank of America reported 37 million active online banking users by 2009. Mobile banking followed, with banks launching smartphone apps. The shift to digital banking reduced branch networks. Online only banks like Ally, Capital One 360, and Monzo challenged traditional branch banking. Neobanks like Revolut and N26 attracted millions of younger customers.
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