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Online Banking Report has covered Net banking for six calendar years beginning with 1995. In that time, we’ve seen the industry go from a premium-priced niche service to a low-priced mass-market offering. We’ve been somewhat surprised at the relatively slow pace of innovation and customer adoption, especially during the 1995 to mid-1999 period. Was it a case of banks wisely waiting for customer demand to materialize, or were banks slow to develop compelling offerings? The question is moot now as customers flock online, predominately at existing brick-and-mortar financial institutions. Next month, we’ll provide our predictions for the year ahead.
#1: May 1995 marked the beginning of the Net banking era; the month Wells Fargo first posted statement data to the Web.
#14: The most recent addition to the top 20: real-time, no-doc, home equity loans from DeepGreen Bank.
Top 20 Net-banking Innovations of All Time (North America)
|
Rank |
Date |
Innovation |
|
1. |
May 1995 |
Wells Fargo is first in the world to offer Web statement access |
|
2. |
Oct. 1995 |
Security First Network Bank launches first full-service Internet bank brand |
|
3. |
June 1998 |
LendingTree launches first retail loan auction marketplace |
|
4. |
Nov. 1999 |
PayPal launches first email payment system |
|
5. |
July 2000 |
Citibank launches first bank-branded financial account aggregation service |
|
6. |
Mar. 1996 |
BayShore Trust (Canada) is first in the world with real-time online loan approvals |
|
7. |
Dec. 1997 |
NextCard launches first credit card optimized for the Net |
|
8. |
Mar. 1997 |
Bank of Montreal launches first real-time mortgage loan approval |
|
9. |
Jan. 1997 |
Beneficial Finance is first in the U.S. with real-time mini-app loan approvals |
|
10. |
Oct. 1998 |
CompuBank launches first Web-based interbank funds transfer system |
|
11. |
July 1996 |
Britton & Koontz First National Bank launches first triggered email alert system |
|
12. |
Apr. 1998 |
OneCore launches first pure-play online bank optimized for small business |
|
13. |
July 1997 |
E-Loan launches first major Net-only online mortgage brokerage |
|
14. |
Aug. 2000 |
DeepGreen Bank launches first real-time approval no-doc home equity loan |
|
15. |
Aug. 1997 |
PeopleFirst Finance pioneers blank-check auto lending |
|
16. |
Aug. 1997 |
River City Bank adds personal finance functionality to its Web site |
|
17. |
Dec. 1999 |
X.com is first with seamless integration of banking and value investing (indexed mutual funds) |
|
18. |
Aug. 1997 |
QSpace introduces first online credit bureau report |
|
19. |
Mar. 1996 |
AT&T is first credit card to offer cardholders specific online fraud protection |
|
20. |
Mar. 1999 |
Cyberbills is first of 3 scan-and-pay bill pay firms to debut; PayMyBills and PayTrust follow in the summer |
Source: Online Banking Report, 12/00
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