HOME BANKING HISTORY
Home Banking History
The recent hyperbole around home banking is not simply the latest Wall Street fad. Financial institutions were interested in turning the home bank-ing concept into a reality as early as 1970. Many banks invested millions of dollars in research and development, certain that home banking was going to take off.
In October 1981, The American Banker had a set of articles promoting the virtues of home banking. In answer to the question: “Will home banking be a major force in the market by 1985?,” an executive vice presi-dent of First Interstate Bank replied, “Absolutely! And I want to be there.”
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The most popular approach of the 1970s was home banking via a touch-tone telephone, which enabled customers to check account balances, trans-fer funds, and pay bills. With telephone banking, customers use a numeric password on a push-button telephone to access banking services. As most people have telephones, the telephone was believed to be the ideal home banking technology. Despite the initial optimism, results were very disap-pointing. The telephone was an awkward technology for home banking, since there is no visual verification, which is important to customers. Also, touch-tone phones were not common in the 1970s.
In the 1980s, cable television also was considered as a possible medium for home banking. Although this approach solved the graphic limitations dilemma of the telephone, it had other drawbacks. The primary obstacle was that the necessary two-way cable was virtually nonexistent, as only a small percentage of Americans had two-way cable TV. Since the PC has both visual display and two-way communication, it has been considered a leading contender for the home banking medium.
Home Banking Implementation Approaches
Pushed by growing consumer demand and the fear of losing market banks are investing heavily in home banking technology. Collaborating with hardware, software, telecommunications, and other companies, . are introducing new ways for consumers
to access their account bal, transfer funds, pay bills, and buy goods and services without using mailing a check, or leaving home. The four major categories of home banking (in historical order) are:
Proprietary Bank dial-up Services
A home banking service, in connection with a PC and modem, lets the bank become an electronic gateway to customers’ accounts, enabling them to transfer funds or pay bills directly to creditors’ accounts.
Off-the-shelf Home Finance Software
This category is a key player in ce-menting relationships between current customers and helping banks gain new customers. Examples include Intuit’s Quicken, Microsoft Money, and Bank of America’s MECA software. This software market is attracting interest from banks as it has steady revenue streams by way of upgrades and the sale of related products and services.
Online Services-Based Banking
This category allows banks to set up re-tail branches on subscriber-based online services such as Prodigy, CompuServe, and America Online.
World Wide Web-Based Banking
This category of home banking allows banks to bypass subscriber-based online services and reach the cus-tomer’s browser directly through the World Wide Web. The advantages of this model are the flexibility at the back-end to adapt to new online transaction processing models facilitated by electronic commerce and the elimination of the constricting intermediary (or online service).
In contrast to packaged software, which offers a limited set of services, the online and WWW approach offers further opportunities. As consumers buy more and more in cyberspace using credit cards, debit cards, and newer financial instruments such as
electronic cash or electronic checks, they need software products to manage these electronic transactions and reconcile them with other off-line transactions. In the future, an increasing number of paper-based, manual financial tasks may be performed
electroni-cally on machines such as PCs, handheld digital computing devices, inter-active televisions, and interactive telephones, and the banking software must have the capabilities to facilitate these tasks.
Home Banking Using Bank’s Proprietary Software
Online banking was first introduced in the early 1980s and New York was the hotbed of home banking. Four of the city’s major banks (Citibank , Chase Manhattan, Chemical, and Manufacturers Hanover) offered home banking services. Chemical introduced its Pronto home banking services for individuals, and Pronto Business Banker for small businesses in 1983. Its in-dividual customers paid $12 a month for the dial-up service, which allowed them to maintain electronic checkbook registers and personal budgets, see account balances and activity (including cleared checks), transfer funds among checking and savings accounts, and-best of all-make electronic payments to some 17,000 merchants. In addition to home banking, users could obtain stock quotations for an additional per-minute charge. Two years later, Chemical teamed up with AT&T in a joint venture called Covidea. Despite the muscle of the two large home banking partners, pronto failed to attract enough customers to break even and was aban-doned in 1989.
Other banks had similar problems. Citicorp also had a difficult time selling its personal computer-based home banking system,
Direct Access. Chase Manhattan had a PC banking service called Spectrum. Spectrum of-fered two tiers of service: one costing $10 a month for private customers, and another costing $50 a month for business users, plus dial-up charges in each case.
According to their brochure, business users paid more because they received additional services such as the ability to make money trans-fers and higher levels of security.
Similar to other bank offerings, Banc One offered two products: Channel 2000 and Applause. Channel 2000 was a trial personal computer-based home banking system available to about 200 customers that was well re-ceived. Applause, a personal computer-based home banking system mod-eled after Channel 2000, attracted fewer than 1,000 subscribers. The trial was abandoned before the end of the decade as the service could
not attract the critical mass of about 5,000 users that would let the bank break even. Almost all of the banks discovered that it would be very difficult for any one bank to attract enough customers to make a home banking system pay for itself (in other words, to achieve economies of scale).
Online banking has been plagued by poor implementation since the early 1980s. In a scathing critique, the Yankee Group [YG87] cites Bank of America’s Home Banking as an example of this poor implementation. That service, it says, “was designed initially to operate entirely online on their central processor, with difficult sign-on procedures, slowly drawing graph-ics at 300 baud for each single entry screen, and such slow
response time has to be confusing and cause errors.” This service later evolved into a menu-driven service with no graphics that operated at either 300 or 1,200 baud accessible from any personal computer via Tymnet. It took a few more years before users could use the Dollars & Sense financial management software to integrate personal finance with online banking activities. Given this gradual evolution, consumers who initially used the service and left could not be coaxed back into using it again.
Most home banking services were anything but easy to use. They worked at 300 baud and later 1200 baud, and had complex menus that re-flect more about the way the bank keeps its books than the way consumers spend their money (see Fig. 7.1). Typically, the services were designed to run on the most basic PC possible (Pronto, for instance, was geared to the Atari 400), so they turned even the most powerful PC into a dumb terminal. They nearly lobotomized the user with mind-
numbing repetitions of menus
Proprietary Bank’s Software Interface
Bank's Infrastructure
Bank's mainframe computer
Proprietary Software Method and torturous verification procedures, which, combined with the crawl of remote communications to the bank’s mainframes, made home banking seem extremely slow and even painful to use.
Banking via the PC Using Dial-Up Software
The main companies that are working to develop home banking software are Intuit, the maker of Quicken; Microsoft, the maker of Microsoft Money; Bank of America and
NationsBank, who acquired Meca’s Managing Your Money software from H&R Block; and ADP, which acquired Peachtree Software. In this section, we will examine Intuit in detail, as it is the leader among home banking software companies and exemplifies the overall strat-egy in this area.
Intuit Intuit is the leading provider of home and small business financial software, supplies, and services for PC users. It pioneered computerized personal finance management with the introduction of the Quicken pro-gram in October 1984. Intuit has consistently been in the forefront of new online financial services, launching bill payment services in 1990, IntelliCharge credit card services in 1993, and Quicken Quotes, a
portfolio price update service, in 1994. In recent years the company benefited from both the personal computer boom and its giving consumers a diverse prod-uct breadth and a
software bundle (or suite) focus, including offerings on personal finance, small business finance, financial planning, tax prepara-tion, and bill payment and transactions.
Since its introduction, Quicken has been enhanced and upgraded sev-eral times. Quicken allows users to organize, understand, and manage their personal finances. Designed to
look and work like a checkbook, Quicken provides users with a method for recording and categorizing their financial transactions. Once entered, the financial information can be analyzed and displayed using a set of reports and graphs. Quicken also allows users to reconcile their bank accounts, and track credit card purchases, investments, cash, and other assets and liabilities. It enables users to make payments by printing computer checks or by initiating electronic payments via modem. Several factors, including good design, affordable pricing, and the availabil-ity of new features and services, have contributed to Quicken’s success.
As a complement to its personal financial software products, Intuit of-fers value-added services such as online banking, bill payment, and credit management that further automate users’ financial transactions. Online banking is a new feature of
Quicken 5 for Windows, which was released in the first quarter of fiscal 1996. Intuit’s online banking services, in conjunc-tion with the services of Intuit’s financial institution partners, allow users to download and automatically categorize savings and loan account activity, brokerage activity, and charge account activity, thereby reducing data entry and providing an easily accessible view of their financial portfolio.
How it Works: Customers will sign up with a local bank, and then use the Quicken software to get the desired information. The software will dial a lo-cal number using AT&T’s 950 access service. (The 950 service covers 90 to 95 percent of the country,
and users simply dial 950-1ATT.) Online connec-tions between the financial institutions and Quicken users are the responsibility of Intuit’s subsidiary, National Payment Clearinghouse,
Inc., a privately held provider of automated bill payment services, which changed its name to Intuit Services Corporation (ISC) in 1993. ISC gets Internet ac-cess from Concentric
Network Corporation, which has over 200 local points. of presence (POPs). ISC also currently provides the online banking and bill payment services for users of Microsoft Money. ISC was recently sold by Intuit to CheckFree.
Intuit Services Corporation is basically an intermediary between Quicken software and financial services. Figure 7.2 illustrates the structure of this network. ISC’s network design is what is known as “burst and dis-connect,” which simply means that the user will get the requested informa-tion quickly and then log off of the system. This strategy allows for a maximum number of users in a s.l;1ort period of time. In contrast, services like America Online or CompuServe earn money by keeping the customer on line and billing for time spent. These traditional online services have a lot of menus and graphics that take time to traverse.
Intuit sells specific information and wants users on- and offline quickly. ISC was also designed from the bottom up with security in mind; the net-work employs the RSA method of security. Intuit’s banking partners down-load all the relevant banking information (such as bank balances and state-ments) to Intuit’s servers (ISC). The banks send information for every cus-tomer signed up for the service. When a customer requests information, the Quicken software dials the ISC servers in
Downers Grove, Illinois. Since the data has already been transmitted to ISC, the requested information is sim-ply downloaded to the local Quicken user. The total online time is about 15 seconds.
While the banks will transfer data in batch mode once a day, this is not practical for credit card processors like American Express. Users want to check on recent transactions and want real-time data. For instance, in the case of American Express, ISC will simply pass the customer request on to American Express. The requested statement information is then passed back to ISC and to the Quicken customer. Currently, American Express is
Intuit’s only partner set up to handle real-time data transmissions. The banks work in batch mode, but over time, many of the banking partners will have to move to real-time mode.
Online banking enables users to check current account balances, transfer funds between accounts, determine the clearance of given transactions, and reconcile accounts. Each financial institution sets its own fees for online bank-ing services charged to their customers. The compensation Intuit receives from the financial institutions is based on that institution’s consumer usage.
Home Banking History
The recent hyperbole around home banking is not simply the latest Wall Street fad. Financial institutions were interested in turning the home bank-ing concept into a reality as early as 1970. Many banks invested millions of dollars in research and development, certain that home banking was going to take off.
In October 1981, The American Banker had a set of articles promoting the virtues of home banking. In answer to the question: “Will home banking be a major force in the market by 1985?,” an executive vice presi-dent of First Interstate Bank replied, “Absolutely! And I want to be there.”
if you like my post then pls click on advertisment and add as you in my follower list.
Its beneficial for you and me both.
The most popular approach of the 1970s was home banking via a touch-tone telephone, which enabled customers to check account balances, trans-fer funds, and pay bills. With telephone banking, customers use a numeric password on a push-button telephone to access banking services. As most people have telephones, the telephone was believed to be the ideal home banking technology. Despite the initial optimism, results were very disap-pointing. The telephone was an awkward technology for home banking, since there is no visual verification, which is important to customers. Also, touch-tone phones were not common in the 1970s.
In the 1980s, cable television also was considered as a possible medium for home banking. Although this approach solved the graphic limitations dilemma of the telephone, it had other drawbacks. The primary obstacle was that the necessary two-way cable was virtually nonexistent, as only a small percentage of Americans had two-way cable TV. Since the PC has both visual display and two-way communication, it has been considered a leading contender for the home banking medium.
Home Banking Implementation Approaches
Pushed by growing consumer demand and the fear of losing market banks are investing heavily in home banking technology. Collaborating with hardware, software, telecommunications, and other companies, . are introducing new ways for consumers
to access their account bal, transfer funds, pay bills, and buy goods and services without using mailing a check, or leaving home. The four major categories of home banking (in historical order) are:
Proprietary Bank dial-up Services
A home banking service, in connection with a PC and modem, lets the bank become an electronic gateway to customers’ accounts, enabling them to transfer funds or pay bills directly to creditors’ accounts.
Off-the-shelf Home Finance Software
This category is a key player in ce-menting relationships between current customers and helping banks gain new customers. Examples include Intuit’s Quicken, Microsoft Money, and Bank of America’s MECA software. This software market is attracting interest from banks as it has steady revenue streams by way of upgrades and the sale of related products and services.
Online Services-Based Banking
This category allows banks to set up re-tail branches on subscriber-based online services such as Prodigy, CompuServe, and America Online.
World Wide Web-Based Banking
This category of home banking allows banks to bypass subscriber-based online services and reach the cus-tomer’s browser directly through the World Wide Web. The advantages of this model are the flexibility at the back-end to adapt to new online transaction processing models facilitated by electronic commerce and the elimination of the constricting intermediary (or online service).
In contrast to packaged software, which offers a limited set of services, the online and WWW approach offers further opportunities. As consumers buy more and more in cyberspace using credit cards, debit cards, and newer financial instruments such as
electronic cash or electronic checks, they need software products to manage these electronic transactions and reconcile them with other off-line transactions. In the future, an increasing number of paper-based, manual financial tasks may be performed
electroni-cally on machines such as PCs, handheld digital computing devices, inter-active televisions, and interactive telephones, and the banking software must have the capabilities to facilitate these tasks.
Home Banking Using Bank’s Proprietary Software
Online banking was first introduced in the early 1980s and New York was the hotbed of home banking. Four of the city’s major banks (Citibank , Chase Manhattan, Chemical, and Manufacturers Hanover) offered home banking services. Chemical introduced its Pronto home banking services for individuals, and Pronto Business Banker for small businesses in 1983. Its in-dividual customers paid $12 a month for the dial-up service, which allowed them to maintain electronic checkbook registers and personal budgets, see account balances and activity (including cleared checks), transfer funds among checking and savings accounts, and-best of all-make electronic payments to some 17,000 merchants. In addition to home banking, users could obtain stock quotations for an additional per-minute charge. Two years later, Chemical teamed up with AT&T in a joint venture called Covidea. Despite the muscle of the two large home banking partners, pronto failed to attract enough customers to break even and was aban-doned in 1989.
Other banks had similar problems. Citicorp also had a difficult time selling its personal computer-based home banking system,
Direct Access. Chase Manhattan had a PC banking service called Spectrum. Spectrum of-fered two tiers of service: one costing $10 a month for private customers, and another costing $50 a month for business users, plus dial-up charges in each case.
According to their brochure, business users paid more because they received additional services such as the ability to make money trans-fers and higher levels of security.
Similar to other bank offerings, Banc One offered two products: Channel 2000 and Applause. Channel 2000 was a trial personal computer-based home banking system available to about 200 customers that was well re-ceived. Applause, a personal computer-based home banking system mod-eled after Channel 2000, attracted fewer than 1,000 subscribers. The trial was abandoned before the end of the decade as the service could
not attract the critical mass of about 5,000 users that would let the bank break even. Almost all of the banks discovered that it would be very difficult for any one bank to attract enough customers to make a home banking system pay for itself (in other words, to achieve economies of scale).
Online banking has been plagued by poor implementation since the early 1980s. In a scathing critique, the Yankee Group [YG87] cites Bank of America’s Home Banking as an example of this poor implementation. That service, it says, “was designed initially to operate entirely online on their central processor, with difficult sign-on procedures, slowly drawing graph-ics at 300 baud for each single entry screen, and such slow
response time has to be confusing and cause errors.” This service later evolved into a menu-driven service with no graphics that operated at either 300 or 1,200 baud accessible from any personal computer via Tymnet. It took a few more years before users could use the Dollars & Sense financial management software to integrate personal finance with online banking activities. Given this gradual evolution, consumers who initially used the service and left could not be coaxed back into using it again.
Most home banking services were anything but easy to use. They worked at 300 baud and later 1200 baud, and had complex menus that re-flect more about the way the bank keeps its books than the way consumers spend their money (see Fig. 7.1). Typically, the services were designed to run on the most basic PC possible (Pronto, for instance, was geared to the Atari 400), so they turned even the most powerful PC into a dumb terminal. They nearly lobotomized the user with mind-
numbing repetitions of menus
Proprietary Bank’s Software Interface
Bank's Infrastructure
Bank's mainframe computer
Proprietary Software Method and torturous verification procedures, which, combined with the crawl of remote communications to the bank’s mainframes, made home banking seem extremely slow and even painful to use.
Banking via the PC Using Dial-Up Software
The main companies that are working to develop home banking software are Intuit, the maker of Quicken; Microsoft, the maker of Microsoft Money; Bank of America and
NationsBank, who acquired Meca’s Managing Your Money software from H&R Block; and ADP, which acquired Peachtree Software. In this section, we will examine Intuit in detail, as it is the leader among home banking software companies and exemplifies the overall strat-egy in this area.
Intuit Intuit is the leading provider of home and small business financial software, supplies, and services for PC users. It pioneered computerized personal finance management with the introduction of the Quicken pro-gram in October 1984. Intuit has consistently been in the forefront of new online financial services, launching bill payment services in 1990, IntelliCharge credit card services in 1993, and Quicken Quotes, a
portfolio price update service, in 1994. In recent years the company benefited from both the personal computer boom and its giving consumers a diverse prod-uct breadth and a
software bundle (or suite) focus, including offerings on personal finance, small business finance, financial planning, tax prepara-tion, and bill payment and transactions.
Since its introduction, Quicken has been enhanced and upgraded sev-eral times. Quicken allows users to organize, understand, and manage their personal finances. Designed to
look and work like a checkbook, Quicken provides users with a method for recording and categorizing their financial transactions. Once entered, the financial information can be analyzed and displayed using a set of reports and graphs. Quicken also allows users to reconcile their bank accounts, and track credit card purchases, investments, cash, and other assets and liabilities. It enables users to make payments by printing computer checks or by initiating electronic payments via modem. Several factors, including good design, affordable pricing, and the availabil-ity of new features and services, have contributed to Quicken’s success.
As a complement to its personal financial software products, Intuit of-fers value-added services such as online banking, bill payment, and credit management that further automate users’ financial transactions. Online banking is a new feature of
Quicken 5 for Windows, which was released in the first quarter of fiscal 1996. Intuit’s online banking services, in conjunc-tion with the services of Intuit’s financial institution partners, allow users to download and automatically categorize savings and loan account activity, brokerage activity, and charge account activity, thereby reducing data entry and providing an easily accessible view of their financial portfolio.
How it Works: Customers will sign up with a local bank, and then use the Quicken software to get the desired information. The software will dial a lo-cal number using AT&T’s 950 access service. (The 950 service covers 90 to 95 percent of the country,
and users simply dial 950-1ATT.) Online connec-tions between the financial institutions and Quicken users are the responsibility of Intuit’s subsidiary, National Payment Clearinghouse,
Inc., a privately held provider of automated bill payment services, which changed its name to Intuit Services Corporation (ISC) in 1993. ISC gets Internet ac-cess from Concentric
Network Corporation, which has over 200 local points. of presence (POPs). ISC also currently provides the online banking and bill payment services for users of Microsoft Money. ISC was recently sold by Intuit to CheckFree.
Intuit Services Corporation is basically an intermediary between Quicken software and financial services. Figure 7.2 illustrates the structure of this network. ISC’s network design is what is known as “burst and dis-connect,” which simply means that the user will get the requested informa-tion quickly and then log off of the system. This strategy allows for a maximum number of users in a s.l;1ort period of time. In contrast, services like America Online or CompuServe earn money by keeping the customer on line and billing for time spent. These traditional online services have a lot of menus and graphics that take time to traverse.
Intuit sells specific information and wants users on- and offline quickly. ISC was also designed from the bottom up with security in mind; the net-work employs the RSA method of security. Intuit’s banking partners down-load all the relevant banking information (such as bank balances and state-ments) to Intuit’s servers (ISC). The banks send information for every cus-tomer signed up for the service. When a customer requests information, the Quicken software dials the ISC servers in
Downers Grove, Illinois. Since the data has already been transmitted to ISC, the requested information is sim-ply downloaded to the local Quicken user. The total online time is about 15 seconds.
While the banks will transfer data in batch mode once a day, this is not practical for credit card processors like American Express. Users want to check on recent transactions and want real-time data. For instance, in the case of American Express, ISC will simply pass the customer request on to American Express. The requested statement information is then passed back to ISC and to the Quicken customer. Currently, American Express is
Intuit’s only partner set up to handle real-time data transmissions. The banks work in batch mode, but over time, many of the banking partners will have to move to real-time mode.
Online banking enables users to check current account balances, transfer funds between accounts, determine the clearance of given transactions, and reconcile accounts. Each financial institution sets its own fees for online bank-ing services charged to their customers. The compensation Intuit receives from the financial institutions is based on that institution’s consumer usage.
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