National Online Bank Day is annually observed on October 9, which falls on the second Monday of that month. It comes as not unexpected consequence that banking is progressively adopting the online environment, as more and more businesses do so. Presently, virtually all banks and businesses have an online presence. The convenience of banking services we now enjoy is largely attributable to online banking and technological advancements: We no longer have to endure long lines or wait days to send or receive funds; virtually everything, from investing and receiving bills to paying and receiving insurance premiums, can be completed online and from the comfort of our own bedrooms. At present, the notion of life without online banking seems inconceivable; therefore, National Online Bank Day commemorates the advantages that banks and customers alike appreciate.
The background of National Online Bank Day
National Online Bank Day was first observed in 2015, despite the fact that online banking services were introduced in the early 1980s. Ally Bank initially observed Online Bank Day in the United States to commemorate their one millionth customer. Later, it was determined that National Online Bank Day would occur on the second Monday of every October.
The inaugural home banking service was introduced to customers by United American Bank in December 1980. Through a partnership with Radio Shack, the bank granted its clients secure access to their account information. Customers were granted access to a variety of services, including bill payment, account balance reviews, loan applications, budgeting, and tax calculators.
Numerous institutions began to consider web-based banking an absolute necessity in the late 1990s. Cooperative bank OP Financial Group established itself as the first online bank in Europe and the second in the globe in 1996. The rationales behind banks’ increasing adoption of online banking are readily apparent: reduced transaction costs, simplified service integration, interactive marketing functionalities, and additional advantages. By enabling institutions to provide a wider range of services, online banking services attract a greater number of consumers.
The Internet was utilized by banks to retain and cultivate customer loyalty. The advent of electronic banking occurred during the mid-1990s. However, numerous consumers exhibited reluctance in engaging in financial transactions via the internet. The advent of e-commerce facilitated the rise in prominence of e-banking through the provision of digital payment methods for products and services. 80% of American banks provided banking services by the year 2000. Online consumers were more profitable and loyal than their offline counterparts. Nearly 47% of Americans are believed to conduct all of their finance transactions online.
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5 crucial details regarding online banking
A minimum of 95% of Norwegian bank customers favor online banking.
There are over 150 million online banking consumers in India.
Virtually forty percent of the global populace favors online banking.
The age group of 25 to 34 comprises the largest user base of online banking services.
An approximated $1 trillion is lost annually on a global scale due to cybercrime.
NATIONAL ONLINE BANK DAY DATES
| Year | Date | Day |
|---|---|---|
| 2022 | October 10 | Monday |
| 2023 | October 9 | Monday |
| 2024 | October 14 | Monday |
| 2025 | October 13 | Monday |
| 2026 | October 12 | Monday |
