Atlanta Internet Bank Operates Wholly on the World Wide Web. WWW.Atlantabank.Com

By Orr, Bill | ABA Banking Journal, June 1998 | Go to article overview
Save to active project

Atlanta Internet Bank Operates Wholly on the World Wide Web. WWW.Atlantabank.Com

Orr, Bill, ABA Banking Journal

Internet banking is a young art, even by the warp-speed reckoning of Internet time. The world's first Internet bank opened its virtual doors in the fall of 1995. Today, about 200 banks offer Internet--or Web-based--banking, according to Online Banking Report. Wells Fargo, the industry's most aggressive Internet player, claims 450,000 online customers, up 50% from the start of last year. Just about every big bank in the country will be offering Internet banking sometime this year. What does all this mean to a community bank, dwarfed in size and resources by the big players, yet likely to be doing very well, thank you, in terms of profits, customer loyalty, and community support? Like it or not, it's definitely time for community bankers to start planning their inevitable move to the Net.

Radical departure

Internet banking belongs to the species of financial services variously known as home banking, remote electronic banking, online banking, self-service banking, and other names indicating that customers do their banking at home or at work. They are connected to their bank account(s) by either a private line or by the public Internet. In the early versions of online banking, the software that was needed to manipulate and display raw account data coming from the bank was all contained in a package that lived on the customer's PC. She got the software either free from her bank or bought it from a retail store in the form of personal-financial-management (PFM) package such as Intuit's Quicken, Microsoft's Money, or Meca's Managing Your Money. This form of online banking, still the dominant one, is known as PC banking.

Internet banking, or Web banking, takes a small but radical departure from PC banking, even though both operate from the same desktop computer. The software that runs Internet banking programs resides not on the user's PC, but on the bank's Web server. The benefits of having the software on the Web are substantial: The bank or the PFM manufacturer doesn't have to send out a new physical package to every customer every time the program is updated. Bank customers can access their bank accounts from anywhere in the world they can get access to the Internet, not just from the one PC where the software lives.

Millions of people are by now seasoned Web "surfers," comfortable with how browsers work; this translates into faster learning of the banking software and less hand-holding by the bank. Finally, the Web provides easy links to other sites--which in turn can enable such services as bill payment, bill presentment, stock trades, investments, insurance sales, auto or real estate sales, or other financial services offered by the host bank or its partners.

Only a few months ago, the general perception was that the Internet may not be secure enough for financial transactions. That's one reason why PC banking dominates the online market today.

However, recent experience shows that the general public is now willing to trust banks to make the call on security. And since insiders overwhelmingly agree that Internet security is adequate and in fact better than present ways of transmitting financial data, all players are now making firm commitments to Internet, or Web-based, banking.

The rest of this article is only available to active members of Questia

Sign up now for a free, 1-day trial and receive full access to:

  • Questia's entire collection
  • Automatic bibliography creation
  • More helpful research tools like notes, citations, and highlights
  • Ad-free environment

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
Loading One moment ...
Project items
Cite this article

Cited article

Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

Cited article

Atlanta Internet Bank Operates Wholly on the World Wide Web. WWW.Atlantabank.Com


Text size Smaller Larger
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

While we understand printed pages are helpful to our users, this limitation is necessary to help protect our publishers' copyrighted material and prevent its unlawful distribution. We are sorry for any inconvenience.
Full screen

matching results for page

Cited passage

Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

Cited passage

Welcome to the new Questia Reader

The Questia Reader has been updated to provide you with an even better online reading experience.  It is now 100% Responsive, which means you can read our books and articles on any sized device you wish.  All of your favorite tools like notes, highlights, and citations are still here, but the way you select text has been updated to be easier to use, especially on touchscreen devices.  Here's how:

1. Click or tap the first word you want to select.
2. Click or tap the last word you want to select.

OK, got it!

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.

Are you sure you want to delete this highlight?