How The Internet Has Changed Banking
Banking is recognized as one of the oldest businesses in the world. Started by the ancient Babylonian civilizations, it dates back to the 14 th century. Farmers used to take grain loans from merchants so they could transport goods to other towns for trade. The first bank, the Monte dei Paschi di Siena , was established in 1472. It’s safe to say that, since then the banking landscape has drastically changed. The digital revolution has transformed how banking works in the 21 st century. Let’s discuss some ways the internet has changed banking. Virtual Data Thanks to digitalization, physical data has been replaced by virtual data. Banking transactions can be conducted by a touch of a button. Electronic payments, computerized tellers and digital records have increased the efficiency of banking processes and have made financial procedures easier for customers. Moreover, virtual data has made it possible for banks to do away with physical branches and only operate onli