If you go back some 30 years or so the world of personal banking and finance was extremely different to what it is now. For the most part, if you wanted to speak to someone about an account, a loan or a mortgage then you headed into the town or city Centre and visited a local branch. Going further back the assessment was usually done by the manager but later on this was covered by specialist members of staff like in-house Mortgage advisors and staff specifically trained in how to create and tailor the correct account. The need for a KYC was not as important as the providing of a passport or driving licence was all that was needed. Now the work of www.w2globaldata.com/regulatory-compliance-solutions-and-software/know-your-customer is vitally important to the maintenance and protection of accounts and savings.
Computer banking has completely revolutionised money and how it is managed and obtained by us. We tend to think of digital online banking as being something very new but its origins actually stem from the early 1980s. The Nottingham Building society, working with the Bank of Scotland and British Telecom created an online banking system for the first time in the UK. Using a landline, home computer and regular television set you could move money between accounts, apply for loans and pay bills.
This was to prove to be a watershed moment and demand for the ability to bank like this soon rose. The technology needed to catch up and the creation of the internet some 6 years later towards the end of the 1980s gave the platform to start to build on first successes. However it still took until 1997 for the first proper online banking option when Royal Bank of Scotland opened theirs.
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