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A digital bank represents a virtual process that includes online banking, mobile banking, and beyond. As an end-to-end platform, digital banking must encompass the front end that consumers see, the back end that bankers see through their servers and admin control panels, and the middleware that connects these nodes.
Online banking, also known as internet banking, virtual banking, web banking or home banking, is a system that enables customers of a bank or other financial institution to conduct a range of financial transactions through the financial institution's website or mobile app. Since the early 2000s this has become the most common way that customers ...
The concept was first explored in 2003 as part of the open innovation movement that was promoted by Henry Chesbrough. [4] [5] The advent of internet banking and development of online technology in the early 2000s led to interest in access to the data, which was first seen in account aggregation attempts by technology companies.
Banking as an archaic activity (or quasi-banking [20] [21]) is thought to have begun as early as the latter part of the 4th millennium BCE, [22] to the 3rd millennia BCE. [ 23 ] [ 24 ] Among many other things, the Code of Hammurabi recorded interest-bearing loans.
These banks could issue bank notes against specie (gold and silver coins) and the states regulated the reserve requirements, interest rates for loans and deposits, the necessary capital ratio etc. Free banking spread rapidly to other states, and from 1840 to 1863 all banking business was done by state-chartered institutions. [4]
Traditional banks like the Bank of Australia, Westpac, ANZ, and National Australia Bank have been pivotal in adopting and integrating fintech in the country. [2] These banks have invested significantly in digital transformation, developing their own mobile banking apps, and collaborating with fintech firms to offer services like instant digital ...
In the 21st century, digital banking and fintech innovations began reshaping the banking landscape in Hong Kong. Traditional banks expanded their services to include digital platforms, while new digital-only banks emerged. These developments reflected a broader trend in the banking industry's adaptation to technological advancements. [7]
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