{"id":2888,"date":"2021-10-06T12:27:49","date_gmt":"2021-10-06T06:57:49","guid":{"rendered":"http:\/\/641e9b6dc5f49f232f998c6b"},"modified":"2023-04-10T15:32:04","modified_gmt":"2023-04-10T10:02:04","slug":"back-to-the-future-the-evolution-of-branchless-banking","status":"publish","type":"post","link":"https:\/\/qistaging.com\/whitesight\/back-to-the-future-the-evolution-of-branchless-banking\/","title":{"rendered":"Back To The Future: The Evolution of Branchless Banking"},"content":{"rendered":"Digital-first banks have gained significant prominence in the last decade with several startups, banks, and non-banks launching and scaling virtual and branchless banking propositions, and doing so by leveraging new technologies to deliver mobile-first experiences.However, if we look at the historical evolution of branchless banking, we see that several incumbent banks have experimented with the model right from the 1980s and 1990s, through a branchless banking proposition called Direct Banking. Direct Banking: Focus on Efficiency and EaseThe 1st generation of Direct Banks used telephone banking to enable customers to perform a range of financial transactions over the telephone without the need to visit a bank branch or ATM. This initiative, which saw growth during the 1980s and 1990s, was first introduced by Girobank in the United Kingdom, who further established a dedicated telephone banking service in 1984. One of the world\u2019s first fully functional direct banks was First Direct, which launched telephone banking in the United Kingdom in 1989. A subsidiary of the then Midland Bank, it pioneered the concept of no branches and 24-hour service through a call center.ING introduced the same concept in other countries in 1997 as ING Direct, a bank without branches that offered attractive savings [&hellip;] \t\t<div class=\"woocommerce\">\n\t\t\t<div class=\"woocommerce-info wc-memberships-restriction-message wc-memberships-message wc-memberships-content-restricted-message\">\n\t\t\t\tThis post is only available to members.\t\t    <\/div>\n\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p><span class=\"rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\"><\/span> <span class=\"rt-time\">6<\/span> <span class=\"rt-label rt-postfix\">mins read<\/span><\/span> Digital-first banks have gained significant prominence in the last decade with several startups, banks, and non-banks launching and scaling virtual and branchless banking propositions, and doing so by leveraging new technologies to deliver mobile-first experiences.However, if we look at the historical evolution of branchless banking, we see that several incumbent banks have experimented with the model right from the 1980s and 1990s, through a branchless banking proposition called Direct Banking. Direct Banking: Focus on Efficiency and EaseThe 1st generation of Direct Banks used telephone banking to enable customers to perform a range of financial transactions over the telephone without the need to visit a bank branch or ATM. This initiative, which saw growth during the 1980s and 1990s, was first introduced by Girobank in the United Kingdom, who further established a dedicated telephone banking service in 1984. One of the world\u2019s first fully functional direct banks was First Direct, which launched telephone banking in the United Kingdom in 1989. A subsidiary of the then Midland Bank, it pioneered the concept of no branches and 24-hour service through a call center.ING introduced the same concept in other countries in 1997 as ING Direct, a bank without branches that offered attractive savings [&hellip;] \t\t<\/p>\n<div class=\"woocommerce\">\n<div class=\"woocommerce-info wc-memberships-restriction-message wc-memberships-message wc-memberships-content-restricted-message\">\n\t\t\t\tThis post is only available to members.\t\t    <\/div>\n<\/p><\/div>\n","protected":false},"author":8,"featured_media":3557,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[104,88],"tags":[113,131,56],"hashtags":[],"class_list":["post-2888","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-fintech-strategy","category-insights","tag-global","tag-neobank","tag-timeline","membership-content","access-restricted"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.9.1 - 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