It seems like a long time ago, but it really wasn’t: banks started to roll out the idea of a machine that you could access, any time of the day or night, to make deposits, check balances, get cash, or make payments. It was called the Automated Teller Machine (ATM) and it started a revolution in the ways people utilized their banking accounts. Soon, there were ATMs everywhere—even in convenience stores. This event is considered as a landmark in the history of banking development.
No longer did you need to make sure you cashed a check before stores closed or during banking hours. The ATMs were always open! Once computers became more and more widely available through out America, it was only a matter of time before the ATM concept migrated onto the desktop of computers everywhere. Personal banking software companies like Quicken, Microsoft Money, and others began marketing programs to help you plan your budget, balance your checkbook, track your expenses, and even write your checks. This concept marked the beginning of another era in the banking industry.
Then, banks began to notice that their customers wanted to access their account information and perform transactions over the rapidly growing Internet. Voila! The banks began offering their own suite of personal banking software with a huge added bonus: real-time access to bank accounts. Software developers, not wanted to lose touch with their customers, soon started designing interfaces with online personal banking software programs to allow you to continue to use Quicken, for example, and still access your banking accounts.
Personal Banking Software Enables Third-party Transfer
Now, for those who appreciate the convenience and timeliness of online banking from their computer desktops, there are more and more choices. Even the smallest credit unions offer online access to account information, and most banks offer online check writing, bill payment, account transfer, and loan payments via personal computer. On many of these programs, you can write a personal banking check online and mail it anywhere.
Companies like Quicken and Microsoft Money offer interfaces to many banks’ online software, so if you’re accustomed to working in these programs, you can keep on doing it. Reconciling your bank statement is easier than ever; just key in a few commands and your personal banking software will download your actual transactions for the month and load them into a spreadsheet for you. These softwares are considered landmarks in the history of internet banking and have played instrumental role in online banking electronic commerce arena. Many bankers and businesses bank upon these softwares for managing business.
Many programs even allow you to set up categories for recurring expenses, and your personal banking software will then track them in the appropriate category for your budget. So, if all you want to do is pay bills and track account activity, you probably don’t need personal banking software like Quicken or its competitors. However, if you appreciate the convenience of having all your personal financial functions under the same, integrated umbrella, personal banking software from a third-party vendor may be just right for your needs.