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The Unlikely Origins of Online Banking a special report from ComputerWeekly The unlikely origins of online banking The inside story of how the Belfast Savings Bank led the way to internet banking in Europe ANDREYPOPOV/ISTOCK/THINKSTOCK a special report from ComputerWeekly Internet banking beginnings Bryan Johnston, former CEO of TSB Northern Ireland, tells the story behind the bank’s development of the first online real-time banking system in Europe Banking in the 1960s had changed little since the time of Dickens. In Europe before 1970, the emergence of online banking was something that neither bank staff nor customers could have anticipated. In that era, to transact business the customer had to visit the branch where their account was opened. Every transaction would have taken minutes, as opposed to the seconds it takes today. Accounts were passbook-based, and account records, usually in loose-leaf ledgers, were held at the branch. Every customer transaction required manual reconciliation of the passbook balance with the account record, the manual updating of both at the time of the transaction and manual entries in the teller’s daily log. In most branches, systems were “pen and ink”, although machine posting was a help in some branches, but was still manually operated. The weaknesses of pen and ink banking In the mid-1960s, I was a member of the internal audit team of the Belfast Savings Bank, later restyled Trustee Savings Bank of Northern Ireland (TSB Northern Ireland). My task was to ensure that the bank’s systems were properly and accurately applied, and I took the opportunity to observe their effectiveness. The weaknesses were clear to see and were cruelly exposed at peak times, particularly lunchtime at the end of the month. At every branch, I observed customers who were seeking to withdraw funds hand their passbook and voucher across the counter, more in hope than expectation. A customer would retire to a quiet corner and open their packed lunch and a newspaper, knowing that their interest in both would be satisfied before their name would be called and their cash presented to them. Banking was no longer the privilege of the few. It had become the necessity of the many. And, since the time of Dickens, banking technology in most branches had only advanced from the quill pen to the ball point. Belfast Savings Bank moves online FUSE/THINKSTOCK In essence, this was the situation which confronted the Belfast Savings Bank in 1967. Its systems were labour intensive, time consuming, high cost and offered poor service to customers. As competitive pressures increased, the systems rendered market share retention difficult and growth in share impossible. A fundamental change was required, and the bank instructed one of its senior executives, Tom Bryans, to investigate. He reported back within a year with a radical vision, which the board accepted. The bank would move from “pen and ink” to “online real-time” banking in one step. Bryans, who was appointed administrative head of the project, later In the 1960s, banking transactions relied became CEO (then styled general manager) of the bank. entirely on pen and paper records -2- a special report from ComputerWeekly The hardware selected was a B500 mainframe system, together with branch terminals, supplied by Unisys (then Burroughs.) The mainframe was installed in the bank’s head office in Belfast. Only Burroughs could deliver an online system Although many computer manufacturers were invited to offer systems, only Burroughs could deliver on the vision. It was the only company to put forward a proposal for an online system that had already been demonstrated in an operational environment. At the time, academics and consultants were unfamiliar with online banking and their advice was, at best, equivocal and, at worst, absent. The board’s decision to go ahead was courageous. Having decided on hardware, we required a network. What surprised me when reflecting on that time over 40 years ago was that we approached the Post Office. Then, it still controlled the telephone system, and it was another 10 years before British Telecom separated from it. The Post Office and our network suppliers were as new to online banking as we were. Bankers trained to write code The bank engaged the National Computing Centre (NCC) to assist in the selection of the team that would implement the project. After testing and interviewing applicants, we selected a team from the bank’s own staff. NCC said: “Better to teach bankers computing, than to teach computer experts banking.” In retrospect, this was one of the most important pieces of advice we received during the project. As programmers, the bankers recognised flaws in analysis before they wrote the programs, and their experience was critical in examining the output of programs. Before 1970, customers had to visit the branch where their account was opened and use passbooks to access their funds KEVIN ALEXANDER GEORGE/ISTOCK/THINKSTOCK -3- a special report from ComputerWeekly I was appointed as head of technology to lead the team and selection. We completed team selection by the end of 1968. The board had accepted a vision without independent confirmation and appointed an inexperienced team to implement the project. An outsider might have predicted disaster. So what made it successful? Most IT failures caused by lack of business insight A Unisys business consultancy director who knew of our project made a significant comment to me recently. He said that most large IT project failures were led by IT professionals who lacked business input. His view was that ours was an outstanding example of a project that was business led and driven. In early 1969, Unisys gave us database management and data communications software. Within this framework the team and I had to produce all the banking software. We had to write it, test it, install it and run it live. For a team of bankers, who had never seen a computer before and didn’t know what a “By installing a computer program was, to be ready to go live in 18 months was astonishing. counter terminal Convincing banking staff to support the IT project linked directly to the It was essential to carry the staff with us. We had two basic tasks. The first was bank’s central to convince everyone that the proposed system would be of great benefit in improving working conditions, by removing manual drudgery and in improving computer and customer service and by speeding up transaction handling. Second, they had offering an online to be convinced that my team and I, and the chosen system, were capable of delivering on our promises. banking service, we To gain and retain credibility for the project I had to gain and retain credibility for had not just created the team. Monthly newsletters, regular seminars with Q&A sessions, staff visits daylight between to the computer centre and practice on terminals not only kept staff up to date, but kept them involved. ourselves and our The first online banking service competitors – it was light years” The first bank branch in Europe to have a counter terminal linked directly to the bank’s central computer, and to offer an online banking service, was the Bryan Johnston, Ardoyne Branch of the Belfast Savings bank on 24 August 1970. former CEO of Sadly, Ardoyne was an area badly affected by civil disturbance in Belfast, and TSB Northern Ireland the branch itself no longer survives. One week later, the bank’s largest branch in Arthur Street, Belfast, the next to be terminalised and offer the service, went online. I manned a terminal that day. Customers knew in advance that change was coming and this was a very busy day. I wanted to judge their reactions. Quality of service light years ahead of competition Their words and their looks conveyed surprise, astonishment and satisfaction. At a stroke, the quality and speed of service had been transformed for the better. We had not just created daylight between ourselves and our competitors – it was light years. This quality of service would differentiate us from the competition for a generation, and the computer platform became the basis of our future success. The “take-on” of branches to the computer system was completed in early February 1971. When the UK currency was decimalised on 15 February 1971, -4- a special report from ComputerWeekly we were able to do the work using the computer, rather than requiring staff to make the changes manually. First customer network By 1971, any customer could receive a full banking service at a terminal in any branch. Customers were no longer tied to their local branch. In this short period, quality of service soared. Seen previously as the Cinderella of the banking world, the service offered by Belfast Savings Bank now outshone its competitors. This confidence is reflected in an advertisement of the time: “We recently moved £28,000 the 100 miles from Newry to Ballycastle in 6 seconds. Naturally, we apologised for the delay.” Thus from its creation in early 1971, we had created an instantaneous money transmission network, a facility not available in UK banks until 30 years later. The first online cash dispensers The Belfast Savings Bank was restyled TSB Northern Ireland and, in 1975, became the first bank to install online cash dispensers. Important in itself, the greater significance was twofold – direct access by customers to their accounts without going through a member of staff, and the first steps in placing customer access devices away from branches. This may be normal practice now, but was revolutionary then. Cash dispensers may be commonplace now, but were revolutionary in 1975 PURESTOCK/THINKSTOCK -5- a special report from ComputerWeekly Financial accounts produced online within 12 hours The Trustee Savings Bank Act of 1976 and The Banking Act of 1979 were to change the TSB Northern Ireland from a public sector savings institution to a private sector full service bank with PLC status, necessitating new levels of financial reporting.
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