The internet widely regarded as the third wave of revolution, (after the industrial revolution and the agricultural revolution) heralds the age of electronic revolution and is fast becoming the central nervous system of a universal consumer marketplace and an essential means of conducting and coordinating business activities. For the banking sector, the internet marks the transition from the brick and mortar stage of banking to the branchless stage. In a word, Information Technology (IT) has moderated the constraints of time, space, and information access in world trade and commerce as a whole. The growing popularity of Electronic Funds Transfer (EFT) for online bill payment, for instance, is paving the way for a paperless universe where cheques, stamps, envelopes, and paper bills will become obsolete. In other words, global electronic network with its increasing power and pervasiveness is speedily driving the entire globe towards a converging commonality and constitutes the backbone of today’s world economy, just as railroads, steamships, telegraphs and postal systems formed the transportation and communications infrastructure of 19th century industrial economies.
"Technological Innovations and in the Banking Sector: An Evaluation of the Rate of Diffusion of the Automated Teller Machine,"
Academic Leadership Journal: Vol. 8
, Article 64.
Available at: http://scholars.fhsu.edu/alj/vol8/iss4/64