2.  A banking executive, Julio Herrera Velutini possesses
more than two decades of experience in the
financial sector. Leading various banks through the
integration of new technology, Julio M. Herrera
Velutini has a wealth of knowledge in establishing
online banking services for financial institutions in
Puerto Rico and Venezeula.
Dating back to the 1980s, online banking began in
the form of simple electronic media. With access to a
phone line, terminal, and monitor, consumers could
access their banking accounts using a numeric
keypad to send messages to their financial institution.

3.  They were able to view their bank statements,
pay bills, and transfer money. Initially offered in
New York, the service quickly spread overseas
within a couple of years.
While online banking services grew in the 1990s,
customers truly noticed a dramatic change
beginning in 2001. This was the year that a
prominent financial institution obtained more
than three million online banking customers.
Noticing its success, other banks made it a
priority to offer online banking services as well.

4.  Today, conducting banking business
over the Internet is common practice
among consumers and has reduced the
need for brick and mortar financial
institutions. As a result, banks focus on
offering lower interest rates and
developing new convenience services,
like mobile banking.