Why do banks only make limited transaction history available online?
Banking
Asked by Question Bot08/Jan/20121 answer
1 Answer
F
Faisal Khan
Answered 08/Jan/2012
I think this has to do with Economics, and Probability.
Economics: The more data they keep, the more resources it takes (granted from a database point of view, its just a query), not to mention additional security, etc. Though personally, I feel this has a lesser role to play.
Probability: Very few customers actually require statements beyond 6 months, so perhaps no need for the bank to offer it more. If the bank provides it for 12 months, then someone will ask why not 24 months, If they decide 24 months, someone will ask why not 36 months and so on and so forth.
As an application they perhaps best thought from a pragmatic usability point of view that 6 months suffices.
Economics: The more data they keep, the more resources it takes (granted from a database point of view, its just a query), not to mention additional security, etc. Though personally, I feel this has a lesser role to play.
Probability: Very few customers actually require statements beyond 6 months, so perhaps no need for the bank to offer it more. If the bank provides it for 12 months, then someone will ask why not 24 months, If they decide 24 months, someone will ask why not 36 months and so on and so forth.
As an application they perhaps best thought from a pragmatic usability point of view that 6 months suffices.