The computers enabled bank employees to process checks in a faction of a second as well as access customer information saved in databases. This modern machinery included magnetic reel to reel tape and an automatic typewriter, among other space-age tools, and processed 30,000 transactions in three-to-four hours of computing time. This film provides an illuminating view of the early days of electronic banking.
Since then, banking has experience a number of revolutions. Check clearing has evolved into an increasingly electronic format with the introduction of check clearing for the 21st Century Act. Most checks are now presented to financial institutions as electronic images, changing the way that the majority of checks are processed.
The 1970’s saw inflation skyrocket and consumer price rose, oil prices soared and the federal deficit more than doubled. By the end of the decade drastic action was needed to break inflation's stranglehold on the U.S. economy.
1980’s Setting the stage for financial modernization
Marks the beginning of a period of modern banking industry reforms. Banks began offering interest-paying accounts and instruments to attract customers from brokerage firms.
1990’s The Longest Economic Expansion
Interstate Banking and Branching Efficiency Act allowed banks to engage in interstate branching outside of its home state.
2000 & Beyond
The New Millennium Timeline
Technology in the 2000s
Government thinking: the Future is Now
Integrated application design
Wet signature technology vs. digital signatures
Banks are exploring how emerging technologies and insights into human behavior can transform the customers’ experience and elevate the role of the bank in their financial lives. Banks seek to invent new ways to anticipate the needs and desires of customers down to the level of the individual to put every customer in total control of his or her own financial future, to rethink the experience of customer-bank interaction as visual and physical reality become increasingly intertwined, and finally to leverage the unique position of a bank to make people’s lives simpler and more fulfilling.
Foresight and Insights
Customer Driven Innovation
What kind of innovation can we expect as banks cultivate and deepen customer relationships
Mobile banking (expected to be as routine as ATMs)
Cashless Society (emerging markets-Asia and Europe)
Transparency and Innovation
Understand when the customer desires a technology solution versus a personal touch
New branch concepts, interacting with technology
Trusted Advisor on certain topics (i.e. Investments, retirement, etc.)
Innovation for Growth
Like business everywhere, global banks are adjusting to the new normal following the global financial crisis