July 24, 2018
Banking has changed quite a bit since the first bank was opened in Italy in 1472 (and it’s still one of their largest banks). You can pretty much have access to your bank in the palm of your hands at any time of day, it’s no longer Monday thru Friday 9am-5pm only. You can transfer money and deposit checks all from your mobile phone.
Banks are still fundamentally the same, technology has just advanced their use. Here’s a brief timeline of how we got to where we are today:
• Begins in 1791 when the first bank opened in the United States
• In the 1900s, pneumatic tubes were modified for banks to allow people to deposit or withdraw money without having to leave their cars.
• In 1950, the first credit card was introduced by the Diners’ Club which allowed people to charge entertainment expenses.
• The first ATM appeared in London in 1967 and was brought to the United States 2 years later.
• Electronic cash counters were first introduced in 1980, which gave bankers more time to build relationships with their customers as they spent less time counting money.
• In 1989, tablet computers made their way into banks, allowing tellers to be more mobile and precise in communicating with customers.
• PayPal began in 1998, which allowed people to exchange money online among themselves.
• 2004 brought out the ability to make digital copies of checks and process them electronically, eliminating the use of a lot of paper and making payments easier.
• In 2007, following the release of the iPhone, major banks in the United States began to introduce mobile banking apps.
• In 2014, Apple introduced Apple Pay which allows the user to pay for things using only their iPhone.
Here at Wilson & Muir bank, we’ve been around since 1865 and have used these changes to grow and service your needs better. Now in the 21st century, we offer online tools like online banking, eStatements, bill pay, and an app for your mobile phone so you have access to your accounts 24/7. Who knows where the next advancement in technology will take us in the banking world, but we’ll be ready for it.
CATEGORIES: Our History