The quick answer is: in many of the same ways technology has changed almost everything in our lives. This blog can only contain a few of them, so to name a few:
“Back in the day”
- Fifty years ago, many banks still posted deposits and checks by hand.
- Electronic transfers of any kind (automated deposits, wire transfers, etc.) were rare. One of the results was that no one was paid directly into their account. Lines were long on payday!
- Most transactions had to be mailed-in or presented in-person at the bank.
- If you wanted to know how much interest was added to your savings account, you had to go to the bank and get it entered in your “passbook.”
- Once negotiated, checks had to be transported, often over long distances, back to the bank on which they were written.
- If you went to a store, and found you were $5 short, and they wouldn’t take your check, you were out of luck if the bank was closed.
- You can access your account 24/7.
- Get text alerts.
- Real-time activity reports.
- Checks are now images, not stuffed in bulky envelopes crowding your mailbox every month.
- Information available on your personal hand-held device.
- Debit cards so you don’t have to carry around large amounts of cash or checkbooks.
- Fraud monitoring and protection.
- Ability to pay your bills without writing and mailing checks.
- Direct deposits—no worrying about losing your paycheck!
What is coming tomorrow? Truly, nobody knows. The bankers of 1964 had no idea what was coming. The children and grandchildren of today’s banking customers may not know what a check book is, much less the checks in it. Their children probably won’t recognize a debit card or an ATM. The future will be exciting, but it won’t be predicable!