Matt Gunn, Managing Editor | TechComply
Banking has come a long way in the last 90 years or so. From saving money in coffee cans and state banks to the introduction of charge cards, ATMs and online and mobile services, the industry has long adapted to the technology of the time. Evolution, after all, is the key to survival.
As we’ve recently explored, some consider the business of banking to be a business of information technology. So, then, how did we get here? This chart from Citizens Bank aims to help illustrate that journey with a look at some of the significant changes the industry has undertaken over the course of the last century. But rather than focus on banks and credit unions themselves, the graphic distills their functions into how the consumer saved or spent their money.
So how did people pay for goods in the 20s? What were they buying in the 50s? And how were people accessing their cash or making payments in the 1980s or the early 2000s? The Evolution of Banking provides a fun look at how that’s changed over time.