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Electronic Cash Counting Machines
Cash counting machines came into use at the Federal Reserve in the late 1920s. Today, they are a staple at every banking institution that handles cash currency and are even available in some supermarkets and other locations as coin counters that print redeemable vouchers for customers. -
Credit Cards
Starting in the 1950s, credit cards have become a staple of the banking industry. Initially, they were physically carbon copied for purchases but today a magnetic strip or a chip is used to read identifying data on the card for purchases. -
ATM Machines Emerge
Chemical Bank installed the first ATM in the US in 1969. For a time, they were one of the premiere services offered by financial institutions with ATM locations spread far and wide being a claim to fame. Their importance has since waned in the digital age with most purchases being made with debit/credit cards. -
Debit Cards
Emerging in 1970, debit cards, like credit cards, are an important part of American financial culture and are used more frequently than any other payment method today. With magnetic strips and/or chips on the cards, POS devices read the users information from the card for purchases that are then debited straight from the bank account. -
Telephone Banking
Telephonic Banking allowed people to cut down on their queue waiting times standing in line at a financial institute and just call in from home to do their banking. This is a service still offered today and while it seems commonplace and quite normal, it was a big change for consumers in its day. -
Online Banking
Stanford Federal Credit Union gave it’s customers the option to bank online in 1994, the first of online banking, a phenomena that would go on to revolutionize the industry. With online banking, customers can make transfers, deposits, open accounts, pay bills, and more, without ever having to set foot in a brick and mortar facility. -
Mobile Banking Emerged
Wachovia Bank implemented mobile banking in the US in 2006. It has transformed the way many customers conduct their banking and a strong mobile banking platform can make or break a bank in today’s industry. -
Mobile Point-of-Sale Devices
Many retailers have said that mobile point of sales are the most valuable part of their business with the majority of their purchases made in this manner. Using wireless or cellular technology, products can be scanned and paid for over a mobile device. -
Apple Pay
Apple Pay began with the touch of a finger in 2014. Today, Apple customers can simply hold their smart watch near a POS device to pay for purchases with the payment info saved in their Apple Pay profiles. Apple also offers an Apple Pay card, a physical card that brings them into the banking fold as well. -
Widespread Use of Facial (and Finger Print) Recognition
Smart phones using these features for security has led to many apps implementing the technology. This translates into the banking industry adjusting their IT infrastructure/software to offer this capability for online banking. It is a convenience feature for customers and another security concern for the banking industry.
