Tomorrow's World - New Banking
Derek Cooper reports on developments in computers that could revolutionise banking. Computerised credit card machines will be able to transfer funds directly from the customer's account to that of the shop, while computerised banks will see a reduction in queues and less of a need to be tied to branch opening times. However, these developments could also result in job losses as computers take over mundane tasks.
Though automatic debit and credit transactions are now commonplace, the concept of 'invisible' bankers was still relatively new back in 1969. The world's first automated teller machine (also known as the 'cashpoint'), appeared at a bank in Enfield, north London, in 1967. Once installed, it was the subject of a successful public awareness campaign and its first customer was comedian Reg Varney, famous at the time for his lead role in BBC comedy 'The Rag Trade' and, later, 'On the Buses'.