Banks In The 20th Century - Deepstash

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The History of Banks | How They've Changed through the Years

Banks In The 20th Century

  • Post-WWII, banks started lending money to other countries (like World Bank) and retail banking flourished across the country.
  • Technology started being a part of banking with SWIFT payments and ATM machines coming in the picture.

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SIMILAR ARTICLES & IDEAS:

The Birth Of The Credit Card
The Birth Of The Credit Card
  • The concept of a multiple-establishment credit card came in the mind of Frank X. McNamara in 1949, when he had forgotten his wallet and was unable to pay for his dinner at a fancy restaurant...
Convenience In The Pocket

The initial card offered by Diners Club didn’t involve revolving credit, and the dues were to be paid off in full by the end of the month. The credit cards that we see now came much later.

Initially targeted at salespeople, the company started charging a $3 annual fee and also charged the establishments 7 per cent for each transaction. The paper-based cards showed tremendous growth in a year, with 20,000 people using it.

Status Symbol

Eventually, the Diners Card became a status symbol and more and more establishments began to trust it. The company printed a list of participating merchants for the help of the members.

Innovative ideas, like associate cards for married women who wanted to shop in the afternoon using their husbands money became popular.