History of Technology & Banking

Advancement of Banking Technology. 

With the advent and advancement of technology, the world has undergone seismic changes. Every sector experienced innovations and progress, and that includes the Banking sector as well. If we look back, the history of technology with banking dates back to signing the first cheque. The history of technology with banking has experienced an evolution in all these years.

Let’s take a brief look at the timeline of the history of technology with Banking to see how the progress we have made in all these years:

Timeline of history of technology with banking:

  • 1871- First Wire Transfer 

In 1871, Western Union introduced the first-ever long-distance money transfer via telegram technology. The wired transfer of money aimed to provide the same convenience as today. The sender could transfer the cash at a telegram office, and using the passcodes, the operator wired the money to send it to the receiver at another location. This service aimed to provide the same convenience as today’s money transfer.

  • 1910- First Cheque

The first usage of the modern-day cheque was recorded in the 11th century in the Middle East. A paper that described and recorded financial dealings. The slips were standardized into cheques by the implementation of routing numbers for global usage by the American Bankers Association.

  • 1950- Introduction Of Credit Cards

A noteworthy success in the history of technology with banking was the introduction of credit cards. The Diners club introduced this, and it was termed as the first universal portable payment solution. This allowed consumers to buy the goods and pay at later dates. You may also know: Historical Spy Cameras

  • 1960- First ATM

 The first ATM was installed by Barcley’s bank in London in 1960. Within two years,  another branch of ATM opened in the US. With the advent of ATMs, customers no longer had to wait for long exhausting hours outside the bank or go to distinct locations for money transactions. 

  • 1960- Introduction Of Computer 

Later in the 1960s, the usage of computers was introduced, the Bank of South Wales purchased its first-ever computer for a sum of 1 million pounds. This further improvised the customer services. The usage of computers accelerated banking procedures and replaced manual processes. This brought about a great digital revolution! 

  • 1983- Step Towards Online Banking

In 1983, the Bank of Scotland facilitated its customers by allowing them to access their banks by television or telephone by connecting them to the Internet. With this, online banking became popular, and tablets were introduced to facilitate the customers even more. By the late 1990s, customers were also introduced with Paypal and p2p Money services. 

  • 2007-Mobile banking

Fast-forwarding to the era of 2000, with the launch of smartphones, a major shift in banking history was Mobile banking. In 2004, the check clearing act for the 21st century was passed through which digital copies of checks could be made and processed electronically. By 2011, Google introduced Google wallet, which allowed online payments through phones. In 2014, Apple also developed its ApplePay. Another advancement was by 2015 when Bank of America introduced fingerprint authentication and touch Id, making it safer to access backs through mobile.

Looking forward:

We have already seen the major changes that occurred in all these years in the history of technology with banking.

With more advancements in technology Cyprus, the banking sector has further facilitated the customers through Mobile apps Cyprus and provided you with statistics about your financial packages and plans.  In the years to come, customers will enjoy more feasible services from the banking sector.