Credit Union Tech: Part One of a new series
Ron Daly's new series "Credit Union Tech" goes through the innovations that changed the CU industry - and the world - for the better.
in 1939, plenty of people were dealing in cash. America had been through the financial wringer, with the Great Depression behind and the war in Europe growing larger and more destructive. With the New Deal, people had money again, and a real desire to save what they had in financial institutions that had been newly bolstered by the FDIC.
It was in this year that a man named Luther George Simjian put forth the patents for a machine that would make bank transactions after normal banking hours. At first, the idea was a flop - use of this machine was seen as seedy, with the majority of users being people who didn't want to be seen in a bank lobby. Citicorp thanked Simjian for the idea, but saw little use in further pursuit.
Simjian's idea became the Automatic Teller Machine, or ATM. Today, there is scarcely a bank or credit union without one. In some cases, there are merely terminals where money can change hands and customers can receive statements, make deposits and withdrawals, and manage their money on the go. As time rolls on, ATMs become more sophisticated and cover a wider range of services (i.e., some print maps of nearby locations for customers to use). It's clear now that we should all be thankful to Simjian for his initial effort...without it, we'd all have to get out of our car to handle our cash.
Have a question/idea you'd like us to talk about in "Credit Union Tech"? Write about it in comments.
in 1939, plenty of people were dealing in cash. America had been through the financial wringer, with the Great Depression behind and the war in Europe growing larger and more destructive. With the New Deal, people had money again, and a real desire to save what they had in financial institutions that had been newly bolstered by the FDIC.
It was in this year that a man named Luther George Simjian put forth the patents for a machine that would make bank transactions after normal banking hours. At first, the idea was a flop - use of this machine was seen as seedy, with the majority of users being people who didn't want to be seen in a bank lobby. Citicorp thanked Simjian for the idea, but saw little use in further pursuit.
Simjian's idea became the Automatic Teller Machine, or ATM. Today, there is scarcely a bank or credit union without one. In some cases, there are merely terminals where money can change hands and customers can receive statements, make deposits and withdrawals, and manage their money on the go. As time rolls on, ATMs become more sophisticated and cover a wider range of services (i.e., some print maps of nearby locations for customers to use). It's clear now that we should all be thankful to Simjian for his initial effort...without it, we'd all have to get out of our car to handle our cash.
Have a question/idea you'd like us to talk about in "Credit Union Tech"? Write about it in comments.
Labels: Credit Union News, Credit Union Tech
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