The Evolution of Personal Banking

THE EVOLUTION OF PERSONAL BANKING Discover how the differences in banking technology affected everyday Ife in the 20th and 2 ist Centurics, irclud ng the first charge card in 1914, ATMS in 1959, and the major developments of the 21st Century. BANKING IN THE POARING 20S In the 1920s, post-war jubilee and affluence led to greate sperding on newly available consumer goods. Ianuralareas payr enticoud be made in chicken, getabes or jam WHERE DID YOU HOW DID YOU PAY? LOAN cere SAVE YOUR MONEY? Many people had accouns at mu tiple nstitutions Sevings & Loans, national and state banks, and a coffee can under the loor boards. Department store crecit cards became availeble. 43% Cash, check, moncy arder ar wire transler were used to mase peyments 23% 14% ------- Food, Hausing & Apparel costs daminated the fami y budget. Coa andlumber rokers OU ul pi in Sip Mey Anisht at the d eae WHAT DID YOU SPEND YOUR MONEY ON? caly cost between 3.35 and 12 50. printed by the compary to be uped at te compary storn BANKING IN THE Fly 1950's In the 195Cs it was impor:an: to manage a budget to create a frugal, yet comfortable, life. SE Minimur wage es 51 an hour. HOW DID YOU GET MONEY? $ES To get funds while traveling, one could cash paycrecks at hotels or local banks, request a wire transfer from back norre, or Use traveler's checks. Marufecturingand farming rere keyindus.ries. As homes added electricity. plumbing and new aspl ances. household spending increased ta 28% af the family's budget. 28% HOW DID YOU PAY? Credit cardk were issued by national barks but most pecple still used cash or chccle. WHAT DID YOU FAMILY SPEND YOUR MONEY ON? BUDGET Farmilies could buy on account a: ocal stores by paying upfront o settlirg at the end of the week. Layaway pregrams were also pepular. Ther we 17 rill TV OPEN in hames acrcss America. BANKING IN THE TOGALLY AUESOE SOS The 1980s werea time of change John Hughes spoke to a peneration, Barb es outnumbered numrans, and the Berlin wall finally fell. HOW DID YOU PAY? WHERE DID Interest-buar ing checking accounts were introd.ced. YOU SAVE YOUR MONEY? Barks wure allowyd o oller Money Market Accounts (MMAS). Credit cards weren CA primary purchaing tol. The DC meressed insurar ce coverage to STO0O00. J CDs are introduced te the music cammunity To $15. Wiah iluti it woult 135 :0dry. ATM ATMS wure locawd throughout cities, extending hank ng hours beyand 9-5. The EFT, Elvctruni: Funds Trarsten system was widely implemented far faster access to funds HOW DID Util ty bils paid by check or credit card. YOU GET CASH? 92%ol househals enna telephone. BANKING IN THE 21ST CENTURY We may not have the flying cars ervisiancd in the 50s, but personel barking technolcgy has certainly grown. HOW DO YOU PAY? Access accounts on the ga with mobile banking apps and debit cards. Cnl ne & Mobile banking users pay bils and other pecpl: quickly with direct transfers. HOW DO YOU RECEIVE $5) YOUR MONEY? In 2011,31% ef inpeson sales were made wh a debi: card. 29% mere mede usnga credit card- that nmber is poojected to rise to 33%by 2017. Ш III . Updated deposit technology scans and sends checks from home to the bank or puts paychecks inte accounts on payday. Checks are scenned ard sent electrenically for faster clearing. 33% WHAT DO YOU SPEND YOUR MONEY ON? 19% 13% 10% 6% 5% 4% The majority cf a family's budge: goes to housing (inclucing utibi es), transportation, and medical expenses, like health insurance. However, meny hea thcare costs come out of cur paychecks rather than our pockets. Federal minimun wase in 2013 s 57.25/lher Users manage multiple accounts in cne place, including ho me loam, retirement savinas and checking accounts. WHERE DO YOU SAVE YOUR MONEY SOURES: g gbaeuingeUl | M theall sisda2012o mespenk 10rasiatelellanily big s HyegsgehalnngswebaiheoE11040 I erpatenu Maaryhoni | aitrggsy CR Uhatamenan buy eandlugip iinardeane ira pa | ingirgastUAKvee-dpymeageIS1Z I Pfrkme Money Maum CineluOH M Mam ClnsduleHeberA Tuhin neia, dabalpeda l Htaty iey Seey Gre Hasehing ding Arans 1O TwaeCi,ALel Rdetree B