Independent Banker - November 2017 - 28
Then, now
& soon
A
A look at the history of retail banking
technology-and where it's going.
By Elizabeth Judd Q Illustrations by Miles Donovan
lmost all advances in retail banking within the past century or
two owe their existence to a leap forward in technology. Think
about the ATM, which amazed the world when it appeared
in a London suburb in the 1960s. Or mobile point-of-sale
devices, which allow micro-vendors to turn hobbies into going
concerns. Q " Technology is everything, " says George Bassous,
CEO and CTO for Affi rmative Technologies, a payments
technology provider based in Palm Harbor, Fla. He identifi es
real-time payments as the latest technological innovation
poised to shake up retail banking-and the whole commercial
sector. And yet a paradigm shift of this magnitude relies on
a chain of smaller advances, ranging from improved core
processing to tokenization and ever-more-reliable network
security. Q Staying abreast of the latest technologies is a
" huge challenge, " because, " for most bankers, technology isn't
their primary job, " says Mike Brent, vice president, marketing
at FiNet, a payment processing solutions provider in Boardman,
Ohio. Q The timeline on the next few pages captures
some of the upheavals bankers have already encountered-and
hints at even more seismic changes to come. " Within the last
fi ve years, we've seen an infl ux of new technology such as
we've never seen before, " says Brent. " And the advances are
going to continue to come quickly. "
28 ICBA IndependentBanker November 2017
Independent Banker - November 2017
Table of Contents for the Digital Edition of Independent Banker - November 2017
Table of Contents
Independent Banker - November 2017 - Intro
Independent Banker - November 2017 - Cover1
Independent Banker - November 2017 - Cover2
Independent Banker - November 2017 - Table of Contents
Independent Banker - November 2017 - 2
Independent Banker - November 2017 - 3
Independent Banker - November 2017 - 4
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Independent Banker - November 2017 - Cover3
Independent Banker - November 2017 - Cover4
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