Bank to the Future? Predictions from '86
Byline: Editorial Staff
In 1986, for our 150th-anniversary issue, American Banker asked dozens of bank CEOs to predict what the banking industry would look like today. Below are some of the responses; more at AmericanBanker.com.
"The financial services firm of the future will be comparable to the shopping complexes in the Quincy Market area in Boston, or Ghirardelli Square in San Francisco - arcades offering a wide array of products and services under one roof. Customers will be able to purchase all their financial services at one institution. ... Above all, customers will be different in the year 2011. They will have instant access to vast amounts of data via personal computers with telephone links. They will be better informed and will demand from us attractively priced, sophisticated products. ... The financial services industry is entering a stimulating new era of competition and technological change. And it is the customer who will benefit most."
James N. von Germeten, Boston Safe Deposit and Trust Co.
"Cross-selling will be for real and not a buzzword."
Harry B. Brock Jr., Central Bank of the South, Birmingham, Ala.
"Financial services firms will be more customer-sensitive than ever by the year 2011."
C.A. Cutchins 3rd, Sovran Financial Corp., Norfolk, Va.
"Information technology will allow clients to have services tailored precisely to their individual circumstances, almost to design their own accounts."
Frederick Heldring, Philadelphia National Bank
"I could easily see a Buck Rogers-type thing, an electronic checking account where you push a button or use a hand-held calculator to activate the account. We're going to be looking at a very accessible bank account with very little physical dimension to it that can be activated from remote areas, such as Europe, maybe with something the size of a calling card. …