5. Banking

In the past, the only way to withdraw money from your account was to queue up and wait to speak to a bank teller.

Most workers were paid their wages in cash every week. A lot of workers didn't need bank accounts as they bought what they needed with cash. This meant that banks often weren't very busy. Indeed, banks used to shut at 3pm.

As ICT developed, businesses began to pay salaries directly into a bank account instead of by cash. Employees had to open bank accounts and visit the bank every time they wanted to deposit or withdraw money.

ATM machines appear

This meant that banks became much busier and they had to take on a lot more staff. This of course cost them a lot of money. They wanted to find a way to reduce queues and cut down on staff wages.

And so, the Automatic Teller Machine (ATM) was developed. Also called 'cash points' these days.

Customers could serve themselves. They could withdraw cash, check their balances and order statements without ever having to speak to a member of staff.

This helped reduce the workload on the 'real' bank tellers, but the popularity of ATMs has grown so much, that it actually reduced the need for many staff and led to job losses.

Online banking

All the banks now offer online banking services. People can access their accounts from home to view their balance, move money and pay bills. There is less need for them to visit the bank in town.