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Time machine: Enterprise, May 1972

Online banking systems get slammed in the seventies

“The term on-line banking normally conjures up an image of a system that shortens queues, eliminates bookkeeping equipment, keeps track of balances and costs a lot more than it’s worth.”

Ouch. The article in the May/June 1972 issue of Enterprise magazine was prescient in its perspective that what’s crucial isn’t just the designing and programming of banking systems, but “what the system should be able to do if it is to be of value to the final user.”

The writer also talks about the importance of designing banking systems for the future, noting how Central Data Systems (CDS) was contemplating offering real-time data processing services to B.C. CUs.

This project was about immediately making an impact on the credit union staff and operations, while leaving room for growth in the years after the start-up was complete.