Banking 2.0: The Dawn of Self-Service (1960s – 1980s)
The transition to digital began when banks decoupled access to cash from human operating hours. The turning point arrived on June 27, 1967, when Barclays Bank in London installed the world’s first Automated Teller Machine (ATM).
[Early ATM Paper Voucher] ──> [4-Digit PIN Entry] ──> [£10 Cash Dispensed]
(Fun fact: The inventor originally planned a 6-digit PIN, but shortened it to 4 because his wife found six numbers too difficult to remember!)
During this era, mainframe computers replaced paper ledgers, drastically reducing human error and boosting operational speed. However, plastic credit cards and magnetic strips introduced a new threat matrix: card skimming and counterfeit fraud.
