The Good Old Days of Bank Blitz Selling
In 1977, Citibank blitzed pre-approved credit cards to 20 million Americans. Easy way to make sales targets eh? In 1978, an article in The Times appeared, condemning Citi for its campaign “Indeed, many bankers are predicting that the nation’s second largest bank will lose its shirt in trying to create a national network of credit cardholders.” In 2020, CitiGroup have the largest amount of credit card clients in the world.
How a Blizzard Proved Banking Heretics Right, and How It’s Happening Again
The year is 2020 (‘huzzah’ I hear you cry, and maybe not a delighted cry), and we take ATMs for granted, in fact, many countries are moving to a cashless society where Apple Pay and the good old-fashioned chip and pin card is relied on heavily. (And to the three people who still believe in Cryptocurrency, you’ll have your time to shine I’m sure). However, there was a time where ATMs were not accepted and went through a similar journey as online banking and mobile banking (which almost 40% of the population still does not trust completely).
Do Wealth Managers need Smelling Salts and Brandy?
In 1898, the first ever escalator was installed in London, England. If you’ve been to Harrods, you’ll know how many stairs you need to climb, so you would have thought that the Victorian’s would have been grateful. They were not. However; like oracles, Harrods staff stood prepared at the top of the escalator with free smelling salts and brandy in order to revive their customers after their ordeal (of not having to walk up the stairs).
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