Page 22 - LKM70

BUSINESS
The New
Bank is
Digital
22 | The Lion King | Commemorative Edition | January - April 2019
-History of banking
BY OLAWALE HAMED
Only those who were old enough to go to a banking hall in the ‘60s, ‘70s, and even in the ‘80s, would truly understand the radical revolution that has occurred in the banking sector over the years. Banking halls in the ‘70s to early ‘90s were characterised by afro-donning sombrely dressed bankers with massive neckties and calculators in their pockets. Office gadgets back then ranged from noisy typewriters to adding machines and tippex to overwrite type-written errors. Customers were expected to arrive early for cash deposits, withdrawals or to request for bank drafts. Tally numbers were distributed and customers were always overawed by the imposing attitude of thick-lensed “cashiers”.
Fast forward to the turn of the millennium and the face of modern
day banking has undergone incredible changes within the space of
a decade. Modern banking halls are usually quiet, with few customers being attended to within seconds or a few minutes. Bank employ-
ees are now celebrity-like snazzily dressed fashion kings and queens. Computers have replaced the noisy typewriters and adding machines. Highly secure Server rooms now transmit terabytes of data within microseconds and customer service has greatly been enhanced. Dealing rooms are also much quieter these days as traders quietly go about their transactions using web-based platforms spread across mul- tiple computer screens that require just a click to buy or sell; borrow or lend money. Indeed, the world of banking has been one of the larg- est beneficiaries of Ai or the technology revolution.
The history of banking can be traced back to the first prototype
banks which were the merchants of the world. They made grain loans to farmers and traders who carried goods between cities. This was around 2000 BC in Assyria, India and Sumeria. Later, in ancient Greece and during the Roman Empire, lenders based in temples made loans, while accepting deposits and performing change of money.