The Deputy Manager of the American Bankers Association, Dale Reistad, made an interesting speech setting out a vision for the industry. He told the Midwest Economics Association that innovations may “eliminate the need for numerous credit cards, checks – and, perhaps, cash – and at the same time expand and simplify customer services”. I couldn’t agree more, and I think it’s pretty interesting, given Visa’s recent announcements, that he goes on to say that in the future “one bank ID card would provide identification, unlock the customer’s bank account and serve also as the key to his [record at a] credit bureau”. Oh, I forgot to mention, he made this speech in 1967.
Back in the Summer of Love, Mr. Reistad said that what he called “checkless” banking “may replace our current system as early as 1980”.