The US banking industry recently celebrated the 50th anniversary of the world’s first Automated Teller Machine, or ATM. Don Wetzl, its putative ‘inventor’, was feted on Wall Street and the American public was once more reminded of its entrepreneurial genius and capital clout.
Unfortunately, however, those with short memories will have forgotten the slightly inconvenient truth that the ATM Industry Association, the recognised international body that represents ATM manufacturers and distributors around the world, already celebrated the ATM’s 50th birthday two years ago, on 25th June 2017.
So, why are we witnessing a repeat exercise? Why are we having another ‘Groundhog Day’ moment?