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"Your Home Computer Will Soon Be Your Banker and Broker."
The first on-line banking transaction will be a historic
moment not unlike the first automobile sale or the first
commercial airline flight. It will signal a commercially
viable use of a new technology that may ultimately
eliminate what until now we have considered the retail
aspects of banking, stock brokerage and more. The
implications are profound.
The promise is electronic access to all financial
transactions at substantially lower cost. One's personal
computer can, in essence, become an in-home bank branch,
brokerage outlet and financial planner.
For example, with Intuit's software and with its union
with American Express, Smith Barney and 17 large banks,
consumers will be able use one link for the first time
to access traditional banking, credit- and charge-card
services, brokerage services, financial planning and
The effect on the banking and brokerage business and
their employees is going to be profound. The retail
sales forces of banks and brokerage houses may shrink
substantially, as may the ranks of financial planners.
The number of bank and brokerage buildings may also