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Banks Adopt Automation Systems To Trim Costs
Banks expand use of electronic check handling to cut clerical work as check volumes rise from 8 billion to an expected 22 billion by 1970. ERMA style systems sort, post, print, and balance accounts, with institutions like Chemical Bank NY Trust adopting Pitney Bowles and NCR tech. Magnetic ink and optical sensing developments planned by IBM, Burroughs, and others aim to speed data capture and reduce man hours across the banking sector.
MENTIONED IN THIS ARTICLE
Sam Dawson
NEW York
Federal Reserve Bank of Richmond
Dawson
Chemical Bank
New York Trust Co
Pitney Bowles
National Cash Register Co
General Electric
Bank of America
ERMA
Burroughs Corp
American Banking Assn
Bank Management Commission
International Business Machines
Parrington Manufacturing Co
American Telephone & Telegraph
First National City Bank of New York
Burroughs
Fort Monmouth
N.J
Signal Corps
Remington Rand
Sperry Rand
IBM