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C02DPUTER5, £ND OUR P^ZDENT 5«TEJD5 by W. Putnam Livingston Commercial banks in the United States are undergoing a change in character. A dynamic quality has crept into the industry. Today a young man who is anxious to move ahead can find a piece of action waiting for him in banking. This is largely the result of strategic planning, it is mandatory for banks to have staffs that can develop new concepts and implement them for the benefit of society. Banks keep up to date with local, national and international affairs, and they know they have to do this to survive. In fact the way bankers have plunged so enthusiastically into market studies, E.D.P. services, and credit cards, reminds me of the remarks of the English economist Barbara Ward. In characterizing an American business man, she said he was like the fellow who maintained nine wives with the certainty that he could eventually produce a child in one month. Enlargement of the banking concept from the old counting house days to those of scientific planning has brought about many painstaking analyses by bank executives. One was to digest the possibility that the use of a computer as an extension of the mind was important to bank management. Can a computer actually contribute to, and possibly improve, the manner in which executive decisions are made? At my bank we began to explore this possibility ten years ago. Of course there were those die-hards in the industry that said: "Banks can't be run by eggheads; they have to be run by bankers." But this was not the thinking of enlightened chief executives. From the beginning they knew instinctively that new approaches were mandatory in the changing world ahead. One problem always faces new endeavors—receptivity. Would any bank accept experimental thrusts into its inner workings? What success would a college professor have in developing mutuality at the highest level of an awakened, but still somewhat staid, financial institution? The possibility of banks' finding these techniques helpful drew the interest of the academic world, and soon it was recognized as an important ingredient in the pursuit of better management. Banks found that the scientists' philosophy—the never-ending search for improved solutions to complex problems—was a valuable contribution to executive thinking. In the last decade management science has grown 11
Object Description
Title |
Banks, Computers, and our payment systems |
Author |
Livingston, W. Putnam |
Subject |
Banks and Banking -- Data processing Payment |
Abstract | Illustration not included in Web version |
Citation | Tempo, Vol. 16, no. 1 (1970, spring), p. 10-15 |
Date-Issued | 1970 |
Source | Originally published by: Touche Ross, & Co. |
Rights | Copyright and permission to republish held by: Deloitte |
Type | Text |
Format | PDF page image with corrected OCR scanned at 400 dpi |
Collection | Deloitte Digital Collection |
Digital Publisher | University of Mississippi Library. Accounting Collection |
Date-Digitally Created | 2010 |
Language | eng |
Identifier | Tempo_1970_Spring-p10-15e |