Paul Volcker: Banks Invent ATM

Posted by admin on Monday, December 9, 2019

Paul Volcker Money Quote saying Banks haven’t created anything innovative for decades. Paul Volcker said:
The only thing useful banks have invented in 20 years is the ATM Quote

“The only thing useful banks have invented in 20 years is the ATM” — Paul Volcker


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In this quote, Paul Volcker is criticizing the lack of meaningful innovation in the banking industry over a 20 year period. By stating that the only useful invention has been the ATM machine, he is implying that banks have focused more on automation and convenience rather than transformative new products or services that substantially improve people’s lives.

The overall interpretation is that Volcker believes banks could and should have made greater strides in technological and service advancements beyond just cash machines, if they wished to truly benefit customers and society over the long term.

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