Financial Innovation Through the Centuries
Chinese "tool money" serves as one of the earliest forms of coins.
Banknotes appear in China.
Edward Lloyd's London coffee house becomes a center for marine insurance.
Woodrow Wilson signs the U.S. Federal Reserve Act, which establishes the nation's central banking system.
The U.S. creates the Federal Deposit Insurance Corp. in response to a number of bank failures during the Great Depression.
An absolute return or "hedged fund" is created by financial journalist-turned-investor Alfred Winslow Jones.
Diners Club International launches the first multi-purpose charge card.
Bank of America launches a credit card with a revolving line of credit.
The U.S. abandons fixed exchange rate system, a decision largely influenced by then Under-Secretary of the Treasury for International Monetary Affairs Paul Volcker.
IBM launches point of sale terminals that are linked to a mainframe store computer.
Nowadays, financial innovators are focused on digital payment platforms and alternative currencies, but coins were once revolutionary. American Banker takes a look at some of the more noteworthy advancements in the evolution of financial services, using the World Economic Forum's recent report "Rethinking Financial Innovation" as a guide.
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