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5 banking predictions that missed the mark

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In 1996, the idea of a real estate bubble was preposterous. The Internet was starting to take off and ATMs had recently become the preferred way for people to get cash. So it's kind of hard to blame Ellison Clary, then senior vice president of corporate affairs for NationsBank (now Bank of America), for his enthusiasm.

In an interview with publishing firm Frank Cawood & Associates, Clary spoke of a future where applying for a loan would be an automated, streamlined process.

"In 10 years, you won't have to visit your local bank to apply for a loan," he said. "Instead, you'll simply enter a booth and apply at an automated loan machine. Within approximately 10 minutes, you'll know whether or not you were approved."


 

 

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