The Reality Reports

The Rise Of A Banking Innovation: In the late 1970s, Citibank helped transform banking by establishing one of the first large networks of automated teller machines, commonly known as ATMs. These machines allowed customers to withdraw cash without visiting a bank teller during normal business hours. Before ATMs became common, banking was limited to specific times of the day. Customers had to visit a branch office, stand in line, and speak directly with a teller to access their money. This system worked, but it was slow and inconvenient for people with busy schedules. Citibank recognized that technology could improve the customer experience. By expanding ATM access across cities, the bank helped create a new standard for financial services.

What Peer-To-Peer Lending Means: Peer-to-peer lending, often called P2P lending, is a way for people to lend money directly to other people without using a traditional bank. Instead of a bank acting as the middleman, online platforms connect borrowers and individual investors. These platforms handle tasks like credit checks, payment processing, and record keeping. Borrowers receive funds, while investors earn interest if the loan is repaid.