- The first ATM was introduced in the 1960s, but people hardly used it.
- In 1977, Citibank invested $100+ million to install a number of ATMs all over New York City but not many took notice.
- Until there was a snowstorm in January 1978 that blanketed the city with 17 inches of snow, shutting down the whole city (and banks).
- People had to brave the streets out of compulsion to withdraw cash from the ATMs.
- Within days, Citibank ran an advertisement showing New Yorkers plodding through the snow to Citibank ATMs.
- And a new catch-phrase was launched: “The Citi Never Sleeps.”
- The use of ATMs increased by 20%, during the storm.
- By 1981, Citi doubled its market share of New York deposits.
Image courtesy of Roan Lavery through Unsplash
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