So, in an effort to establish some benchmarks, let me summarize briefly what reality appeared to be in 1995. Our survey results indicated that, in 1995, use of an electronic technology to transact at a financial institution was common, but hardly the dominant form of conducting business.
Ignoring credit cards, which were widely used, the most commonly used instrument was direct deposit, a relatively old and well-established electronic technology. While an estimated 50 percent of households used direct deposit, this usage rate paled compared to that of the most commonly used means for transacting at a financial institution.