The Commonwealth Bank of Australia (CBA) has unlocked ‘The Vault’ in Redfern, to unveil an extraordinary collection of financial relics, including traveller’s cheques, a vintage 1980s phone banking device, and an endearing but short-lived humanoid robot named Chip.
As part of the public opening of its archives, the Commonwealth Bank of Australia (CBA) has revealed a treasure trove of historical artefacts from the financial industry. The exhibit includes items including traveller’s checks, a 1980s phone banking machine, and Chip, a short-lived humanoid robot.
Photo Credit: Commonwealth Bank of Australia / commbank.com.au
CBA’s collection comprises 2,000 linear metres of paper archives, over 300,000 photographs, 5,000 video tapes, 500 additional objects, and corporate wardrobe pieces dating back to 1986.These time capsules provide an interesting look at how banking procedures have changed over the past 100 years.
One of the earliest items on display is a money box from 1921. It was designed to teach children the art of saving coins and watching them grow into substantial sums. This simple yet effective tool served as a financial rite of passage for generations.
Traveller’s cheques, introduced by CBA in 1936, once revolutionised international travel. These cheques were a staple for tourists for decades until they were gradually replaced by pre-paid, debit, and credit cards.
Likewise, a glimpse into the past of banking technology can be seen in the 1980s phone banking device. This device allowed customers to connect to the bank’s computer system via their telephone lines to check balances and pay bills—an early precursor to today’s online banking.
One of the more intriguing relics is Chip, a humanoid robot acquired by CBA in 2015 with plans to use it as a “concierge” in bank branches. Unfortunately, Chip’s limited 20-minute battery life led to the realisation that human concierges were more valuable.
Whilst the core services offered by banks remain consistent—holding deposits, facilitating payments, and lending money—Sinead Taylor, CBA’s Chief Operations Officer, stressed that these artefacts reveal just how much faster and more efficient banking processes have become for customers over the years.
“Archives and artefacts are so valuable to provide insights on the development of the financial system and the impact it has had on society,” Sinead said.
Published 13-September-2023