Part 3/11:
Despite the initial success of credit, the old systems were fraught with inefficiencies and risks for both merchants and banks, as they relied on manual processes for assessing individual customer’s creditworthiness. However, one bank – Bank of America (initially founded as Bank of Italy) – sought to change this scenario by introducing the first pre-approved credit card concept. Joseph P. Williams, a senior vice president at the bank, combined existing ideas of credit with the flexibility of a universal card.