THE FIRST-MOVERS DISADVANTAGE IN BANKING

Banks get into trouble for innovating too much, not too little.

On April 29, 1906, The New York Times dedicated an entire page to an innovation that promised to transform banking. The innovation was “without precedent in business methods,” noted the paper, “but has been long in demand.”

It was the world’s first twenty-four hour bank.

“Banking hours will stretch from twelve noon to twelve noon,” the Times continued, “a…