What would happen if commercial banks did not carry out financial innovation in the 1960s?

1. Banking business will be relatively simple, mainly focusing on traditional deposit and loan business, which cannot meet the ever-changing market demand.

2. More non-bank financial institutions may enter the banking field and provide more financial services, which will bring competitive pressure to the profits and business composition of traditional commercial banks.

3. Bank technology and management methods will be relatively backward, unable to adapt to the rapidly changing market environment. This may lead to inefficiency, cumbersome business and damaged bank reputation.

4. The profitability of banks may decline, because traditional businesses often do not have high profit margins and growth potential. This may affect the capital strength of banks and further restrict their business and development.