Ahh, nostalgia! It isn't what it used to be.
Mere children all of you.
I started in a bank in the early 60'swhich had just bought a computer to enable on-line banking, and by that I don't mean over the internet but simply that a customers balance and transactions were available to the bank teller.
It was the latest model IBM System 360 Model 30 complete with 32 Kb (yes, that's kilobytes, not megabytes) of memory and a string of about 8 IBM 2311 removable disk drives of 7.2b Mb capacity each giving a total of 58Mb for the whole online banking customer dataset.
See picture here at http://www.columbia.edu/cu/computinghistory/2311.html
Check out the spec on those babies! And then what your phone can do!!
The operating system was IBM DOS, not even VM, and the banking program we bought had it's own built in version of cycling sections of program into memory to execute. Very linear, but several transactions at the same time, each bunch being executed in that part of the program before queuing the transactions until the next bit of the program was read into memory.
Ahh the speed. I also remember developing programs by punching program instructions into punch cards and taking a whole tray of several thousand cards down to the computer room to be loaded in order to run one test. Then the sheer joy of dropping said tray and having to pick up and re-sort all the cards by hand as we didn't at that stage have a card sorter.
We were so excited at the advent of terminals where we could type a program and actually run a test from our desks, before getting the printout of the result in order to debug the program.