An Overview on Automated Teller Machines
The ATM was a revolution in technology since its introduction in the 1960s. It takes care
of our routine banking transactions. Now, it has become a part of our daily life. The
technology has eased the money related troubles for the people to a great extent. Going
back to the memory lane, the first ATM got installed in London at the Barclay Bank
branch. It was considered revolutionary. Since its inception, the ATM has become more
than cash dispensing machines. People are able to carry their banking activities in the
ATM as well. You can even deposit money and pay your bills through the ATM.
Since ATM has become a part of our daily life, it is imperative to understand the
background it holds. You also need to understand the technical development and the
capabilities of the ATM. Find below the preface to the Automated Teller Machines and
its significance to the world.
The history of the ATM goes back to the year 1968 when the first ATM was introduced to
the people that accepted the card. The credit goes to the Barclay Bank in London. But
this was not the first incarnation of the ATM. The First National City Bank, better known
now as the Citi Bank, first launched the version of the ATM known as the Bankograph in
its branches all over America in the year 1960. The machine could only help the people
in paying their bills and not withdraw cash. And all this could be done without the help of
the bank staff. The first version of cash dispensers by Barclay in 1968 regularly
swallowed card was vulnerable and not foolproof.
These early developments led to the growth of these cash dispensing machines in North
America and Western Europe. In the year 1969, the Chemical Bank in the city of New
York used magnetically programmed plastic in the machine for the first time. The take
up was slow initially as it was not cost effective. The running cost for the Docutellers
were way beyond human tellers. It proved very costly to the banks. A modified version
of the machine was introduced in the year 1970. Since then, the Automated teller
Machines have increased in banks all over the continent.
In the present world, the ATMs are very popular all over. The experts have estimated
that there are a huge number of cash dispenser machines per capita in the developed
countries such as the UK, the USA, Canada and Japan. They have also revealed in the
last decade, that there has been a steady growth in the bank machines in India and
China because of their economic stability. The number of ATM machines has increased in
India and so has the number of functions along with it. Apart from withdrawing of
depositing the money in the ATM, you can also perform a lot of other activities. With the
new facilities available, you can also pay your bills, put credit on your mobile phone,
apply for a check book etc. All the activities for which you had to go to the bank is now
aptly done at the ATM.
With the changes in the software, the security issue has arisen over the Automated
Teller Machines. People are advised to keep their pin number secret to avoid any
fraud. Still, there is room for improvement over the security of the ATM.
U.S. CASH ATM's, Inc.
7722 West 99th Street
Hickory Hills, IIlinois 60457
Tel : (708) 598-7200
Fax : (708) 598-7260
Free : (888) 828-4774