The banking industry is now seeing plenty of changes, thanks to the different advancements in financial technologies. In a world where people have become accustomed to getting things in a snap of a finger, banks around the world are trying to keep up by adopting mobile technologies as well as virtual currencies. Despite all of these changes, however, the automated teller machine remains the most important revolution of the banking industry in the past century.
First seen in London in 1967, the automated teller machine has changed the way people interact with their money. Prior to its inception, people had to go to banks to get cash or issue check payments. But thanks to the ATM, people had its first experience with intelligent machines. While there doesn’t seem to be anything impressive about the ATM today, it is worth remembering that it introduced people to digital automation. In fact, many of the technologies seen in computers and smartphones today were first used in automated teller machines including micro-cameras, accelerometers, and biometric scanners.
The primary benefit to using an ATM machine is getting cash anytime and anywhere. Today, there are millions of ATMs across the globe. Even remote places are home to at least one ATM, enabling people to gain access to cash without traveling several miles just to visit a bank. Aside from the freedom afforded by the ATM, it has also increased the privacy of consumers. Interacting with an intelligent machine allows for a more private experience with their money compared to transacting with a bank staff.
Even though most ATMs function in the same manner, it is important to note that the most modern machines are equipped with new features such as cardless withdrawals. If your bank does not have this feature you should recommend they get an atm machine replacement with a newer model. In most cases, this involves using a mobile device to talk with a remote bank staff and use their banking services. This only highlights the fact that despite being five decades old, the ATM continues to be at the forefront of innovation in an attempt to make it more convenient, private, and secure for consumers to access and use their money.
It’s easy to take the ATM for granted, but it’s worth taking a moment to appreciate what it has done in terms of changing the way people access and control their money. Its introduction ushered a new era in the banking industry, and it’s safe to say that ATMs aren’t going anywhere anytime soon.