The ATM: When Banking Meets Digital Automation

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.

Will Digital and Cryptocurrencies Affect the Use of Cash?

There’s an interesting question that was brought to brought to my attention recently. Will Cryptocurrencies Such as Bitcoin Cause us to No Longer Use Cash?

Cryptocurrency supporters love to say that Crypto will cause us to no longer want to use cash, and that they could kill off cash. In their minds, cash is dirty and flimsy, it’s awkward and it doesn’t support reward programs and loyalty programs. While all that is true to an extent, cash has its benefits.

For starters, it’s completely anonymous and it is accepted everywhere. Bitcoin is anonymous to an extent but it is possible to see some evidence of wallet activity. In addition, bitcoin transactions require some form of device to use them. Cash is waterproof (especially in countries with plastic notes), far more portable, and it’s easier to divide up into small amounts.

Apple Pay and Android Pay, which link to standard bank accounts, have both struggled to gain traction. Yes, some people do link all of their cards to it, but a lot of people do not, and not all stores even accept those mobile pay apps. In many parts of the world there are still numerous stores that do not accept cards at all. Why, then, would we add yet another platform to potentially accept? Cryptocurrencies are volatile, which means that it is hard for stores to know how much the charge in whatever cryptocurrency being used for their goods and services. The level of liquidity is also fairly low if you get outside of some of the main coins. This makes it a risk for companies to accept payments using it. Why would anyone accept a payment in a currency that could lose half of its value before they have the opportunity to “cash it out”. Indeed, the phrase “cash it out” should indicate that we have a long way to go before cash is no longer king. Eventually cryptocurrencies may become the primary method of taking payments, but we are a long way from that.