The ATMs have been around us in the last fifty years. Everything changed in the banking sector in 1967, when the first automated teller machine appeared in London.
Today, we can easily say that ATMs are the most common ways of getting cash from our banking accounts. It is an indispensable part of the banking landscape, which is why it created a revolution when it first appeared.
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Generally, it is a highly convenient way to withdraw cash from your account, but new ones also have additional functions, including depositing and transferring money from one account to another.
In this particular article, we wish to explore the main developments and advancements that happened to automated teller machines that brought us to this particular point.
We had mentioned above that everything started in 1967 in north London when Barclay’s Enfield Town branch installed the first machine.
Of course, the inventor was John Shepherd-Barron, and according to an interesting story, he saw vending machines and asked himself could the same process be used to dispense money.
Back in the day, people did not have the debit or credit cards, but tellers created paper vouchers that featured unique codes so that customers could take the money from the machine. The maximal amount was ten pounds back in the day.
Implementation of Personal Identification Number (PIN)
During the ‘70s, after the machines entered the market, James Goodfellow created a concept of PIN or personal identification number that was used by customers so that they can dispense cash more safely than before.
This particular situation created a revolution when it comes to self-service banking because it allowed machines to understand and verify the identity of each customer without additional intervention.
The future entrants of the automated teller machines market implemented the PIN system that we still use nowadays.
Boost in Deployment
A few decades after the initial moments of automated teller machines, most banks across the world decided to implement this particular innovation. Of course, the advancements became the necessary part.
Donald Wetzel, who was a Dallas-based engineer, was the initial person who deployed and developed the ATMs. The Chemical Bank branch installed the first ATM in 1969 in Rockville Center, NY.
Soon afterward, the popularity grew, and in the early ‘70s, more than a thousand machines were installed all across the globe. The main reason for that is that numerous financial institutions wanted to offer additional convenience to customers by implementing self-banking options.
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Of course, as technology improved, the same thing went for ATMs, which lead to hefty investments that happened all across the globe.
For instance, Citibank decided to invest more than a hundred million dollars so that they can install numerous ATMs all across New York City.
Even though the process was considered as gamble back in the day, after a severe blizzard, banks had to close for numerous days, which increased the usage of automated teller machines significantly.
At the end of the ‘70s, NCR launched the first automated teller machine, which included simple-to-use service that worked 24/7. This particular machine had the cash dispenser, controller, terminal, and depository all in one.
In the mid-’80s, more than a hundred thousand machines were installed, and the growth was tremendous and affected the entire world. Today, you can find more than three million machines that are functioning all across the globe, which is a vital consideration to remember.
Usability became the next step that affected the overall self-banking industry and system. The introduction of FDK buttons and color displays became the form of revolution in this particular industry.
At the end of the ‘80s, the first intelligent ATM entered the market, and it could feature signature capture, audio input, and thermal receipt printers, among others.
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The recent development allowed us to use contactless and cardless accessibility, which is an excellent trend that affected people all around us.
For instance, in 2012, the Royal Bank of Scotland created the Get Cash service so that people could easily withdraw money by using their mobile phones.
This particular development meant that they did not have to use cards, but codes from their mobile devices. At the same time, contactless mobile cash facilities became a prominent feature in the world of self-banking.