ATMs are the first well-known machines to provide electronic access to customers.
With the advent of ATMs, it is possible for banks to serve customers outside the
banking hall. ATMs are designed to perform the most important functions of a bank,
and are mainly operated by plastic cards with its special features. The most exciting
experience for customers as well as bankers is that the ATM is replacing all the
difficulties of bank transactions such as cherub, personal attendance of the customer,
banking hour restrictions and paper-based verification. It is quite easy to withdraw
money from ATM instantaneously at any time throughout the world. ATMs allow one
to perform multiple banking functions such as withdrawal of cash, making balance
enquiries, transferring money from one account to another, paying insurance premium,
making small loans and payment of bills. Issue of noncash items like coupons and
movie tickets, and gold coins is also possible through ATMs. This vast array of activities
is executed by using a plastic, magnetic-stripe card and personal identification number
issued by the financial institutions. There was a common feeling that many will go for
Internet banking and the use of ATMs will be irrelevant. However, ATM channels
are now becoming critically important as a self-service technology channel. Banks are
adding more and more functionalities through open standard technology. There is a
fast societal shift towards ATM as a self-service personalized delivery channel for
most customers.
|
