The ATM at 50: Slipping Toward Extinction or Still Evolving?

The ATM at 50: Slipping Toward Extinction or Still Evolving?

Manufactured by De La Rue and installed in Barclay’s Bank in London, it’s been more than 50 years since the inception of ATMs. However, it is essential to mention here that two groups of engineers and bankers also deployed cash machines, the Chubb and Metior ATMs, in 1967, one from Sweden, deployed at Swedish Savings Banks and the other from the UK, installed at Westminster Bank.

Not to mention, these instances of cash machine invention are the genesis of today’s automated teller machines. There is no doubt that ATMs have become an icon for self-service and digital banking.

Furthermore, the advanced uses of cash machines make them an ‘essential’ tool for many retail businesses, specifically for the ones who are looking to generate passive income. Nevertheless, in the beginning, ATMs only supplied new banknotes.

Also, these machines had to withstand numerous challenges, such as providing consumers with secure transactions and robustly dealing with changing consumer habits. Note that, ATMs in the early days were clunky and unreliable. Furthermore, for around ten years, each ATM manufacturer used to provide an activation token.

However, an automated teller machine evolved from stand-alone, offline devices to a robust, modern machine, integrated with the latest technological features, including printers, video display units, ATM toppers, online encrypted transactions, cashless transactions, safe deposits, secure operating systems, and much more.

Above all, the amazing thing is ATMs are no longer exclusive to one place (bank). You will find them in many locations, from hotel lobbies and retail stores to casino floors and shopping malls. Also, these amazing cash machines now connect to the global network through Visa and MasterCard.
It is no surprise that ATMs today retain one great benefit: cash machines channel under the bank’s control, from setting standards and its placement to adding cash and ensuring secure transactions. Nevertheless, with the advancement in technology, potential criminals and hackers designed software that can exploit cash machines, so that they can steal all the cash inside.

In other words, since malware can easily intrude mobile devices, banks failed to control cell phones and tablets, which led to the need for strong security implications. This indicates that financial transactions made online are not as secure as the one created through ATMs.

That said, ATMs can serve as a safe and secure channel to make transactions, whether you use card or cash. Today, the latest ATMs feature incredible technological software that provides customers with a secured option to make a financial transaction.

Not to forget, ATMs are the most imperative financial innovation that helps a large number of people to make secure transactions and prevent them from visiting banks, while providing them with fantastic convenience and instant access to cash.

Online banking is the most preferred channel for banking tasks. According to stats, nearly one-third of the world’s population used the internet to conduct online transactions. It’s also true that mobile banking surged into popularity, due to increased adoption of mobile phones.

However, when it comes to availing bank services, 61% of customers agreed that ATM is the channel they use the most. Considering the mentioned facts, it’s clear that even after 50 years of invention, the cash machine remains at the forefront of the consumer banking experience.

Final Thoughts

Since consumers today still prefer ATM solutions, it will be in your best interest to install a reliable cash machine at your business location. In that case, you can approach MOBILEMONEY to help you make the best decision in a way that perfectly suits your business requirements.

Come check out MOBILEMONEY Inc for all your RETAIL & MOBILE ATM needs