The effect of atm on the
And the system was far from perfect. The infrastructure, systems and knowledge they spawned also enabled bankers to offer their customers point of sale terminals, and telephone and internet banking.
Using an ATM, customers can access their bank accounts in order to make cash withdrawals, credit card cash advances, and check their account balances as well as purchase prepaid cellphone credit.
In fact, while in the West people tend to use them for three self-service functions cash withdrawal, balance enquiries, and purchasing mobile phone airtimeChinese customers consumers regularly use them for as many as different tasks. ATMs have eliminated the need to enter a bank for basic transactions and allow access to accounts at machines throughout the United States.
You will also be charged fees for using ATMs not connected to your bank or those in foreign countries. The globalisation effect Estimates by RBR London concur with my research, suggesting that bythere were still fewer than 1, of the machines around the world, concentrated in Europe, North America and Japan.
Literature review on automated teller machine
This is important when you need to verify the authenticity of your customer. In Nigeria, banks with ATM offerings have them networked and this has increased their utility to customers. Technology is being constantly evolved so that ATM transactions can be an enjoyable experience to its customers, especially if one has to pay for goods or services in cash by 1. This is because the overall levels of efficiency and productivity do influence the organization overall success [ 5 ]. On most modern ATMs, the customer is identified by inserting a plastic ATM card with a magnetic stripe or a plastic smart card with a chip, that contains a unique card number and some security information such as an expiration date or CVVC CVV. ATM card is about the size of a normal credit card and apart from the need to ensure its safety, its surface strips could be mutilated which may make the machine to reject it even though the PIN number is entered correctly. The ATM transactions are done through over the phone line via internet connection lease line. The IAD were key to populating non-bank locations such as corner shops, petrol stations and casinos. Use of ATMs while traveling abroad requires more caution to avoid scams. In fact, while in the West people tend to use them for three self-service functions cash withdrawal, balance enquiries, and purchasing mobile phone airtime , Chinese customers consumers regularly use them for as many as different tasks. This is the main reason why banks are the biggest users of modern technology equipment. Companies even sell full-sized or miniature ATMs for home use. Ogbuji, C. Automated Teller Machine ATM , also known as a automated banking machine ABM or Cash Machine and by several other names, is a computerised telecommunications device that provides the clients of a financial institution with access to financial transactions in a public space without the need for a cashier, human clerk or bank teller. The early machines were also clunky, heavy and dangerous to move, insecure, unreliable, and seldom conveniently located.
This allow customers to drive up and complete financial transaction without ever leaving the safety of their belongings. The success of the cash machine enabled people to make impromptu purchases, spend more money on weekend and evening leisure, and demand banking services when and where they wanted them.
You avoid long teller lines in banks and can use the ATM to withdraw cash, make deposits and check account balances.
A number of factors made this ATM explosion possible.
Cons of atms
Ogbuji, et al. Authentication is provided by the customer entering a personal identification number PIN. Global competition in the banking sectors has forced management and executives to recognize that they must think differently about banking activities and management. Using a credit card to make a purchase, writing a personal or business check, paying bills and moving funds online or accessing funds through an automatic teller machine ATM are just a few examples of how people may participate daily in the banking system. Research I am currently undertaking suggests that ATMs may have reached saturation point in some Western countries. While ATMs are targeted by thieves, mass cybernetic attacks on them have yet to materialise. Over the last five decades , a huge number of people have made the shift away from the cash economy and into the banking system. Consequently, ATMs became a key way of avoiding congestion at branches. The first ATM in was limited to dispensing cash.
However with improvements of the quality of services, the important question appears if this process can provide the economic values for banks?
based on 73 review