The Evolution and Impact of Automated Teller Machines (ATMs)
Automated Teller Machines (ATMs) have revolutionized the way people access banking services, offering convenience and efficiency in financial transactions. Since their inception in the late 1960s, ATMs have become an essential part of the banking infrastructure worldwide, allowing users to perform a variety of tasks without visiting a bank branch.
History and DevelopmentThe first ATM was introduced in 1967, providing a simple way for bank customers to withdraw cash. Over the decades, ATMs have evolved from cash-dispensing machines to multi-functional terminals capable of handling deposits, fund transfers, balance inquiries, and even bill payments. Modern ATMs incorporate advanced technologies such as biometric authentication, touchscreens, and contactless card systems to enhance security and user experience.