The ATM-Fabulous at Fifty

 

The automatic teller machine, or ATM, a machine that many rely on for cash, turns 50 years old this year.

In 1967, Barclays Bank located in London installed its first ever cash machine known as the ATM. This was considered a radical move and forever changed the way people did their banking.

“Well, who knows what the world will look like in 10 years or even in another 50 years?  What we do know is that cash is still really important to many of our customers,” said Carl Hynes, Barclay’s Head of Brand Innovation.

As the ATMs became familiar, they changed not only the banking industry, but also made people comfortable interacting with kiosks in exchange for goods.

“Most banks now are getting rid of their drive-through.  Most banks not only have the ATM outside the building, but also have ATM machines inside.  They really kind of push for their clients to do more automotive stuff,” said Christine Suehle, former Chase Bank teller.

According to the ATM Industry Association, there are around 3 million ATM machines in the United States.

As technology changes, ATMs offer more features including: express banking kiosks, video webcams with tellers, paying credit card bills and even stamps.

Charles Kane, a professor at MIT, shared his thoughts on ATM technology, “We are always looking at new technologies, new biometrics to be able to test and learn from.”

As 85% of world-wide transactions are done with cash, the ATM is here to stay. Future ATMs will offer more advanced features and will likely begin to sell products to customers.

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