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ATM Invention
The first use of ATM mag-stripe cards is said to have been made in 1969 when Docutel installed its Docuteller machine at New York's Chemical Bank. Docutel was the first to apply for a patent and is credited by the Smithsonian Museum as inventor of the ATM, ("The Biz Quiz", 2006).
reference
The Biz Quiz(2006). Retrieved from http://www.rediff.com/money/2005/jan/06quiz.htm -
Online ATM
By 1974, the first online ATM was introduced and led to the modern day networks that we are now working with. ("The Past, Present, And Future Of The Atm Machine", n.d.).
reference
THE PAST, PRESENT, AND FUTURE OF THE ATM MACHINE(n.d.). Retrieved from http://cemacsoft.com/learn-more/past-present-future-atm-machine/ -
ATM Convenience
First Drive-Up ATM's are installed in Louisiana. This gave customers an easier way to bank on the go. "Drive-up ATM's allowed customers the ease of bank functions from the seat of their own car. No longer would they have to stand in a long line in order to a simple bank transaction." ("Timeline Of Digital Transformation - Banking", n.d.).
reference
Timeline of Digital Transformation - Banking(n.d.). Retrieved from https://www.timetoast.com/timelines/timeline-of-digital-transformation-banking -
ATM Safety Act
This piece of legislation mandated that all ATMs are to be fitted with reflective mirrors, cameras, and locked entry points. " This provided companies to competitive advantage because it made customers fell safe using their ATM services, which we said to be unsafe."("Timeline Of Digital Transformation - Banking", n.d.).
reference
Timeline of Digital Transformation - Banking(n.d.). Retrieved from https://www.timetoast.com/timelines/timeline-of-digital-transformation-banking -
Tech Advancements
New ATM's are now getting more human like, doing all the tasks a teller would do. ATM's are now implemented with voice recognition, video chatting and some require bio-metric eye/fingerprint scanning in order to access your various accounts -
New Dawn of Banking
The convenience factor has been kicked up a notch with apps such as ApplePay, Google Wallet, Android Pay, Zelle, Paypal, SquareCash, and Gmail money transfer all developed relatively close to each other. Many banks have card less or NFC capable ATM's which allow the user to use their phone as their ATM card. With mobile deposits the customer can now take a quick snap of a check and have it in their bank account in as little as 3 to 5 business days. -
The Future
MonRo, a hexagonal ATM-turned-bank branch that houses a whirling robotic arm within its six walls. Combining an ATM, bank teller services, vending machine and insurance office in one place. More cloud-operated ATM's will make for sleeker machines and better integration with mobile and internet.(Murakami-Fester, 2016). reference
Murakami-Fester, A. (2016). This Is What the ATM of the Future Will Look Like. Retrieved from https://www.nerdwallet.com/blog/banking/this-is-the-atm-of-the-future/ -
Competitive Advantage
Any financial that implements card-less transactions in addition to bio-metric scanning and eventually AI will have an advantage of lowering overhead and increasing consumer confidence because they will be seen as putting capital into a business in order to gain consumer loyalty and increasing customer satisfaction along with garnering more ways to customers to access their accounts.
