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Cash dispenser, ATM, Geldautomat, Bankautomat is a machine for issuing cash from the bank’s current account electronically. Saves time, reduces crowds and costs at bank counters.
It can be used for the whole day (24 hours). It is set up by the bank in its premises, but also in the open air. It is used by inserting a debit card or credit card with a personal identification code, typing the code secret (PIN) and the requested (allowed) amount. The user communicates with an ATM in a local language or in English. Newer ATMs allow currency and other operations to be exchanged.
The man who first came in 1939 to the idea of taking money from his account using the machine was Luther George Simjian. His idea was delighted by the bank “Sitikorp” and offered the service to its clients. It was not a half a year, and the bank announced that it ceased with the project due to a lack of interest in the clients for the service. Long after that nobody was interested in the project. It was not until 1967 that Bankliz Bank installed an ATM in London, which marked the development and spread of ATMs around the world. That money machine had one disadvantage – one-time cards were always used at exactly the right amount of ten pounds. Not long after that, vouchers were replaced by plastic cards that were returned to users by mail in order to use them again. It was the first generation of ATMs that operated, and the first ATMs of this kind were installed in France, Sweden and Switzerland, and two years later in the US and Japan. The second generation of ATMs – the precursor of the present – dates back to 1972. These are the IBM ATMs connected to the central computer, which used a magnetic card as it is still in use today. Since then, the ATMs have not changed too much in technical and technological terms, and their basic role, that is cash payment, have remained their main function today. The newspaper, which raised the ATM to a higher level, was introduced a year later by Donald Vechel in the Texas city of Dallas. Since then, people can use ATMs for the most basic function – to take any sum, of course, if they have it on the account.
The modern generation of ATMs can be divided into two groups: -sophisticated, as a rule complex and costly with a wider range of supported services; – simple, with the primary function of cash withdrawal and some other elementary functions (insight into the balance of the card account, change of PIN, transfer order, sale of vouchers, etc.). The first type is basically more intended for creating profits, while others are, in fact, conceived to relieve offices and faster transactions. In fact, both are sold under the name of ATM, which points to their basic function – automation of the counter.
ATMs with us
The main reason for the introduction of ATMs with us was the sudden growth of massive, mostly routine transactions at the bank counters, among which cash payments prevailed. The initiative was launched in the IT sector at that time, where technological and IT developments were usually followed, and in close cooperation with the so-called production sectors, they asked for their possible application in practice. Every well-reasoned and elaborated idea was accepted and approved by the then Directorate, so the ATM project got a green light.
Experiences turned out to be good: customers quickly accepted the new service, lines at the counters decreased considerably. In one word, they were all happy, and they quickly read through. Shortly thereafter, other banks started installing their ATMs.
Advantages of using ATMs
The main advantage of using ATMs for clients is the availability of the available service 24 hours a day every day. Therefore, regardless of whether it is a cash withdrawal, an invoice or other ATM-enabled service, the client can do it when it suits him the most, regardless of the working hours of the bank or the nearest branch office. Furthermore, the customer gets a quick service, and the advantages of using the bank are numerous. First of all, by introducing ATM machines, banks automated one of the most numerous counter-payment transactions – cash withdrawal, thus enabling their customers to quickly and easily self-service, and their outlets unloaded works, so-called routine transactions. Thus, they have created prerequisites for a better offer of more complex products and advisory services.
It should be noted that, by introducing ATMs – although significant investments are in place – banks have created prerequisites for reducing operating costs. The above can best be shown on the check case. Namely, the payment of cash is usually done by check (or some other paper payment instrument) at the counter of the home or another bank or post office. It is therefore not difficult to calculate the so-called opportunity gains through the savings realized, which are primarily reflected in the “release” of personnel resources for quality advisory or sales jobs.
In addition to savings, banks recognized the possibility of earning money in ATMs