The banking industry is currently undergoing major changes with the shift to mobile technologies and virtual currencies. Nevertheless, this might not represent the most significant revolution of the financial sector in the past century. Indeed, the introduction of the first automated teller machines marked the beginning of a new era, especially regarding the accessibility and control of moneyFrom the Latin word moneta, nickname that was given by Romans to the goddess Juno because there was a minting workshop next to her temple. Money is any item that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular region, country or socio-economic context. Its onset dates back to the origins of humanity and its physical representation has taken on very varied forms until the appearance of metal coins. The banknote, a typical representati... More.
The first ATM was installed in London in 1967, exactly fifty years ago. It was not only the first time consumers interacted with intelligent machines, but it also represented their first experience with digital automation. This innovation brought together traditional paperSee Banknote paper. More money with technology for the first time, paving the way for all the developments seen in recent years. Furthermore, most of the technologies that are used in computers and smartphones today – such as biometric scanners, micro-cameras or accelerometers – were first tested on cashMoney in physical form such as banknotes and coins. More machines, making them the pioneers in security devices.
More importantly, ATMs have transformed the relationship to cash, making it accessible anytime and anywhere. Indeed, about 3 million ATMs are currently available around the world, and even the most remote places are equipped with at least one cash machine. For instance, the Khunjerab Pass in Northern Pakistan – located at 4,693 m (15,997 feet) – has its own ATM. In addition, cash dispensers allow for more freedom and privacy as these enable consumers to access their money alone, without needing the services and authorisation of bank staff.
ATMs continue to stay at the forefront of innovation: the latest generation offer cardless withdrawals via a smartphone and video assistance allowing customers to talk with remote bank staff about banking services. What’s more, modern cash machines play a significant role in cases of natural disasters, as mobile and solar-powered ATMs can be delivered by air to give survivors access to money. A great number of such ATMs have been installed by humanitarian organizations in African refugee camps to provide cash-based assistance rather than aid-in-kind, offering dignity and a certain level freedom to refugees.
To read the original article, please click here.