Automated Teller Machines, popular as ATMs, are the most valuable and necessary banking field advancements. An ATM enables people to make various banking transactions and check the banking and account details without taking help from an actual teller.
Additionally, with an ATM, customers can also access various banking services without visiting the Bank branch. Most of the transactions in an ATM are done using cards, but a few can also be done without them, like withdrawing money from ATMs using net banking instead of using cards as introduced by SBI, ICICI Bank, and others.
Advancement in the banking sector made the financial lives much easier for everyone. With the help of ATMs, customers are no longer required to visit the bank branch for every minor purpose and take simple banking actions like cash withdrawal, balance inquiry, etc. Furthermore, automated teller machines are widely found in every corner of the world.
There are two main types of automated teller machines. The primary unit machine is the one that allows customers only to withdraw cash and receive the updated account details for their bank accounts.
In contrast, the complex ATMs also accept deposits from customers and allow line-of-credit payments and transfers. Customers can also retrieve the updated account details using complex ATMs.
For the bank customer to use the complex machines and the advanced features offered by them, they must have a bank account with the bank that operates the machine. Analysts also believe that the ATMs will increase in popularity, and there will also be a rapid increase in the number of ATM setups and withdrawals using these machines.
Furthermore, in the future, ATMs might also have full-service terminals and traditional bank tellers.
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Even though there is a difference in the ATM of each bank, there are certain essential parts that are common in all of them, like:
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