ATM

Technology is constantly evolving for the industry that made self-service a reality

Since the first automatic teller machine (ATM) was installed in the 1960s, the financial services sector has been redefining what it means to provide self-service to clients. While many industries are working hard to transition customers to become confident in using self-service technology, the financial services industry has created a model where customers expect to use an ATM PIN Pad or kiosk when they go to get cash or perform financial transactions, often times in lieu of interacting with another human at all.

One of the big drivers for this adoption has been the self-service ATM, which allows financial customers to easily perform banking tasks such as withdrawals and deposits easily and often times without having to wait in line. The ATM taught customers that their transactions could be completed easily and securely and that a certain level of trust could be given to the machine.

The financial industry has done much to support this growing adoption. Over time, ATMs have gained more traction and confidence with customers through the use of new security technology. Encrypted PIN pads, which make it nearly impossible to trace data entered into the ATM, have become standard on nearly all machines. PCI compliance enhances payment account data security so that customers are assured while using ATMs even at off-premise locations, that is, outside of banks. And new deposit technology like check imaging is opening up the kinds of secure transactions that can take place at an ATM.

Out if the rise of the ATM, other financial self service devices have come into use, such as financial kiosks. Often times located within a branch, kiosks enable customers to monitor their relationship with the bank in terms of status information, history, and pending transactions or services, again without having to wait in line to interact with a human. Also falling under the realm of self-service banking is online banking, which enables secure access to customer history and transactions over the Internet.

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