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AUTOMATED TELLER MACHINE (ATM) - Term Paper Example

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ATMs have been on the increase in the number of ATMs across Africa and the world as a whole consequently probing questions into problems that come with them and their needs. It, therefore, is important to look at some of these problems and attempt to offer solutions for the…
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AUTOMATED TELLER MACHINE (ATM)
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Download file to see previous pages Haag Cummings and Rea(2004) state that Automated teller machines are electronic telecommunications device that enables the clients seeking the transactions of a financial institution to perform financial transactions (Cummings et al., 2004). It achieves this without the need for human cashier, clerk or bank teller. According to Anand (2006), ATM is a banking terminal capable of linking customers with 24 hours deposit and withdrawal services for the clients at any time (Anand, 2006). The ATMs or cash dispenser devices are installed in the bank halls and spread across the city or specific locations for convenience of the customer. They mechanically accept deposits; give withdrawals, transfer funds between varied accounts and issue bills.
Over the past years, many people have tried to claim that they are the investor of the ATM; others believe that Luther George Simjian is documented to be an inventor due to his idea that came first. Some believe it was Don Wetzel, some other people say the inventor is John Shepherd-Barron. In the late 1930’s, Luther George Simian tried to build an ATM but it was not a successful version of ATM. The author did not register related patents; initially designed with the idea of creating a hole in the wall. It was allowing customers to make financial transitions without going to the bank.
However according to BBC London (27 June 2007), on the topic Enfield’s cash gift to the world indicated that the first of these that decided to roll out the technology was the Barclays bank. It is located in Enfield town towards the northern part of London,in the United Kingdom on 27 June 1967. The machine was the first in the world. English comedy actor Reg was the first person who made use of the ATM (BBC, 2007).
The art of linking the different ATM devices to a central computer is a common occurrence at the moment. The idea came into reality when the world wide web and the internet were rolled out. Banks keep databases of ...Download file to see next pagesRead More
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