Page 45 - Banking Finance September 2020

ARTICLE

FUTURE

PROSPECT

OF ATM

INDUSTRY

I ntroduction of ATM in the banking industry sector can statement, mobile recharge, payment of credit card etc. are

be demarcated as a major milestone in its evolution.
being done by the help of ATMs.
The ATM was started by Barclays Bank in Britain in
June 1967. In India, HSBC had introduced the first ATM
some ATMs can memorize consumer preferences as per
in Kolkata in 1987. At that time, all the ATMs were The ATM technology has developed to such an extent that
standalone. their past transactions, behaviour, and tailor services
accordingly. In several cases, ATMs have internet scope
Deposit cash in Cash Deposit Machine (CDM) & withdrawing which facilitates two-way communications with live agents,
the cash through ATM& CDM are the most important provide biometric options, and have the ability to
features of ATMs/CDMs. Besides, other non-financial demonstrate personalized advertisements. Maintenance of
transaction like bill payment, account inquiry, mini web enabled ATMs are easy. These ATMs can be swiftly
connected to central monitoring system of vendors.
About the author There is tremendous opportunity for growth of ATM market

Rajeev Shankar here. It is a place with 1.3 billion people, where 40% of them
AGM (Research) are unbanked. Though it is growing fast, there are many
State Bank Institute of Innovation and challenges associated with security issues of the software,
Technology (SBIICM) surge of rental costs in major cities, housekeeping and
Hyderabad replenishment of cash.

BANKING FINANCE | SEPTEMBER | 2020 | 45