2. ATMs

The first step towards automated banking was the invention of the Automatic Teller Machines or ATM as they are usually called.

The first ATM was installed into a bank 40 years ago.

For the first time, customers could get hold of their money without having to queue. This saved the customers time, it also saved the bank a huge amount of money since fewer staff were needed.

Modern ATMs provide customers with their bank account balance, they can issue money, print statements and even take cash deposits. Customers are able to use almost any ATM in any bank, supermarket or garage. And in this country it is normally a free service.

How an ATM works

Behind the ATM is a host computer that sends the correct messages to the customer’s bank.