Revolution of e-banking

An ATM (Automated Teller Machine's) combines a computer terminal, recordkeeping system, and cash vault in one unit, permitting customers to enter the bank's bookkeeping sysytem with either a plastic card containing a personal identification number (PIN) or by punching a special code number into a computer terminal linked to the bank's computerized records 24 hours a day. Once access is gained into the bank's system, cash withdrawlas may be made up to prespecified limits, and depostirs, balance inquiries, and bill paying may take place. With ATMs taking over more routine services like cashing checks, bank personnel have more time to sell other services and help those customers who have special service needs. Ther average ATM processes more than 200 transactions per day, though some handle more than 600 customer requests per day.
Where did ATMs begin? The forerunner of all the modern-day machines began operations at a branch office of Britain's Barclays Bank in 1967. This first automatic dispenser could only accommodate customer cash withdrawals, however; no other banking services were provided. Most bankers at the time expected that customers would use this pioneering automated device only when full-service offices were not open. One of the earliest visitors to Barclays new machine was the U.S. entrepreneur B.J Meredith. When Meredith's own firm showed no immediate interest in producing these new machines, he contacted his famous relative, Don Meredith, a former professional football quarterback. Together with other investors the Merediths set up a new firm, Docutel, Inc., to manufacture ATMs. The first Docutel automated teller was set up at Citizens and Southern National Bank in Atlanta. However, it was a competitor, First National Bank of Atlanta, that enjoyed the greatest success with this new technology, aggressively marketing its new machines.