Automated Teller Machine also known as ATM is perhaps the greatest innovation when it comes to banking. Nowadays every bank provides this facility to the customers as it has many advantages. Given below are some of the advantages of ATM –
- It enables the customers to withdraw money at any time in a day throughout the year and therefore in case of emergency like accidents when one needs cash than ATM are the best option because it is open even on Sundays and also in midnights which is not the case with bank branch.
- It allows privacy in transactions because in the cabin only one customer is allowed until he or she has completed the transactions.
- It fits well with the concept of modern banking where customer is king because automated teller machine can placed anywhere and usually it is placed in busy locations like malls, airport, railways stations and so on where the customer can use it easily.
- A bank employee gets relief because majority of people withdraw money easily at ATM and hence employees can focus on more important works.
- It helps the banks in controlling the costs because in the past majority of its workforce had to handle the cash deposits and withdrawal, but with the advent of ATM this work has reduced considerably which in turn help banks as they do not have to maintain staff for this work.
- Gone are the days when you had to carry cash in huge quantity with you when you were traveling because now you have to keep an ATM as this network is present in almost every city of the country with you and not cash which in turn alleviates the problems like risk of theft.