There are lots of advantages of atm to the bank and also the bank customers in this modern day banking.
We’ve provided you guys with the best on the list, which will be helpful for your studies.
Before going into the advantages of atm to the bank, let’s us first understand what atm is all about.
What is atm
Atm meaning or what is atm is the very first thing that comes to mind of anyone that hears that word, and below is the definite explanation of the automated teller machine meaning.
According to investopadia, Automated teller machine (ATM) is an electronic banking outlet that allows customers to complete basic transactions without the aid of a branch representative or teller.
Anyone with a credit card or debit card can access most ATMs, most especially with the debit card.
The first ATM appeared in London in 1967, and in less than 50 years, ATMs spread around the globe, securing a presence in every major country and even tiny little island nations such as Kiribati and the Federated States of Micronesia.
One major advantages of ATM is it’s convenient. ATMs are convenient, allowing consumers to perform quick, self-serve transactions from everyday banking like deposits and withdrawals to more complex transactions like bill payments and transfers.
Modern banking have really paved way for the automated teller machine, and right now in 2020, every bank have the atm machine.
In some countries of the world, especially the developed countries, atm withdrawal or services is 24/7 which gives the bank customers the opportunity to access their financial services even after the bank closing hours.
So let’s look at the advantages of atm to the bank and its customers.
Advantages Of ATM To The Bank
Below are the main advantages of ATM or automated teller machine
1. Fastest means of cash withdrawal
The major advantages of atm is fastest means of cash withdrawal, which reduces crowd in the banking hall and quick money withdrawal to the bank customers.
Aside from the atm withdrawal, the pos have been helping bank customers to withdraw their cash except for the fact that it attracts a fee which is higher than when withdrawing from the atm.
2. Balance Inquiry (advantages of atm)
Atm helps for easy balance inquiry without the bank customer going inside the bank or inquiring from the customers service representative.
Mobile banking has really helped in checking of account inquiries, like account balance etc.
You don’t have to visit any atm around you, but on your phone dial your bank ussd code or use the mobile banking application for it.
3. Transfer Money – Atm advantages
Another good advantage of atm is that it helps a customer to transfer money from his or her account to another bank, this in turn reduces workload on the bankers in charge.
However, in as much thar mobile and internet banking seemed to be much better and convenient than the automated teller machine, people still uses the atm for transfer.
But i must tell you that if you are looking for the best and convenient way to transfer or send money from your bank account to another account, mobile and internet banking are the best option.
You don’t need to leave your house, office etc just to transfer money, on your phone or computer, you can make the transfer.
4. Pay utilities bills
With atm, you can easily pay utility bills like Electricity bills, dstv or gotv etc. You don’t really need to go their centers, on the atm machine, key in the right codes and you’re good to go.
Again this is another atm advantage that have been taken over by mobile and internet banking. I don’t think that there are still vast number of people that uses the atm to make bill payments.
The Best way is on your phone through mobile banking app or computer through internet banking. But you can still use the atm for bill payments in 2020.
5. Request for Statement of account
One atm advantages to the bank and its customers i love so much too.
Instead of going inside the bank, head to any atm machine near to you and use it to request your statement of account for the month.
Banks seems to be removing this particular feature from their atm, though you can still use some banks atm to request for your statement of account.
However, most financial institutions (banks) now made provision for their customers to request for their statement of account through the bank mobile app or the internet banking page.
5. Request for Statement of account
One atm advantages to the bank and its customers i love so much too. Instead of going inside the bank, head to any atm machine near to you and use it to request your statement of account for the month.
Note atm machine is 24/7 avaliable for all cash withdrawal or inquiry, though some countries closes midnight because of insecurity, especially in the developing countries.
In as much mobile banking app and internet banking have taken most of the features of the automated teller machine, and offers the most convenient services, it doesn’t take the fact that the automated teller is a big factor in the world’s economy.
Right now in 2020, it plays a major role in the banking system and the society in general especially in terms of money withdrawal which is the major advantages of atm.
It is way better than the post withdrawal cause of it’s maximum limit.
So always remember that money or cash withdrawal is the number one advantage and others follow suite.
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The above are the five major advantages of atm to the bank and its customers, you are free to add yours thanks.