Convenience. At its core, the ATM allows customers access to funds 24/7, whether the branch is open or closed. The ability to get cash or make a deposit without having to leave your car in a very quick transaction makes ATMs still very appealing. ATMs were so appealing that they have been installed almost everywhere.
The invention of the ATM made financial lives easier for the customers who could now handle the basic transactions on their own with the help of an ATM machine which was much more convenient than visiting the bank frequently. ... Another important benefit of an ATM is that it allows inter-bank customers to transact.
The global ATM market was valued at $20.58 billion in 2019, and is projected to reach $30.50 billion by 2027, growing at a CAGR of 5.2% from 2020 to 2027. ... ATM facilitates 24/7 availability of banking services to customers.
ATM's have negative impacts on the environment. They are encased in over 100kg of steel. There are also many electrical parts and wires needed to make the ATM work. There are over 1.5 million ATM's around the world.
The success of the cash machine enabled people to make impromptu purchases, spend more money on weekend and evening leisure, and demand banking services when and where they wanted them.
By the 1980s, these money machines had become widely popular and handled many of the functions previously performed by human tellers, such as check deposits and money transfers between accounts. Today, ATMs are as indispensable to most people as cell phones and e-mail.
An ATM allows customers with credit or debit cards to carry out basic banking transactions without the aid of a human bank teller. Customers can use them to withdraw cash, check their bank balance or get a printed balance statement. Some ATMs also allow customers to make cash deposits and move funds between accounts.
While customers are waiting for their cash to be dispensed, the ATM screen can alert them to products and services offered by their bank, such as a great rate on a new loan or savings instrument.