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The Evolution and Importance of ATMs in Modern Banking
Automated Teller Machines, commonly known as ATMs, have revolutionized the way people access banking services. These machines allow customers to perform basic financial transactions without the need for visiting a bank branch, providing convenience, speed, and 24/7 accessibility. Since their introduction in the late 1960s, ATMs have become an integral part of the global banking infrastructure.
How ATMs Work
ATMs are connected to a bank’s central computer system, allowing users to perform transactions such as cash withdrawals, deposits, balance inquiries, and fund transfers. To access the services, customers typically use a debit or credit card along with a Personal Identification Number (PIN) for security. Modern ATMs also incorporate advanced technologies like biometric authentication, touch screens, and contactless card readers to enhance user convenience and security.