Automated teller machine innovation in the banking industry

Some banks have resorted to penalizing the customer as it were, for not possessing an ATM card, by debiting the account of such a customer for withdrawing below a certain amount across the counter. Having said this, it is noteworthy that some very helpful deductions were made from this research survey such as: This chart drives home the fact that though it is important to seek new clientele in the usage of ATM, equally important is the maintenance of the clientele already gotten as their satisfaction and opinion is crucial for company growth and acceptance.

The answer, if you believe the assertions of many experts, seems like a yes. From the Analysis for the Relative Advantage construct, it was evident that the respondents believed that the information concerning their use of ATMs was secure, and their using ATM was safe. Ibrahim from BUK said "very nice".

Card Skimming Card skimming involves making a copy of the information encoded on the magnetic stripe of the card. This number is expected to decrease by 40, by It will contain a brief overview of the subject matter i.

Automated teller machine

It involves the use of Diffusion of Innovation DOI model which comprises of the relative advantage, compatibility, complexity, trialability, observability for the analysis of data collected. Each user had to introduce a security personal key using a combination of the ten numeric buttons.

Intention to use an ATM has direct bearing on whether the machine is actually used or not. We look forward therefore to carrying out a more comprehensive survey on the use of ATMs and related issues in Nigeria.

The population comprised banks customers in Ilorin who used ATMs. This is primarily because the wave of automation we are witnessing today is a byproduct of multiple technologies that have accelerated in the past few years to such a degree that we are reaching a tipping point in terms of superior performance and cost economics.

However, based on the economies of scale, the price of equipment has dropped to the point where many business owners are simply paying for ATMs using a credit card. Presently, the use of ATM cards has been widely promoted.

The hypothesis result is stated at the end of the analysis. The use of the theory is vital as there is a requirement for more information that could add to existing research.

Of course, the ATM as we know it now may be a far cry from the supermachines of tomorrow, but it might be instructive to understand how the ATM transformed branch banking operations and the jobs of tellers. Using a popular and widely used theory such as the theory of diffusion of innovation, it is expected from this study that the extent of diffusion of ATM will be determinable with a view to knowing what could be done to prevent the inhibition surrounding its use.

To surf the internet for information and articles on automated Teller Machine. Interestingly, as ATMs expanded—fromin to aboutor so until recently—the number of tellers employed by banks did not fall, contrary to what one might have expected.

Principal Factor Analysis and Multiple Regression were the analytical techniques used. ATM vaults are supplied by manufacturers in several grades.

The observability of Automatic Teller Machines does not positively affect the attitude towards using the technology. ATMs appear to be mainly provided by banks in Nigeria Fasan, Hand held skimming devices are more commonly associated with card skimming in restaurants and other retail establishments.

It is consequently, important to discover why this is so, because as a technology, ATMs are supposed to make life easier and more efficient for the customers of banks.

Chapter five gives the summary, conclusion and recommendation. First, by reducing the cost of branch operations, ATMs made it possible to rapidly expand the number of branches.

It showed that ATMs were tested or tried out usually before steady usage. In Nigeria, Automatic Teller Machine technology is becoming more common than it ever was.

Chapter two gives the literature review. Hence, there was the possibility that there were those who would use ATM to be part of the trend. Therefore, as ATMs seemed to be easy to use, it means their use would be more widely adopted in the nearest future.

In addition, it was not strongly felt that all the transactions with ATMs were all good experiences, which meant that at one time or the other, an adopter might experience a fault with the use of an ATM. Dispensing mechanism to provide cash or other items of value Deposit mechanism including a cheque processing module and bulk note acceptor to allow the customer to make deposits Security sensors magnetic, thermal, seismic, gas Locks to ensure controlled access to the contents of the vault Journaling systems; many are electronic a sealed flash memory device based on in-house standards or a solid-state device an actual printer which accrues all records of activity including access timestamps, number of notes dispensed, etc.

In order to allow a more diverse range of devices to attach to their networks, some interbank networks have passed rules expanding the definition of an ATM to be a terminal that either has the vault within its footprint or utilises the vault or cash drawer within the merchant establishment, which allows for the use of a scrip cash dispenser.

Faraz Hussain from University of Abuja said "This is a great help for those who seek education.An automated teller machine (ATM) is a computerized telecommunications device that provides the customers of a financial institution with access to financial transactions in a public space without the need for a human clerk or 5/5(1).

AN ASSESMENT OF THE USE OF AUTOMATED TELLER MACHINE (ATM) IN THE BANKING INDUSTRY IN NIGERIA., Largest Undergraduate Projects Repository, Research Works and Materials. Download Undergraduate Projects Topics and Materials Accounting, Economics, Education.

The future of automation in the banking industry

The future of automation in the banking industry What can we learn from ATMs? can we draw any lessons from one of the most successful innovations the industry has seen—the automated teller machine, or ATM? the lessons for the banking industry maybe to anticipate and proactively shape how automation will spur innovation.

The purpose of this research is to highlight the impacts, advantages of using Automated Teller Machine in our banking industry than in the use manual system of queuing in line to be served.

The main aim of this research is to highlight the issues that make people have phobia for this innovation and to show the advantages that abound in the use.


But as machines become more dominant, further product innovations and changes to competitive market structure will lead to new and more complex tasks that will still require human effort. Ultimately, the lessons for the banking industry maybe to anticipate and proactively shape how automation will spur innovation, increase demand, and alter the competitive dynamics, beyond operational transformation.

This development is influencing the banking industry due to the increased use of Automated Teller Machines. This led to a new concept in the ATM, known as the Cash/Cheque Deposit Automated Teller Machine (ATM).

Automated teller machine innovation in the banking industry
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