The ATM makes it easy for us to get access to cash anytime, anywhere. It’s a convenience we take for granted. Imagine a time when there was no ATM yet. People had to line up at the banks to withdraw funds over the counter. If you’re fascinated by history, here’s a look at how the first cash machine evolved into the ATM we know today.
Back in 1967
Picture the year. It’s the first year of the Super Bowl in the United States. Bankers heard the news about an automated teller machine for the first time. It’s been deployed in London and makes it possible for customers to get cash. No, they wouldn’t have to walk into a branch any longer. They can get money from the machine.
Changes It Brought
Financial institutions sat up and paid attention. The idea was innovative and life-changing in many ways, as it impacted consumer behavior. People no longer had to wait for the banks to open. Customers embraced the technology, and the man credited for the invention was John Shepherd-Brown, a British inventor. Still, it would be some time before ATMs became popular enough that they were nearly everywhere, as commonplace as the sight of vending machines. It wouldn’t be long before businesses would discover the benefits of the machine. Many would start looking for units until they found an ATM for sale that fit their needs.
Back in 1970
James Goodfellow took the invention further by adding the PIN or personal identification number to make ATMs safer. That’s how the self-serving machine came about. Now, there are millions of ATMs all over the world. It’s also gone a long way from a machine that only dispenses cash. Modern models can do more. Some have features that allow users to make deposits. And even the most basic models allow users to check their balances, change their PIN numbers, and more.
The Early 1970s
That’s when the popularity of ATMs started to grow, not just in the UK and the US but around the world. By the end of 1971, there were a thousand ATMs installed. Financial institutions understood the level of convenience the machines brought and invested their money in the future. In 1977, after a few years after ATMs started growing in popularity, Citibank invested $100 million in installing the machines across the Big Apple. People thought it was a huge gamble. But then a blizzard hit the city. Banks in New York closed, and they wouldn’t be open for days. ATM use went up by 20 percent, proving to everyone that the world was ready for ATMs.
theNCR Model 770
1971 was also the same year the NCR model 770 was launched, the first ATM of the National Cash Register or NCR corporation. It was easy to use and had a cash dispenser, depository, terminal, and controller. The next model wouldn’t come, though, until the early 1980s. That was the company launched the 5070 ATM, which set new records in reliability, capability, and flexibility.