Happy 50th Birthday ATM, but aren’t you dead yet? / ABC Drive Adelaide & ABC Far North

Next time you withdraw money from a hole in the wall, consider singing a rendition of happy birthday. For on June 27, the Automated Teller Machine (or ATM) celebrates its half century. Fifty years ago, the first cash machine was put to work at the Enfield branch of Barclays Bank in London. Two days later, a Swedish device known as the Bankomat was in operation in Uppsala. And a couple of weeks after that, another one built by Chubb and Smith Industries was inaugurated in London by Westminster Bank (today part of RBS Group).

These events fired the starting gun for today’s self-service banking culture – long before the widespread acceptance of debit and credit cards. 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. The infrastructure, systems and knowledge they spawned also enabled bankers to offer their customers point of sale terminals, and telephone and internet banking.

There was substantial media attention when these “robot cashiers” were launched. Banks promised their customers that the cash machine would liberate them from the shackles of business hours and banking at a single branch. But customers had to learn how to use – and remember – a PIN, perform a self-service transaction and trust a machine with their money (click to read full story)

This incredible machine prompted ABC Adelaide’s Drive host Jules Schiller, to want to chat about the future of ATM’s, money and a less cash society, so take a listen as we discuss the future of all things banking and money transactions…

P.S. Australia’s first ATM was installed in 1977 at Queensland Teachers Credit Union on St Paul’s Terrace, Fortitude Valley.

ABC Adelaide, Drive with Jules Schiller – 27th June 2017 (9 minutes 53 seconds)


ABC Far North, Mornings with Kier Shorey – 3rd July 2017 ( 12 minutes 28 seconds)

 

Eye on the Future - Jun 27, 2017 | All, Business, Finance, Gadgets, Horizon Trends, Radio Interview, Retail, Technology
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