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Money & Banking Essay

2669 words - 11 pages

Kelcie Jeffries
Money & Banking
Mr. Foster
March 8, 2014
How Technology has changed the Banking World over Time
The ATM
“In 1939, Luther Simjian patented an early and not-so-successful prototype of an ATM. However, some experts have the opinion that James Goodfellow of Scotland holds the earliest patent date of 1966 for a modern ATM, and John D White in the US is often credited with inventing the first free-standing ATM design. In 1967, John Shepherd-Barron invented and installed an ATM in a Barclays Bank in London. Don Wetzel invented an American made ATM in 1968. However, it wasn't until the mid to late 1980s that ATMs became part of mainstream banking” (Bellis).
Although we ...view middle of the document...

“Drive-through banking, like other developments in automobile-centered culture, caught on a bit later in the rest of the world. Switzerland, for example, didn't get its first drive-through bank until 1962, when Credit Suisse--then known as Schweizerische Kreditanstalt (SKA)--opened a branch in downtown Zurich featuring eight glass pavilions with drive-through banking services. Though popular at first, the branch faltered in the 1970s, when traffic problems in the city center made fewer people willing to do their banking from their cars. SKA closed the drive-through in 1983” (This Day In History, 2007).
In today’s world I don’t think it would be very difficult to find a drive-thru ATM with the demanding world we live in. I am only twenty two years old and all my life I can remember my mother going through the ATM before we went shopping, went out to eat, or just in need of cash. I don’t think I could even begin to imagine a world without these amazing ATMs. We take so many things for granted in life and we do not even realize that these fast cash withdrawal ATMs are a blessing to society for a more convenient lifestyle.
Super ATMS
The next amazing invention in our world today is not on the ATM itself or the Drive-thru ATM, now it is the super ATM which is more improved and literally super! I know for me personally I have never used a super ATM but it sounds very interesting. People nowadays are calling it a “one-stop shop” (Bruce, 2000), because it can sell almost anything from stamps to cell phone minutes.
“Among other things, the new ATMs are capable of cashing checks, printing statements, copies of canceled checks and maps and issuing money orders, postage stamps or phone cards. If the ATM is Web-enabled, you'll be able to do online bill payments. And, you can bet they'll all be equipped with state-of-the-art, full-color monitors to bring you friendly reminders of your financial institution's other services. The new ATMs may also look more like kiosks in that they may have touch screens instead of keypads” (Bruce, 2000).
There are positive and negative sides to this super ATM as with almost any kind of new invention in our virtual world. The positive side is that we will save time. For example, when you need to buy stamps for a money order or getting tickets to a show in town, with all of those types of errands most people would have to go to three different places. However, with the super ATM you can print a money order buy your stamp and purchase your movie tickets all at the same time. The negative side to the super ATM is that if a customer just wanted to get fast cash withdrawal they might have to wait in line which could be a longer wait than if the ATM was not so “super”. Another negative side could be the possibility of no longer needing bank tellers. To me that is a very scary thing because I am a bank teller and although I don’t think that will be my life long career I fear for the future jobs. I like the personal...

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