CHAPTER – I
INTRODUCTION AND DESIGN OF THE STUDY
ATMs were introduced to the world in 1983. These modern marvels of technology were well received by consumers because they made it possible for them to access money from their credit cards or debit cards 24 hours per day with a quick and simple system. ATMs also made it possible for consumers to travel in a safer manner because they no longer had to carry large amounts of cash with them. Instead, they could access money anywhere in the world with the help of the ATM. Although ATMs made certain aspects of life safer, it did make it easier for counterfeiters and thieves to take advantage of unsuspecting consumers. After all, it only took having the card and a PIN (personal identification number) to access all of somebody’s funds. For this reason, Visa soon introduced the Visa Risk Identification Service. This computer-based program was capable of identifying suspicious transactions and putting an end to them if there was reason to suspect it was fraudulent. This type of system is still in use today, with individual banks having their own unique systems to help keep you safe. In addition, many countries are putting other protective barriers in place to ensure the transactions placed on credit cards and debit cards are truly authorized by the owner. The banking has undergone a major change due to the adoption of E-banking. One often latest channels of distribution to be used in the financial services organizations is electronic banking; this method was established in the mid 1990s, thereafter steadily becoming more important (Allen et al, 2001). E-banking can offer speedier, quicker and dependable services to the customers for which they may be fairly satisfied than that of manual system of banking. E-banking system not only generates latest viable return, it also offers its better dealings with customers. The most widely used e-Banking instrument is the automatic teller machine (ATM) card. The Indian ATM industry has seen explosive growth in recent times. ATMs represent the single largest investment in the electronic channel services for the Banks. In India, HSBC set the trend and set up the first ATM machine here in 1987. Since then, they have become a common sight in many of our metros. ATMs have gained prominence as a delivery channel for banking transactions in India. Banks deploy ATMs to increase their reach. As far as the customer satisfaction is concerned with regard to
E-banking services, ATM services play an important role as they make easy of banking transactions for customers. ATM means neither “avoids travelling with money”nor “any time money” but certainly implies both. Slim ATM cards are fast replacing confounding withdrawal forms as a convenient way of getting your money from banks. In a way, they are rewriting the rules of financial transaction. Automated teller machines (ATMs)were the first well-known machines to provide electronic access to customers. With advent of Automatic Teller Machines (ATM), banks are able to serve customers outside the banking hall. ATM is designed to perform the most important function of bank. It is operated by plastic card with its special features. The plastic card is replacing cheque, personal attendance of the customer, banking hour’s restrictions and paper based verification. ATMs have made hard cash just seconds away all throughout the day at every corner of the globe. ATMs allow you to do a number of banking functions – such as withdrawing cash from one’s account, making balance inquiries and transferring money from one account to another using a plastic, magnetic-stripe card and personal identification number issued by the financial institution. The Indian ATM \ industry has seen explosive growth in recent times. ATMs represent the single largest investment in the electronic channel services for the Banks. In India, HSBC set the trend and set up the first ATM machine here in 1987. Since then, they have become a common...
Bibliography: Bala, S. K., M. A. Yusuf and A. Chowdhury (2005), “Use of Credit Cards in Bangladesh”.
Anderson, D. R., D. J. Sweeney, T.A. Williams (2000), Essentials of Statistics – Statistics for Business and Economics (New York: South-Western College Publishing, Second Edition): 81-82.
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