Invented by : Luther George Simjian
Invented in year : 1939
ATM - Automated Teller Machine or Cash Machine is one of those inventions which has revolutionised the banking services. ATM's are known by various names in various countries like Bancomat in various countries of Europe and Russia, Multibanco (after a registered trade mark, in Portugal), Any Time Money in India etc.
It was invented by Luther George Simjian in 1939. In the late 1930's, Simjian built a not-so-successful version of an ATM, but he did register related patents. He initially came up with the idea of creating a hole-in-the-wall machine that would allow customers to make financial transactions. It was an idea that was met with a great deal of doubt. However, the first mechanical cash dispenser was installed in 1939 in New York City by the City Bank of New York but removed after 6 months due to the lack of customer acceptance.
25 years later De La Rue (manufacturing company) developed the first Electronic ATM, which was installed first in Enfield Town in North London, United Kingdom on 27 June 1967 by Barclays Bank. The invention of this ATM is credited to John Shepherd-Barron.
Role of Automated Teller Machine in the improvement of human life
- The ATM brought a revolution in the banking services. It not only popularised banks with these facilities but it also increased the number of account holders as everyone wanted to avail this service.
- Easy access to money and related activities.
- Less queues in banks provided efficient banking
- Less risk of robbery and theft due to ATM security
- Convenience of Location - Widespread distribution of ATM's meant no need to visit far off banks
- Money earning potential for owner of places given on rent to install ATM's
