8 Incredible Ways Technology Has Changed Banking Forever


Bank1Called the automated or automatic teller machine, this invention was the first to revolutionize the way we do our banking. The first ATM was introduced to the American public in 1969 at Chemical Bank in Rockville Centre, NY, so that people could have access to money to pay their utility bills. By the 1980s the machine became very popular and could now not only dispense cash but accept deposits too. In 2013 there are now over 2 million ATMs worldwide and that number is quickly growing.

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Drive-Thru ATMs and More

driveup atm To add to the ease of using ATMs, banks began offering the option of using a drive-up feature. Just like driving through a fast food restaurant, you could remain in your car.

Today, ATMs have expanded their locations and can be found in many places besides a bank. Cash machines have exploded all over the world. Customers can use these machines in places like shopping malls, as well as in the individual stores themselves.

When living in an urban area such as NYC, it is likely that you won't have to venture more than a block or two until you find an ATM. They can be found in businesses from upscale restaurants to small delis, bars, boutiques and movie theaters.

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Super ATMs

ATM ATMs have come so far that they serve a variety of very handy purposes. Wells Fargo began dispensing stamps in their machines in the mid-1990s. Super ATMs now have the capacity to sell stamps, gift cards, cell phone minutes, concert tickets and allow bills to be paid!

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Banking Over the Phone

bank5 The days of struggling to correctly do the math to balance your checking account are long gone. This innovation was a great one, and still is, for those that are not very Internet savvy. Most banks now offer 24-hour phone services in which you can enter your information and a PIN number to find out your checking account balance.

Other options via dialing may include transferring funds, hearing the last deposits and withdrawals made, making payments and inquiring about checks that have been cleared. Some banks use voice recognition so that entering information using the buttons is not even necessary.

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Online Banking

bank6 Aside from more diverse ATMs, the United States was introduced to online or Internet banking, which revolutionized the banking industry. Customers were able to log on from their home computer and see all of their accounts and information on their personal screen.

Checking balances could be done, as well as making transactions and payments, seeing images of checks and deposit slips, viewing previous statements, bill paying and transaction history could be searched. All of these tasks eliminated the need for paper statements and bills as well as the cost of stamps to mail bills.

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Smartphone Mobile Banking

bank44 The wonders of technology has given us smartphones that have the ability to do more tasks while on the go. Phones can be equipped with banking apps, which is similar to online banking, with the elimination of the need to be at home or work in front of your computer.

More Americans have phones than computers, which is causing a spike in usage. Like any phones, balances can be checked, which can be helpful when deciding whether or not to make a purchase in a store. They can also locate the closest ATM or bank branch.

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Smarter Smartphone Banking

bank8 A recent introduction to smartphone banking is depositing a check without the need to go to the bank or ATM. Users simply sign the back of the check, take a picture of the front and back, and send the image to the bank using the app. Users can also select which account to send it to 24 hours a day.

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Human Tellers

bank999 Talking machines have always represented the future. The future is now at Bank of America. With all of the additional features that have been tacked on to ATMs, we can now add an actual human to the list. No, there isn't a small man or woman tucked inside the device!

Bank of America is using Teller Assist, a new technology allowing customers to talk to a live teller remotely. These tellers can assist with services until 10 PM on weekdays and 5 PM on weekends. They will be able to help with tasks not usually performed by an ATM, including cashing checks for exact amounts down do the penny, dividing deposits between accounts and giving withdrawals smaller than $20.

Tellers will be available in English and Spanish. The machine is debuting in Boston but is planned to add more across America this year. This is a feature that can create convenience and new jobs.

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