What is the function of automated teller?

What is the function of automated teller?

An automated teller machine (ATM) is a specialized computer that allows bank account holders to check their account balances, withdraw or deposit money, transfer money from one account to another, print a statement of account transactions, and even purchase stamps.

How does an automated teller machine ATM work?

When you need money from an ATM machine, you insert your credit or debit card into the ATM and enter a pin number assigned to you by your bank via the keypad. In short, an ATM machine is a computer with a mechanical dispenser for cash that is connected to an ATM transaction processor through the internet or phone line.

What are the processes on an automatic teller machine?

Let us now look at the steps to withdraw money from an ATM.

• Step 1: Insert ATM Card:
• Step 2: Select Language.
• Step 3: Enter 4-Digit ATM Pin:
• Step 4: Select the type of Transaction:
• Step 5: Select the Type of Account:
• Step 6: Enter the withdrawal amount.
• Step 7: Collect the Cash:
• Step 8: Take a printed receipt , if needed:

What are the benefits of automated teller machine?

Advantages ATM machines

• Access to hard Cash Anywhere at Anytime.
• ATM Machines offer Financial Inclusion.
• ATM Machines offer wide range of services.
• ATM machines are Cheaper to Maintain.
• ATM machines Serve an Important Function in times of Crisis.
• ATM machines can be targeted by criminals, robbers and hackers.

How much money is stored in an ATM?

The average size machine can hold as much as $200,000, though few do. In off-hours, most machines contain less than $10,000. Typically, your average NCR ATM (NCR being the manufacturer) will have 4 cash cassettes installed in the cash dispenser.

Which software is used in ATM machine?

Today, the vast majority of ATMs worldwide use a Microsoft Windows operating system, primarily Windows XP Professional or Windows XP Embedded. In early 2014, 95% of ATMs were running Windows XP.

What are the disadvantages of ATM?

The Disadvantages of ATMs

• Fraud. Criminals can fit skimming devices and small cameras to ATMs.
• Fees. Banks and machine owners draw a huge source of revenue from ATM fees.
• Theft Risk. If you go to a bank, you’re likely walking into a secured area watched by multiple cameras or a life guard.
• Card Retention.

Is ATM an embedded system?

An ATM is an embedded system which utilizes a crowded computer to set up a network between a bank computer and an ATM itself. It also has a microcontroller to bear both input and output operations.

What software do ATMs use?

Today, the vast majority of ATMs worldwide use a Microsoft Windows operating system, primarily Windows XP Professional or Windows XP Embedded.

Which is better a human bank teller or an ATM machine?

When making a cash deposit or depositing a check, both ATMs and human bank tellers can complete the task. Once again, the speed and efficiency of an ATM often outperforms a live bank teller. Most ATMs are stocked with deposit envelopes, but they often get used up quickly, so one might not be available.

What are the disadvantages of using an ATM?

Where is money kept in an ATM?

The vault of an ATM is within the footprint of the device itself and is where items of value are kept. Scrip cash dispensers do not incorporate a vault.

How does automated teller machine affect customer satisfaction?

H1: Automated teller machine (ATM) has significant effect on the level of customer satisfaction The study would enable banks executives and indeed the policy makers of the banks and financial institutions to be aware of Automated teller Machine as a major product of electronic commerce in Nigeria with a view to making strategic decisions.

How is an assisted Teller different from an automatic teller?

When an automated teller uses video as a way to connect customers with bank staff, the machine transforms into a personal assistant teller, making the machine a subset of the automatic teller. Both types of machines let you withdraw cash or deposit money. However, an assisted teller machine connections you with bank staff when needed.

How are automated teller machines used in Nigeria?

Banks have formed cooperative, nationwide networks so that a customer of one bank can use an ATM of another for cash access, by extension all commercial bank’s ATM in Nigeria are inter-connected (Okoh, 2010). Globally, Automated Teller Machines (ATMs) have been adopted and are still being adopted by banks.

Who was the inventor of the automated teller machine?

In 1970, a British engineer, James Goodfellow, proposed the concept of a personal identification number (PIN), which automated verification of the identity of customers, thus marking a landmark moment in the growth of self-service banking.