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ATM Banking

ATM Banking

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Published by MAHALAKSHMI

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Published by: MAHALAKSHMI on Oct 01, 2010
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10/01/2010

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1
 ATM Banking
 Abstract 
The rise of technology has brought into force many types of equipment that aim at morecustomer satisfaction. ATM is one such machine which made money transactions easy for customers to bank. ATM is a computerized telecommunications device that provides a financialinstitution's customers a method of financial transactions in a public space without the need for ahuman clerk or bank teller. ATM means neither ³avoids travelling with money´ nor ³any timemoney,´ but certainly implies both. Slim ATM cards are fast replacing confounding withdrawalforms as a convenient way of getting your money from Banks. ATMs are providing a wider range of services to a wider range of users. Also, most ATMs enable card holders from other  banks to get their account balance and withdraw cash, even if the card is issued by a foreign bank. There is an urgent need for improving security in banking region. With the advent of ATMthough banking became a lot easier it even became a lot vulnerable. The ATM frauds not onlycause financial loss to banks but they also undermine customers' confidence in the use of ATMs.There is thus a need for precautionary measures that to the ATMs.
 
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 ATM Banking
 In
troductio
n:
 
The revolution in information and communication technologies has become central todevelopments in the banking and financial services industry. Most banking industry analystsinclude technological change on the short list of important factors underlying the dynamics in banking industry structure and performance. In recent years, technology has become increasinglyimportant to the evolution of bank retail delivery systems and the development of new electronicretail products. The ability to deliver new advanced technology products reliably has become acentral theme in the marketing strategies of a growing number of banks. Most institutions seeintroducing new products and services such as PC (personal computer) banking as a necessarystep for retaining highly valued customers, and for positioning themselves strategically for thefuture. The rise of technology in India has brought into force many types of equipment that aimat more customer satisfaction. ATM is one such machine which made money transactions easyfor customers to bank. ATM is a computerized telecommunications device that provides afinancial institution's customers a method of financial transactions in a public space without theneed for a human clerk or bank teller. Most banks now have more ATMs than branches, andATMs are providing a wider range of services to a wider range of users. Also, most ATMsenable card holders from other banks to get their account balance and withdraw cash, even if thecard is issued by a foreign bank. The other side of this improvement is the enhancement of theculprit¶s probability to get his µunauthentic¶ share. Traditionally, security is handled by requiringthe combination of a physical access card and a PIN or other password in order to access acustomer¶s account. This model invites fraudulent attempts through stolen cards, badly-chosen or automatically assigned PINs, cards with little or no encryption schemes, employees with accessto non-encrypted customer account information and other points of failure.
 
3
 
 ATM 
:
 Electronic banking is sometimes defined as the provision of retail and small value banking products and services through electronic channels either through mobile devices,Automated Teller Machines, or even the internet. It is also often used to describe processes inwhich customers can perform banking transactions without visiting a physical institution e- banking made an auspicious debut when automated teller machines (ATMs) were introduced itrevolutionizing how we viewed the usual, brick-and-mortar bank structure. The Automatic Teller Machine (ATM) was first commercially introduced in the 1960s. By 2005, there were over 1.5million ATMs installed worldwide.
 
With advent of Automatic Teller Machines (ATM), banksare able to serve customers outside the banking hall. ATM is designed to perform the mostimportant function of bank. It is operated by plastic card with its special features. The plasticcard 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 atevery corner of the globe. ATMs allow you to do a number of banking functions ± such aswithdrawing cash from one¶s account, making balance inquiries and transferring money fromone account to another ± using a plastic, magnetic-stripe card and personal identification number issued by the financial
 ATM ± Accessi 
ng 
service
:
 
Automated teller machines are electronic devices, which allow banks¶ customers to makecash withdrawals and check their balances 24 hours a day without the aid of a human teller. Cashholders are given cards and personal identification numbers (PIN) to remember and use whenaccessing the facility to withdraw money from their accounts. The machines are placed in areasthat are convenient to customers who can access services twenty-four hours a day. The servicesare available at bank branches, airports, large retail stores such as super markets, hotels,restaurants and other designated places. ATMs dispense cash faster than the manual operations.They are automatic and less expensive which is helping to keep banks operating cost low.

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