Automated Teller Machine : An Electronic Banking Outlet

The white paper is intended to provide an overview of the teller system used in daily banking operations. It attempts to detail the different

[A. Fees are displayed when you take money out of an ATM. Terms and conditions must be explained to the consumer when funds are withdrawn from an account. Disclosures must be written in comprehensible language. Any change in terms must be communicated to the consumer within 21 days of the change taking effect. Financial institutions are required to provide consumers with statements for electronic transactions. Any of these is acceptable.]

ATM: ATM is a physical embed-in device which is to be installed on the wall as part of the supporting infrastructure, despite of the fact that is unmovable, it is possible that any third party scam devices is installed on the it by an intruder, such device includes hidden camera, fake PIN pads and card skimmers. These data collection devices can retrieve your personal private information quickly if you trigger them by the way they want.

Almost 30 percent of the pay cards have no access to the ATM networks. Thus, they involve an employee incurring some costs before they can access the funds. More so, this system of payments is against the will of some workers since it a requirement by the law that they get paid via the pay card system (Mandated benefits: 2016 compliance guide, 2015).

The Bank Person- Why, yes we have Debit Cards so that you can pay for goods or services using money in your checking account.

In the old days, people go to bank branches in order to either make a deposit or a withdrawn to their accounts. From 14th century in Venice, Italy to 1970s in New York, United States, banking seems to the same as it never changes. There is no other options if you don’t want to have your own house full of cash open for thieves and robbers. But with digital currency and online banking system, those days have long gone for younger generations only with pictures shown on the history books. Starting from 1990s, growing with the boom of IT technology in Silicon Valley, digital banking has given itself a key role of shaking up the entire banking industry as

Presently, most companies require or encourage direct deposit for their employees. The banks really have an advantage in this process. A person will have to receive an ATM card for accessing their money, but the bank will also include a VISA symbol on the card. In some cases, the bank allows the VISA credit line to be used for overdraft protection. A consumer may be unaware that exceeding their checking balance by $5.00 causes the bank to draft $100.00 increments into the account from the credit line. This procedure can be deceiving to the customer.

Business correspondents are the key players in Microfinance sector with technology-based transactions they are provided Point of Sale (POS) devices and doing EKYC through the finger print technology. They use Micro-ATM (POS) handheld device to perform basic financial transactions like Deposit, Withdrawal, Funds Transfer, Balance Enquiry, Mini Statement and other remittance. The below table depicts the POS based transactions during last five year across various

Banks provide three types of services through online banking. (a) Information on different services and products offered by bank to their customers and for general public. (b) In this service, customers can apply for new services and products provided by bank, account balance queries, but no fund transections. (c) In this service of banking, customer can transfer funds, make bill payments, purchase or sale securities by bank, can subscribe to other products by bank.

With the advance technology, banking has become a 24 hours a day and seven days a week ability. Not too long ago banks were only open from 9:00am to 3:00pm, workers and businesses rushing to get to the bank before they close. Paychecks were handed out personally not direct deposit, cashing or depositing a paycheck entailed a trip to the bank. Now most companies have direct deposit and the printed paycheck is becoming a thing of the past, this is only one example of how technology in banking has changed in society. The electronic banking (e-banking) can be described as the automated method of new and traditional banking services which reduce cost, and simplify front and backend process satisfying customers.

During the past decade, we have undergone enormous changes in the way that we conduct business. ATM check cards, credit cards, and preferred customer cards are the most common buying tools today. Check, or debit, cards are ATM cards that function just like cash. Customers can now make payments with their check cards

Many financial institutions across the world have adapted to the change towards the cashless society by implementing electronic funds transfer via automated teller machines (ATM’s) and of late, the internet. By having a simple plastic card, society could completely eliminate the need for cash. The benefits range from the end user through to the government and the

Internet Banking (Internet banking): Computerized service that allows a bank’s customers to get Internet with the bank via internet or telephone lines to view the status of their account(s) and transaction history. It usually also allows them to transfer funds, pay bills, request check books and so on (Business dictionary., 2011)

Although, electronic banking provides many opportunities for the banks, it is also the case that the current banking services provided through internet are limited due to security concerns, complexity and technological problems (Sathye, 1999 & Mols, 1999). According to Financial Services Authority (FSA) 2010, banks face several risks but notably are; Safety situations around ATMs, abuse of bank cards by fraudsters at ATMs and the danger of giving your card number when buying on line. Security risk is a major source of concern for both customer and the bank. Since E- banking services are offered using network, it is exposed to risk environments hence leading to security breaches. The consequences of security threats are potential financial, legal and reputational implications.

As the ATM Booth technology is the blessing of modern science and the civilized people use this technology for their banking, its security system should be up to dated. For the safety of people and their money should be the main concern of such technology. For this, the