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The Fascinating Technology Of ATM Banking Services

Posted: Mar 11, 2016 at 3:01 am   /   by   /   comments (0)

Patrick Ogbe

Arguably, nobody can say for sure, when banking commenced among mankind. From time immemorial, mankind, with its teeming population, has been engaging in un-ending commercial activities and business. Such commercial activities, often involve one form of payment, or the other. This is the point where money or something that is acceptable as a legal tender comes in. the real reason why any one cannot pin-point when banking commenced amongst mankind, is glaring.

In contemporary times, we may not want to grip with the fact, but probably; the first act of banking was implemented when, hundreds and thousands of years ago; a particular security-conscious and wary individual, took his treasures, and deposited it with another individual (or group of people) who were resident in a more protected enclave for safe keeping with the promise of squeezing out a fraction of such treasures to those protecting it, when the original owner has need of his treasure(s), and does come forward to take custody of his wealth.

Banking, for many, today, implies many things. However, quite a number of people are intimate with the fact that, “a bank is a business organization that receives and holds deposits of funds from others, makes loans or extends credit, and transfers funds by written order of depositors (in time past), and via cheque book/leaflets (in contemporary times). This term is occasionally, but in-accurately applied to commercial banks only, because of the peculiar types of services that commercial banks perform.

Evolving over a period of year, decades, and centuries; banks in every society, in the world, performs many important functions which in no small way, contribute to the development of each Nation’s economy, as well as make living easy for their customers, and numerous account holders. The primary function of each bank, is providing safety for customers’ money, and then secondarily, dispensing such money to customers on request.

In Nigeria, the history of the banking industry has been one of ups and downs; up-heavals and periodical metamorphosis, till former President of Nigeria, Chief Olusegun Obasanjo, brought some measure of sanity, and buoyancy to the sector. He achieved this feat via the bank consolidation reformation scheme, during his tenure in office. The bank consolidation reform by the Obasanjo’s administration, enabled banks that survived the consolidation purge, to become more vibrant, buoyant, and financially stable. “The successful bank consolidation following a wave of mergers and acquisitions and increased capitalization, forced by the Central Bank of Nigeria, by the end of 2005, raised the then N2bn capital base of existent commercial banks, to N25bn. This consolidation move by the then Obasanjo administration, created 24 stronger reliable banks that were financially healthy.

In the contemporary world, the banking profession has attained a unique dimension of sophistication and ease such that is currently existent. Operating banks can now relate with their customers and numerous account-holders conveniently, through their mobile phones, lap-tops, desktop computers, e-mails, i-pads, ATM machines, and of course via customers, personalized ATM cards, without physical contacts with such un-countable customers.

Money is so important to the human race. Without money, life, for many, would be at a lack-lustre stand-still, momentarily. For money owners, and uncountable account holders; there is nothing as relieving or pleasant, as having access to their money, when the former have need of the latter. In time past, as a bank account holder, or bank customer intent on withdrawing money; you’ll have to go to your bank branch between the hours of 8:00 a.m. – 4:00 p.m. to be able to do so. Then, in time past, weekend or rather, Saturdays and Sundays as well as public holidays, were days of the week, when bank customers will not be able to have access to their money.

This is a set-back, which the ATM banking services, via ATM cards, have surmounted for banks customers. In addition to this unique service; there are so many other banking transactions that bank customers can carry out, or effect, with an ATM card. Checking of balance; changing of pin number, transfer of funds from one account to another, and in rare instances, deposits of cash via ATM machines are other notable banking  transactions, which a bank customer, can implement with the aid of an ATM machine, when staff of a bank’s branch are not physically around, or present.

The Automated Teller Machine (ATM) banking service technology is not yet 100% perfect. There have been instances of customers complaining about unexplainable and arbitrary deductions from their accounts after ATM transactions. Then at times, customers are not able to consummate their transactions with their ATM cards, because of “network failure” by their ATM service providers. At times also, in some interjected instances; ATM machines have been known to seize cards of customers in the process of effecting a particular transaction.

Not minding all these yet-to-surmounted-imperfections however, the laudable modern technology of ATM banking services will ever hold a mesmerizing fascination for bank account holders, and bank customers that are familiar with the system.