50 years ago, the first automatic window was installed in Oklahoma, revolutionizing consumer finance. In Your Money Matters today, Michael Kelly, Executive Director of transfund, sharing information on the evolution of automatic ticket distributors and what the future reserves for these banking machines.
Q: Let’s start with the concept of ATM. How did he start and how did he evolve?
A: “Well, Bok really needed to serve their customers outside the city center (Tulsa). And so we placed this first automatic window in 1975 at 6700 South Yale at the Science Center. It was really an offline automatic window. If you had $ 150 in your bank account, like me, and you removed $ 200, he did not know that you were over-drawn.
The calculation power has changed so much in 50 years. Microprocessors at the time had around 1,000 transistors on them. Today, a microprocessor has 80 billion. And so you can imagine that the computing power allows us to really do everything we want with an automatic counter. You can consider an automatic counter as a really computer. “”
Q: What is the transfined consideration as the current function of an ATM? What is the definition of the ideal automatic counter today?
A: “Well, it depends on how you want to serve your card holders or the way you want to serve your members in the store in C.
We have 1,000 automatic ticket distributors, and they are in Quiktrip, 7 -Eleven, Oncue, and they are mainly for more convenience – to obtain money and go out. But we, as a bank, also want an automatic counter in a box, or a bank in a box, to do everything you can do in a bank.
How you interact with this automatic counter – you can do it biometricly with your phone, contactless. You can do your hand, your fingerprint, your printed face. There are all kinds of upcoming innovation. It really depends on what you are trying to solve.
You can also buy crypto, manage your crypto, stablecoins, buy Bitcoin – There are all kinds of functions for which you can resolve. “”
Q: In your opinion, what will be the greatest progress for automatic ticket distributors and people who get money on the go over the next five to 10 years? What considers the transfer as the next big step?
A: “Well, we incorporate AI, and what you will start to see is that you can really ask for a loan, be approved for a loan and get your funds there. It’s new.
You can, as I said, manage your crypto, interface with it without contact – that you press on your card, that you use your phone, that you are a transaction with a QR code – all kinds of advances arrive. You will start to see them play in the next five to 10 years. “”
Q: Do you see these automatic distributors of future tickets more often attached to a bank, or do you see more autonomous machines? What is the future of ATM locations?
A: “Again, we look at AI, data – where card holders, where do people need these automatic ticket distributors? And this is where we will place them.
Just as Quiktrip does all kinds of analyzes on the place where to place a location, we do the same for an automatic counter. How do we want to serve our members from the point of view of a box? How do we want to serve our card holders and our customers from the bank’s point of view? So you will see them where you are. “”