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Page 6 The Skanner MINORITY BUSINESS ENTERPRISE EDITION September 27, 2017 MBE 2017 Special Business Edition The ATM at 50: How It’s Changed Consumer Behavior Adoption was slow, but the U.S. now boasts nearly 3 million cash machines NEW YORK — An au- tomated teller machine. The cash machine. In Britain, a cashpoint. ATMs, known for spit- ting out $20 bills (and imposing fees if you pick the wrong one), turn 50 years old this year. They’re ubiquitous — and possibly still a ne- cessity, despite the big changes in how people pay for things. It was a radical move when Barclays installed cash machines in a Lon- don suburb in 1967. The utilitarian machine gave fixed amounts of money, using special vouchers — the magnetic-striped ATM card hadn’t been invented yet. There was no way for a customer to transfer money between accounts, and bank em- ployees tabulated the transactions manually at the end of each day. As the ATMs became familiar, though, they changed not only the banking industry but made people comfortable interacting with kiosks in exchange for goods. Now that means getting movie tickets and board- ing passes, self-checkout at grocery stores, and online shopping that brings products to your door with a few clicks. All are based on the idea that people can handle routine transactions by themselves without a teller or cashier. “The ATM tapped into “ dispensed items people could hold in their hand. Bernardo Batiz-Lazo, a business professor and ATM historian (yes, they exist!) at Bangor Univer- sity in Britain, said early users of automated tell- ers were often checking their balances twice: once to see how much was in their account, then again after with- drawing money to see if The ATM tapped into that innate force in people that gives gratification for doing a task on their own and it grew from there that innate force in peo- ple that gives gratifica- tion for doing a task on their own and it grew from there,” said Charles Kane, a professor at the MIT Sloan School of Management. It was a radical concept at the time. The ATM wasn’t the first self-ser- vice device — vending machines and the au- tomat had been pop- ular before. But those it registered. “They were popular, but it took a long time to slowly convince custom- ers to learn about ATMs and use them regularly,” Batiz-Lazo said. For the banking indus- try, ATMs meant banks could be in thousands of places at once, not just in branches, and earn billions of dollars in fees from non-custom- ers. Banks used to staff AP PHOTO/GERRY BROOME By Ken Sweet AP Business Writer In this Aug. 30 photo, employees Stephen Cheek and Lashanda Mitchell stage automated teller machines during the manufacturing process at Diebold Nixdorf in Greensboro, N.C. With the exception of the vending machine, no piece of technology has done more to create the culture of “self-service” than the ATM. 2017 marks the 50th anniversary of the ATM. dozens of tellers at each branch to handle routine transactions. Now many staffers work on other tasks, like sales or ac- count maintenance. Around the U.S. today are roughly 3 million cash machines, accord- ing to the ATM Industry Association. Most are actually not owned by banks, but by private companies that install them at convenience stores, restaurants and bars in hopes of grab- bing customers who don’t want to find a bank branch. The wide acceptance of the ATMs changed the types of cash Amer- icans typically carry in the pocketbooks. Since ATMs became more widely available in the early 1980s, the twen- ty-dollar bill has regular- ly been the second-most printed bank note each year by the Bureau of Engraving and Printing. The first place spot is held by the $1 bill. Even as people use cash less, and credit cards or mobile payments more often, the ATM isn’t going anywhere for a while. At least, that’s what histori- ans and — unsurprising- ly — the ATM industry says. Devon Watson, vice president at Diebold Nix- dorf, the world’s largest manufacturer of ATMs, says 85 percent of all transactions worldwide are still in cash. Newer ATMs have more functions than ever. They accept check deposits, can transfer money between ac- counts, show an account balance, pay a credit card or mortgage payment, or even sell you stamps. NCR, another major manufacturer of ATMs, say the latest models are also designed to act more like smart devices. Kev- in King of NCR says that includes “swipe, gesture, multi-touch.” And future ATMs will likely start selling products as well. Have a checking account? The ATM will ask you wheth- er you want to open a brokerage account. Much like tellers did. PUTTING PEOPLE Constructing Hope TO WORK in the Pre-Apprenticeship Program CONSTRUCTION INDUSTRY FREE Ten weeks of construction training for those with legal history, minorities and low income, ages 18 years and older. WE OFFER: n n n n n Free construction training We provide tools Safety certifications Career placement Begin a career with starting wage of $16.00/hr. 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