An Automated Teller Machine (ATM) is also known as Automated Banking
Machine (ABM), Cash Machine, Cash Dispenser, Cash Point or Hole in the Wall. ATMs are introduced in the early 1990s to replace tellers and to reduce transaction costs of banks. It is an electronic device which enables the clients of a financial institution to make financial transactions without the assistance of a cashier or clerk. The customer is identified by the machine when an ATM Card or Smart Card is inserted and on entering the PIN, the machine will be ready for the services like withdrawals, deposits etc. It helps reduce the paper work to a great extent and thereby reduces the transaction costs of the bank. Now-a-days, ATMs provide most of the banking services like updating and printing bank statements, purchasing movie tickets and train tickets etc., donations for charity, fund transfer etc. ATMs pose security issues like usage of fake cards, PIN hacking, attacking customers in the ATM etc. which are not resolved completely. Internet Banking With the advent of internet, internet banking started in the country during the early 2000. Internet Banking also called E-Banking or Online Banking which allows customers to conduct financial transactions through a secured website operated by the bank. A customer having internet access should register with the bank for online services and bank will provide him with a user name and password which can be used for entering into the banks website for online banking. Through online banking, a customer can make financial transactions as well as non- transactional activities like requesting cheque books and Demand Drafts, viewing account balances, downloading applications for various banking services etc. Normally all net banking services should be denominated in local currency, that is Indian Rupee but now foreign exchange services are also offered subject to the rules and regulations prevailing in the country. Most of the banks have set up top security measures to prevent and reduce unauthorized online access of customers records. Phone Banking Phone Banking and Mobile Banking are the recent contributions of technology banking. It is a service provided by a financial institution or bank to its customers to perform financial transactions without physically visiting the bank. The customers can make use of this service on a 24 hours basis. Phone Banking functions through an Interactive Voice Response System (IVRS) or telebanking executives of the bank. One has to register his phone number with the bank and the bank will provide a password to access this facility. The services available through this service include balance enquiry, bill payments, fund transfers, ticket
reservation etc. but cash withdrawal is not possible for which the customer need to visit the bank or an ATM.