The Importance Of Atm In Banking

Register to read the introduction… Each person has a vested interest in the bank and wants to make a profit. Banks need to meet their customer needs, as from the deposits that customers make allow for loans to be funded, and that is how a bank can grow for the future. As a shareholder, it is vital for the person to make a profit. For example, the vendor that installs the check imaging system for the ATM wants the product and service to be successful because if not, it affects the vendors’ reputation. Employees want to work for a company that grows, as that means that there will be new employment opportunities. If a customer goes to an ATM and makes a deposit, he or she has to get an envelope to place the slip, checks, and or cash. In addition, the person has to make sure that their account number is on the back of the check so the proper account can be credited. Dan Beighley (2007) discusses how, “Bank of America has adopted a trend that allows for the ATM to scan a digital image of the check, so when the customer gets their receipt he or she will see a copy of the check that was just deposited (p. 5). The more individuals that enjoy using this feature, the more banks will be receptive to using this technology. According to Beighley, “The cost to convert each ATM to scan is from $10,000 to $15,000” (p. 5). Hence, larger banks will be using this technology before smaller banks decide to convert. As more branches use the …show more content…
For example, employment in the industry can change, preventing terrorist financing is important, how interest rates change affect business, and how mergers and acquisitions can affect banks and their customers. Also, banks attract all different types of employees with different backgrounds, skills, and educational levels. For example, a person might become a teller after he or she graduates from high school. The person decides to work full time and attend college part time, the bank has an employee tuition reimbursement for any employee that majors in a business related field. Also, starting out as a teller allows the person to learn more about operations, loans, and new account products. In addition, banking is an industry where the employers will train employees on the systems and procedures. Banking has been a very popular sector to be employed in due to the opportunities According to the National Labor of Bureau and Statistics; “The banking industry employed about 1.8 million wage and salary workers in 2004. About 7 out of 10 jobs were in commercial banks; the remainder were concentrated in savings institutions and credit unions”. Since banks offer many type of positions from administrative, operations, and loans Employee retention is important, in an industry where there can be a high-turnover rate. What banks decide to pay their employee is based on the