Automated teller machines in Singapore
The first ATM was installed in Singapore in 1979. Since then, many significant developments have taken place. From a machine that was initially designed to merely dispense cash, it has been upgraded to perform a range of banking services, such as fund transfers, purchase of cashier's orders...
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Main Authors: | , , |
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Format: | Final Year Project |
Language: | English |
Published: |
2015
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Subjects: | |
Online Access: | http://hdl.handle.net/10356/64514 |
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Institution: | Nanyang Technological University |
Language: | English |
Summary: | The first ATM was installed in Singapore in 1979. Since then, many significant
developments have taken place. From a machine that was initially designed to merely
dispense cash, it has been upgraded to perform a range of banking services, such as
fund transfers, purchase of cashier's orders and payment of bills.
One of the banks' current aims seems to be to substitute a number of traditional
branches with ATMs, in other words, automating their branches. This would greatly
improve the productivity of banks by reducing operational costs. This could only be
achieved if technology improves sufficiently to allow for the introduction of more
services. It is proposed that future services that could be provided by A TMs are the
cashing of cheques, and opening and renewal of fixed deposit accounts. Machines
could also be designed to allow a number of non-bank products to be obtained such
as insurance policies and shopping vouchers.
Activation of ATMs can also be enhanced by substituting the present A TM card and
PIN system with either voice recognition, retina recognition or thumbprints.
Alternatively, the Smart card could replace the ATM card.
The shared ATM Network, introduced by NETS in Singapore in 1988, could be enhanced to encompass a global network. This would result in NETS being linked
with a number of international ATM networks, thereby enabling transactions to be
performed overseas, in the same way as domestic ones are performed. |
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