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ATM transaction on the rise

Banknet survey shows 64% of respondents are comfortable with the machine

The Business Standard
Sept 22, 2006

Automatic Teller Machines (ATM) are often thought to be just cash dispensing machines or a point to check balance in bank accounts at one convience. But now, more and more people trust this gizmo to deposit their cash and cheques, according to a recent ATM users’ survey by Banknet India.

Out of 300 persons who participated in the survey, 64 percent said they were comfortable with depositing cash and cheques in an ATM. This, perhaps, reflects a change in people’ mindset towards the safety of these machines and accepting the norms of the bank staff counting the notes in their absence, it said. However customers also complained about the non availability of envelopes to stuff cash at ATMs. While the ATM usage is on the rise, customers have some problems in using these machines. Waiting long queues at ATMs remains a bugbear. This indicates the need to install additional machines at high-demand areas.

The limit on daily cash with drawal is another major problem that ATM users often complain about. Perhaps the lack of wide acceptance of debit cards at many shops and outlets makes people to resort to cash with drawal for their needs, the survey said. About 95 per cent of the respondents preferred banking through ATMs over conventional branch banking. Over two-thirds of persons used ATMs more than once in fifteen days.

People are now less hesitant towards the use of ATMs for usual services.

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