Vritti July 2016 | Page 21

Technically Speaking 21 — By Rahul Vaish The ATM has served as the humble foot soldier of the economy for the last few decades. It has operated right from the frontlines of the economy – be it rain or sunshine – pumping liquidity into the system. There can be no two doubts: ATMs have become indispensable in today's milieu. They have become an important cog in the wheel. Millions depend upon it. Without this cog, the wheel (the economy) stops to turn smoothly. Ever since its first deployment in London in 1967[1], it has grown in popularity by leaps and bounds. Today, more than 3 million ATM machines operate across the globe with total number of withdrawals exceeding 8.6 billion every year. Ease of dispensation, 24X7 access, increasing cost pressures on financial institutions together with an ever increasing demand for customer selfservice have driven innovations in the industry for some time now. With financial activities moving towards the digital medium, it is not inconceivable that ATMs could very well become the face as well as the heart of banking operations across the globe. However, in order to do so, banks have to develop the next-generation of technologies that leverage biometrics and mobility to control fraud as well as facilitate onboarding of more transactions.