A Brief History Of The ATM Machine
The modern Automated Teller Machine, a revolutionary concept, was first introduced in the serene English town of Enfield, London, in 1967 by Barclays Bank. Thw brainchild of John Shepherd-Barron was a game-changer, as it brought the convenience of 24/7 cash availability to banking customers.
Although innovative, this version of the ATM wasn’t the world’s first because the idea dates even farther back to 1939 when Luther Simjian, a New York City resident, invented the ‘Bankmatic Machine,’ a ‘hole-in-the-wall’ concept that was installed at a branch of City Bank of New York.
Withdrawing Cash After Banking Hours Was A Unique Concept
Even though we’re used to having easy access to cash in the 2000s, that wasn’t the case in the 1960s because banking customers had to go to their banks during regular banking hours to get the money they needed.
John Shepherd-Barron, a visionary, who foresaw the potential of an easy way to access cash after business hours. He believed that if such a solution was available, more banks would be inclined to offer this convenience to their customers. However, he also had to tackle other hurdles, such as maintaining the ATM’s cash supply, to bring his idea to fruition.
Early ATMs Also Accepted 4 Digit PIN Codes
Shepherd-Barron’s early years were a combination of innovation and struggle, as ATMs in the early 1960s began to slowly resemble the automatic teller machines that we know and enjoy today.
Those first machines once required a 6-digit PIN code, but Shepherd-Barron suggested a 4-digit PIN code, which made transactions manageable for ATM customers.
Even though those early ATMs lacked the digital screens and technology features we enjoy today, the world’s first ATMs were indirectly responsible for fueling the post-war economic boom in Europe and the United States because consumers could quickly obtain cash after banking hours.
In 2024, ATMs are available at almost every store nationwide, and it’s not hard to be in a new city where you can’t easily access cash from your bank thanks to a local ATM. We can thank John Shepherd-Barron for his contribution to ATM development and the hard work of countless other visionaries along the way who have made this technology safer and easier to use for everyone.
By Jeremy Raglin, Content Writer
Also see: ATM Suppliers Directory