What does the abbreviation 'ATM' stand for in the context of modern banking services and automated financial transactions?

💡 Solution & Explanation

Automated teller machine refers to an electronic telecommunication device that enables customers of financial institutions to perform financial transactions without the need for a human cashier or bank teller. Automated teller machines revolutionized retail banking by offering round-the-clock cash withdrawals, balance inquiries, and fund transfers. Modern machines also accept cash and cheque deposits and facilitate utility bill payments. Interoperability across different bank networks is managed through shared switches like the National Financial Switch.