Any Time Money (ATM)

In the classes of financial accounting, we learnt how to maintain journals and ledgers. The professor gave practical examples, but this art and science of commerce is not that easy, unless you are a B.Com. At one time, I used to keep an account of all my expenses; but I have been happy-go-lucky for a long time now. Now my sixth sense does the account balancing. But some disturbances happen in case of some unexpected events, like lending some money to friends. This is what I did yesterday. My sixth sense was not in guard it seems, therefore when I was returning back this evening; I got to find only a twenty rupee note and some coins with me. I paid my auto-rickshaw fare of Rs 18. (that was debit to expenses account and credit to cash account, if I show off some of my learning) Now some coins remained with me. In the financial capital of India, with only some COINS in my pocket at 10 PM! To have some fun, I purchased one ice cream from the road side vendor. Now I didn't find it motivating enough to count the remaining coins and show off my calculation skills. Did I feel insecure? Did I feel broke? No! Because I had that card in my pocket ' ATM card: apne account ka power!

The way ATMs have changed our attitude towards money is amazing. Ten years back, the fattest wallet was the richest; now that having maximum number of card holding slots is. Call it Automatic Teller Machine or Any Time Money, ATMs have made our lives easier. I remember once I had to borrow money from my bun-makkhan-wallah in Lucknow, because I went out of cash on a national holiday. Now, I just head towards the nearest ATM.

The location of the ATMs also speaks volumes about the quality of banking services of a particular bank. In Thane, I could find two SBI ATMs in my range of movement, one in the Bank building itself, and other in a very neglected building, in a very neglected corner of a very busy market. But the ICICI ATMs were almost everywhere, near Railway station, at the Anand theatre, and one at the entrance of the street leading to my apartment.

Private Banks have taken the experience of ATMs to such a distance, that we can hardly call them ATMs. Along with dispensing cash, the small corner room consists of cash and cheque deposit counter, complaints, requests and suggestion desks, phone banking centres, and many others that I don't use or know. Recently ICICI had started demand draft by phone facility. The philosophy is not only to save costs, but also to enhance the customer satisfaction and delight.

ATMs are just one aspect; the prospects of phone banking and internet banking are tremendous. But the penetration of such facilities is the point of concern. These are things of the future, but how long will it take to get to reach the aam adami?

One of our professors said that banks in the coming time will penalise those customers who go to the bank's brick-n-mortar branches. This would be a horrible situation. We have already fought the government's decision to extract a surcharge on cash withdrawals above a limit. Any step which leads to giving monopoly powers to banks is very bad. Any system should be able to protect the weakest of the customers. ATMs are nice, but the brick-n-mortar branches are equally important. Otherwise the invisible hand would get a bad face.

© Rahul