Automated teller machines in Singapore
Soh, Yong Chee
Phua, Alice Loo Huay
Date of Issue1992
College of Business (Nanyang Business School)
The first ATM was installed in Singapore in 1979. Since then, many significant developments have taken place. From a machine that was initially designed to merely dispense cash, it has been upgraded to perform a range of banking services, such as fund transfers, purchase of cashier's orders and payment of bills. One of the banks' current aims seems to be to substitute a number of traditional branches with ATMs, in other words, automating their branches. This would greatly improve the productivity of banks by reducing operational costs. This could only be achieved if technology improves sufficiently to allow for the introduction of more services. It is proposed that future services that could be provided by A TMs are the cashing of cheques, and opening and renewal of fixed deposit accounts. Machines could also be designed to allow a number of non-bank products to be obtained such as insurance policies and shopping vouchers. Activation of ATMs can also be enhanced by substituting the present A TM card and PIN system with either voice recognition, retina recognition or thumbprints. Alternatively, the Smart card could replace the ATM card. The shared ATM Network, introduced by NETS in Singapore in 1988, could be enhanced to encompass a global network. This would result in NETS being linked with a number of international ATM networks, thereby enabling transactions to be performed overseas, in the same way as domestic ones are performed.
Final Year Project (FYP)
Nanyang Technological University