The ATM machine can, by many standards, be called a modern marvel. Perhaps not by the standards of the TV show that goes by that name, but by other standards I think it can. Let’s talk about a few ways that the ATM machine has significantly influenced the way our economy has functioned over the last several decades.

1. The Power Of Cash When the ATM machine was first introduced, credit cards and ATM cards were not things that everyone had. In fact, officially speaking, the process of attaching a magnetic strip to a plastic card wasn’t developed until 1960, and as the story goes, the solution was really ironed out by an engineer’s wife, with a literal iron. It turned out, the iron was the perfect temperature to bond the two materials. Having access to cash is one the big contributions of the modern ATM. Years ago, you had to go to the bank whenever you needed cash, and you would have to go when they were open. Getting to a bank during banking hours continues to be a difficult issue today, but we’re lucky enough to have access to 24-hour ATMs, so trips to the bank are less frequent.

2. The Freedom Of Location Today, you are most likely within walking distance of an ATM wherever you go. This not only makes cash transactions with businesses easier to execute, but transactions with private individuals as well. Also, instead of having to meet with a banker to move money between accounts, you can now do transfers, deposits, and withdrawals all at your local ATM machine. While the ATM machine was initially designed to just let people get money when they needed it outside of banking hours, today, the ATM is like a free-standing bank. No longer are ATM machines only found at bank locations, and no longer do you have to find an ATM that has your bank brand on the front. The proliferation of the ATM machine has made the economy responsive.

3. Reduction Of Costs While it was certainly part of the initial reasoning behind the ATM machine, I do not believe that financial savings were the main motivating factor for Barclay’s bank to put in the first ATM. However, today the ATM machine presents a real cash savings for banking institutions. While you may think that banks are already making too much money as it is, you have to remember that the more efficient a service becomes, the cheaper it will be for you to use it. So, basically, if a bank is saving money, eventually you will be saving money. Of course all of the accomplishments of the ATM machine have come with a cost. While they didn’t initially run off of plastic cards with magnetic strips attached to them, the development of that technology was a critical part in their progress. Also, the myriad of security protocols have cost millions upon millions of dollars to develop and then implement.

Today, the ATM is more than just a machine that can give you some money when you want it, it is a network connected device that can access millions of pieces of information from hundreds of different institutions within seconds. While it is only natural for us to take this kind of technology for granted, it doesn’t hurt to take a moment every once in a while to consider just what a miracle it is. So, the next time you realize that you need cash fast, think about all the work that was done to make it so you could have that cash. Without the work of inventors, engineers, and others, the ATM would just be a piece of our imagination.