Banking and Finance Essay

IntroductionThe automated teller machine (ATM) is a machine that acts as a teller in an institution by receiving and issuing money to and from the ATM account holder or user. The ontogenesis and evolution of at ATMs was not only due to, but sooner as a result of general global concentration in the technological revolution. This came due to ch wholeenges of multiple bulk of daily complex tuition that arise from existing difficulties like increase in competition, increase in customers demand for both services provision as well as efficiency , expansion due to increase in demand and only the likes just to name a few.The ATM musical arrangement used by little financial institutions today is an inherited form from banking system therefore brought in efficiency in different small financial institutions in terms of speed, data processing and storage. Thus, it brought in bulky improvement in queuing in institutions in use of the ATMs. Despite all the merits of ATMs, customers still b ring up complains on the demerits of the system such as breakdown of ATMs, long queues at the ATM service point, retention of customers cards. In this light, this research entails to find out why all these cries after all the goods incurred in the system. 1.1 Background of the study.1.1.1 Historical background.The history of micro financial institutions lav be trace as far back as the eighties when the theorist Lysander Spooner was writing over the benefits of from small credits to entrepreneurs and farmers as a way of getting people out of poverty. Today, the use of the expression micro backing has its root in the 1970s when organisatons were sarting and shaping the modern industry.At that time, numerous microfinance ini tiatives introduced many new innovations into the sector.Many entreprises began experimenting with loaning to the under served people. The main reason why micro financing is been traced back to the 1970s is that, the programme could show that people raise be rel ied on to pay their loans and that its possible to provide financing services to poor people through market based enterprises without subsidies.