What is abm in banking?

ABM in banking means Automated Banking Machine. That is what we call it here in England. Most people call it a cash machine. Or sometimes a hole in the wall.

It is a machine outside the bank. You can use it for simple things. You can get cash out from your account. You can check your balance. You can also pay in cheques or cash sometimes. You put your card in the machine. Then you type your secret number. This is your PIN. Then you choose what you want to do.

It is very helpful. The bank does not need to be open. You can get money any time, day or night. It is faster than queuing inside sometimes.

I think in America they say ATM. That means Automated Teller Machine. But here, we say ABM or just cash machine. It is all the same thing. It is a machine that lets you do your banking.

That's a good question. ABM stands for Automated Banking Machine.

Think of it as the broader, more capable cousin of the familiar ATM (Automated Teller Machine). An ATM's primary function is dispensing cash. An ABM, however, offers a wider suite of services. You can deposit cheques, pay bills, and transfer funds between your accounts.

Essentially, it’s a more comprehensive self-service terminal. All ATMs are a type of ABM, but an ABM can do far more than a simple cashpoint. It represents the next step in self-service banking technology.