The Inventor of the ATM Dies at 84

If you're like me, you use an ATM at least once a month, maybe more. But how many of you have ever given a moment's thought to how automatic teller machines came into being or who created them? I'll admit, I never thought about it either -- at least not until I read this brief AP article about the death of its inventor.

The man who dreamed up the cash machine was a Scotsman named John Shepherd-Barron. He passed away earlier this week after a short illness at a hospital in north Scotland. Back in 2007, Shepherd-Barron gave an interview to the BBC in which he described what inspired his invention. It was basic enough: He first got the notion to develop the ATM after being locked out of his bank.

Later, the first ATM was installed in London on June 27, 1967, at a Barclays PlC branch. Today, there are more than 1.7 million automatic teller machines worldwide, according to the ATM Industry Association.


Shepherd-Barron's story is a tale of both creative genius and entrepreneurship at its best. When he was locked out of that bank and got the idea for the ATM, he could have simply let the notion evaporate into thin air. Instead, he started working on a concept that would define modern life and make financial transactions easier and more convenient for people all around the world.

So the next time you get a flash of brilliance or think about a product or service that has yet to be created, don't dismiss your idea as foolish or unachievable. Like Shepherd-Barron, the best entrepreneurs know that the roots of success come in identifying a need -- and then being willing to fill it.



Lynnette Khalfani-Cox, an award-winning financial news journalist and former Wall Street Journal reporter for CNBC, has been featured in the Washington Post, USA Today, and the New York Times, as well as magazines ranging from Essence and Redbook to Black Enterprise and Smart Money. Check out her New York Times best seller 'Zero Debt: The Ultimate Guide to Financial Freedom.'

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