In 1967, the face of banking changed fundamentally. At Bahnhofstrasse 45 in Zurich, an ATM protruded from the façade of Union Bank of Switzerland, making cash available independently of branch opening hours for the first time. Built by De La Rue in London, the machine marked a significant innovation in banking. By introducing Switzerland’s first ATM – and one of the earliest worldwide – Union Bank of Switzerland signaled the beginning of a new era in banking.
The device was expected to bring about a fundamental shift in existing banking practices and was therefore described in the media as a technological sensation and a “miracle machine”. The business newspaper Finanz und Wirtschaft noted: “As the prototype costs around CHF 70,000, it is unlikely to be suitable even for larger private households.”
This first generation didn’t yet function in the same way as today’s ATMs using bank cards. Clients first had to obtain a cash card – a special punched card – from their branch worth CHF 200. At the cash machine, they could then withdraw only that exact amount, receiving CHF 200 in the form of a bundle of CHF 20 banknotes.
As early as spring 1968, several Swiss banks, including Swiss Bank Corporation, Credit Suisse, Swiss Volksbank and Bank Leu, joined forces to establish the “BANCOMAT” ATM network, a collaborative initiative of Swiss banks.
By 1970, the network had already expanded to numerous cities and tourist destinations, from Basel, Bern and Zurich to Davos, St. Moritz and Zermatt. Initially, however, cash withdrawals were only possible at ATMs operated by a client’s own bank. In 1978, a centralized interbank network was introduced, developed by Telekurs AG (now part of SIX). Clients were no longer limited to their own bank’s ATMs, paving the way for further expansion of the network.
Until 1978, the bank card was known as the “Swiss Cheque” card. From 1976 onward, it was gradually replaced by the Eurocheque system (EC card), considered the forerunner of today’s debit cards. During the 1980s, the increasingly popular debit card, supported by the EC-Direct system with direct debits from bank accounts, played a significant role in the growth of cashless payments in retail stores and at gas stations. During the same period, regional and cantonal banks joined the network, increasing the number of ATMs from 260 to 600 by 1986. The number of ATMs in Switzerland continued to rise over the following decades and peaked at around 7,000 in 2016. Since then, the number of ATMs has declined gradually as cashless payment methods have become more widespread and bank branches have closed.
The ATM introduced the principle of self-service to Swiss banking. Available around the clock, ATMs made access to cash less dependent on branch opening hours and simplified everyday banking for clients. At the same time, the constant availability of cash increased flexibility across the economy, benefiting retail commerce, travel and leisure activities alike.