In short, the ATM created an interface between customer and company that changed the competitive dynamics of the banking industry. The ATM interface became a critical part of a bank’s communications and product-line strategy. The information on the ATM screen for the most part replaced product-information brochures and bank tellers. Thus, old categories of product and promotion began to merge. However, applying traditional, time-honored management models, bankers originally saw only banking automation in the ATM network. They did not see that such automation would change the entire value proposition of retail banking—a misjudgment with profound consequences.