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ATMs remain important in digital age

ATMs remain important in digital age

The digital age is well underway, and for financial institutions looking to make the most of their ATMs, it's one trend that is not slowing down.

One report from Retail Banking Research (RBR) highlighted the growth of digital bank branches. These are financial institutions that offer consumers the chance to complete a number of tasks without the operational back office and need for employees.

These branches typically include ATMs, change dispensers, currency exchangers, desktop terminals and video remote advisers. However, they're now incorporating tablets, mobile phones and standalone video banking devices.

"Customer relationship management software, improved telecommunications and channel integration play critical roles in maximizing the potential of the developing range of customer facing devices," RBR stated in its report. "The functionality that they deliver includes personalization and one-to-one marketing, together with the ability to initiate a transaction through one channel and complete it through another. Examples of other important new technologies include biometric authentication, facial recognition and digital signatures."

Data from Capgemini Consulting shows that the number of U.S. customers who prefer self-service banking options is on the rise. Digital branches can provide a service to this market while still making use of the fact that most banking products are sold in-branch. Additionally, with research showing that nearly half of U.S. banking customers believe a bank is not legitimate unless it has branches, maintaining a branch presence is essential.

However, even with technological advances transforming what branches can be, ATMs remain a cornerstone. Consumers want to be able to withdraw money, deposit checks, make transfers and conduct other business without having to wait in long lines to interact with tellers.

This makes choosing quality ATMs an essential part of success for bank branches, digital or not.

09/24/2014