OCTOBER 7, 2014, MT. PROSPECT, IL – Cummins Allison, the leading innovator and provider of coin, currency and check processing technology as well as ATMs, today unveiled the results of its first annual ATM channel survey, identifying the top priorities of banks and credit unions.
The survey shows that 58 percent of financial institutions (FIs) plan to either expand or replace their ATM fleet in the near future, with the goal of providing better service and security.
Other key findings from the survey titled, “The Changing Face of the ATM Market,” include:
57 percent plan to increase security technologies
61 percent plan to move to Microsoft Windows 7
21 percent plan to add deposit automation
Advanced ATM Technology Gains Momentum
As FIs replace aging ATMs or expand their current fleets, many are also exploring new capabilities such as video conferencing, biometrics and remote teller assistance.
"The survey clearly shows that financial institutions are committed to deploying new technology and new features in their ATMs as they move toward more customer-centric banking," said Tom Conroy, senior director ATM business unit, Cummins Allison.
"Financial institutions must consider both required and desired upgrades,” added Conroy. "Implementing Windows and EMV upgrades can be a costly process, and if an ATM is at the end of its 7-to-10-year life cycle, a new machine could be the right choice, especially when considering new technology."
With ATMs being the primary touch point in the customer service delivery channel, FI’s are also demanding more from their ATM vendors, including better quality service and support.
Product and Service Quality Key When Evaluating ATM Providers
According to estimates from Retail Banking Research, the number of ATMs around the world is expected to grow as much as 44 percent between 2012 and 2018. With many FI’s making purchasing decisions in the next few years, 94 percent of respondents indicated that quality of product and equipment service are 'very' or 'extremely' important qualities when evaluating ATM vendors.
"Customers have told us they need reliable ATMs provided by a partner they can work with to solve their particular needs," said Mark Tankle, senior director ATM business unit, Cummins Allison. "Community banks and credit unions, in particular, are looking for a local provider that is easily accessible and offers responsive service support. They want a more personalized approach in the ATM market."
Survey: "The Changing Face of the ATM Market"
More than 390 banks and credit unions responded to the Cummins Allison survey. Survey respondents represented both large and small financial institutions, with revenues ranging from less than $50 million to more than $30 billion. More than 90 percent of respondents currently own 100 or fewer ATMs.
To view the survey results, click here.
For more information on Cummins Allison's full suite of ATM products, visit www.cumminsallison.com/atm
About Cummins Allison
Cummins Allison is the leading innovator and provider of check, currency and coin handling solutions, as well as full-function ATMs. Our world-class sales and service network includes hundreds of local professionals in more than 50 offices in North America, 6 wholly-owned subsidiaries and is represented in more than 70 countries around the world.