ATMs help banks support the rising number of banked consumers
Banks can attract an increasing number of customers by investing in ATMs. These machines provide a convenient, secure way for individuals to withdraw money without having to enter the building, saving time and letting them access their funds after hours. An increasing number of American households are opening bank accounts, and these financial institutions need to do all they can to accommodate their needs.
ATMs meet the needs of banked consumers
According to a report by the Federal Deposit Insurance Corporation, the number of American households without a bank account fell further than expected in 2015, reaching the lowest point in the survey's history. The National Survey of Unbanked and Underbanked Households revealed only 7 percent of U.S. homes were without a bank account that year.
The primary reason for the decrease was the number of black, Hispanic and low-income consumers who opened bank accounts. The number of unbanked black households fell from nearly 21 percent to just above 18 percent. Hispanic household rates fell from slightly below 18 percent to 16 percent. The survey found an increasing number of customers use mobile banking as well. However, a Pew Research Trusts study found many consumers are still reluctant to use this method due to security concerns.
"Developing a relationship with a bank helps consumers build assets and create wealth, makes them less susceptible to discriminatory or predatory lending practices, and can provide a financial safety net against unforeseen circumstances," said FDIC Chairman Martin Gruenberg, according to the organization's press release.
Banks must actively work to keep this relationship with new customers as strong and healthy as possible. One way is provide the services customers need, such as quick, convenient access to funds via an ATM.
January 11, 2017