ATMs remain a crucial component to credit unions everywhere. By automating cash transactions, financial institutions offer their customers the benefits of getting the money they need without having to wait in line to see a teller. However, despite so many functions, the machines have not reached their fullest potential yet, with credit unions missing out on a lot more than usual. Taking over many operations that tellers would perform can be ideal, especially since these particular financial institutions have less of a scope than big banks. Considering the trends ahead for using ATMs, credit unions should take a look at what's in the future and what's beneficial for them.
In many places, ATMs are performing multiple functions for financial institutions, enough that they serve as tellers away from the branch. For example, there's the option to deposit cash anywhere, according to ATM Marketplace. Currently, some credit unions aren't taking advantage of machines that actually perform deposits outright. This is a considerable opportunity wasted, for not every member is capable of reaching a local branch during normal business hours.
Some take this feature a step further, however. Instead of just being allowed to deposit anywhere there's a branch, many ATMs now have the capability of being bank-agnostic. In other words, a credit union member would be allowed to deposit cash at any ATM that is on the same network as the financial institution he or she works with. This can be the ultimate convenience factor, for it prevents consumers from ever having to wait on the next available time to complete a major deposit.
There are other features that could gain traction in the coming years for ATMs at credit unions. For example, given the community stature that many credit unions have, bill payments may become a major function with ATMs in the near future, according to a white paper by ATM Marketplace. Another potentially useful feature is emailing receipts. Along with saving paper, it allows members to more closely track their transactions in a convenient format. Yet another major feature, check cashing, allows the customer to withdraw money from checks they receive instantly. However, credit union ATMs should soon have the ability to offer multiple denominations for withdrawal. This particular feature would allow customers to be more flexible with their withdrawals, increasing their overall satisfaction with the experience.
September 10, 2015