ATMs are a major advantage for banks in the face of shifting customer desires and the ongoing adoption of mobile banking options. There's plenty of discussion in the world of financial institutions about the impact of digital banking and mobile devices on the habits of consumers. While banks continue to adapt to the many changes in consumer behavior and develop new strategies to better target the modern market, there are certain real-life touch points that can't be ignored. ATMs, an especially convenient and useful tool for customers, are one area where banks can focus attention to address physical banking options.
Despite the rise of new electronic payment tools and the enduring popularity of credit and debit cards, cash still plays a major role in the life of many consumers. Along with access to money, the account management options offered by ATMs can attract customers even when they don't need to withdraw any currency. The Federal Reserve's statistics related to the use of ATMs indicate a high level of use that won't stop being relevant for bank customers at any time in the near future. Specifically, ATMs are the second-most common banking touch point for the general public, second only to visiting a branch. While 84 percent of Americans with a bank account visited a branch and interacted with a teller over a 12-month period, 75 percent used an ATM.
The study also found digital banking is indisputably in a period of growth, but it's not yet close to attaining a majority among the total population of banking customers. While a 3 percent increase in mobile banking use is a significant year-over-year gain, the total number of people using the service sits at 38 percent. The Federal Reserve said long-term data from the start of mobile banking to today indicates a growth in that service but a relatively steady level of use for other banking channels.
The continuing popularity of ATMs means banks have to give these versatile devices their due consideration as part of an overall strategy to appeal to customers. Offering ATMs at branches and in other high-traffic locations is a great way to attract customers with convenience and position ATMs as one of many options to meet their banking needs.
September 29, 2016