Recent news shows financial institutions are on track with their efforts to make their ATM fleets fully compliant with Europay, Visa and MasterCard technology. Any establishments continuing to hold out on the transition can find comfort in knowing the large-scale adoption has so far gone relatively smoothly for most businesses.
According to ATM Atom, a banking industry publication, branches have already made major steps in successfully upgrading their machines to accept the more secure chip-and-pin solution for credit and debit cards. The website cited the "2016 ATM Channel EMV Readiness Survey" from the ATM Industry Association, which found more than half of 120 respondents from the financial services industry now have EMV-compliant machines at their branch locations. The report projected that 58 percent of EMV-ready fleets will be fully approved to operate with the new technology by the end of 2016.
Branch managers can expect the transition to continue barreling along - especially since MasterCard announced it will dial back some of its more stringent requirements for EMV certification. Until recently, the company's process for testing and approval forced many businesses to wait weeks to receive the final go-ahead from the company to operate with the new technology. With fewer individual tests to go through, the same process will now take only a few days. This initiative lines up with the fact that MasterCard already equipped 70 percent of its branded credit cards with the new chip-and-pin features. Officials said the reduction in test requirements does not deter from the ability to ensure the speed and security of EMV transactions.
ATMs play a critical role in the customer experience at bank branches across the U.S. As a result, it's important for branch managers to stay on top of industry trends and ensure the machines they have on site are fully equipped with the most secure technology.
Security is only part of the conversation, as well. In addition to EMV-readiness, banks can also stay ahead of the competition by leveraging machines that have customer-friendly features. These include touch screens and advanced software solutions that support fast transactions. With the right ATMs, financial institutions can take full advantage of the EMV transition without sacrificing any aspect of the overall branch experience.
July 21, 2016