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The future of ATMs in 2016

The future of ATMs in 2016

What's one thing that everyone will need through the years? Cash. The future is here, and ATMs are here to stay. Banks are changing for the greater good, and the ATM can help in many different ways. With so many different trends happening at once, banks must be ready to pick and choose the trends that work best for them. Today, banks are ready to tackle innovation head-first this year with exciting breakthroughs in ATM technology. Say hello to the future of banking with these exciting new trends.

ATMs of the future

What are consumers today looking for?  Many new consumers want new amenities and features not offered at other ATMs or bank branches. Many consumers also agree that a fee-free ATM is either very essential or very important in ATMs of the future. Banks can take advantage of this want and need by increasing the total number of machines and establishing partnerships with various banks to offer fee-free service at third-party machines.

ATMs are absolutely essential to banks. In a report by the National ATM Council, 425,000 of the 2.2 million ATMs are located in the U.S. Of these, 48 percent are operated by banks and credit unions. These financial institutions have a high stake in what's going to trend or not in the financial industry. As well, technology is expected to advance at a faster rate than the growth of ATMs total around the world.

What is expected for ATMs in 2016? For one, banks will start introducing touch-screen technology to many ATMs instead of push buttons. Machines will look smoother and be able to give out units as small as single dollar bills depending upon the bank. ATMs are also expected to be more secure. As technology movies forward, so do aesthetics. Sleek machines will prove to be extremely helpful for banks looking to rebrand themselves.

Today, trends in ATMs are moving towards smartphone technology and near field communication devices. According to USA Today, ATMs of the future could have NFC ports. Users will simply wave their phones over the port, and the machine will read the account holder's information, and dispense the cash necessary. As technology progresses, banks will look forward to new technology opportunities with ATMs.

April 4, 2016