Banks and credit unions have many incentives for upgrading their ATM fleets. Most financial institutions understand that technological trends rarely stick around forever. Advancements in security, accessibility and convenience are constantly shifting the ways these enterprises compete to attract more patrons.
Two recent news developments have made it even more pressing for banks and credit unions to keep their ATMs up to speed with the current state of the industry:
Discontinued support for Windows XP
Software companies like Microsoft have good reason to develop new operating systems and encourage their customers to adapt at a similar pace. That's partly why Microsoft decided to officially end its ongoing support for Windows XP in April to focus exclusively on its more recent products such as Windows 7 and Windows 8. This is especially important news for the banking sector. According to Scientific American, 75 percent of the world's ATMs currently run on Windows XP. Fast Company reported that financial institutions can use this change as an opportunity to upgrade their machines. Doing so will be a necessary step in preventing security risks, the publication added.
Consumer confidence is on the cusp of a boost
The decision to upgrade ATMs is especially timely given recent changes in the U.S. economy. Bloomberg cited the most recent Thomson Reuters/University of Michigan Preliminary Index of Consumer Sentiment, which increased in April from a four-month low in March. Economists attribute this increase to a number of factors, including the advent of spring weather that is more favorable to shopping, as well as an increase in employment opportunities. With consumers more likely to spend money, banks and credit unions will want to make sure their ATMs are well-equipped to handle an increase in traffic on a regular basis.
May 7, 2014