ATMs remain an important part of any bank infrastructure. By providing a way to withdraw and deposit cash, customers gain a high level of convenience and efficiency that can be found at any time. Banks are changing, and the ATM is helping them do so in many different ways. With different trends going on at any given time, banks have to be at the forefront of change both to stay ahead of the competition and to continue satisfying customers. With new developments happening this year, there is a great incentive for banks to embrace innovation. The new trends with ATMs in particular are of particular importance.
Financial institutions have much to gain from ATMs, especially in the United States. According to the National ATM Council, 425,000 of the 2.2 million ATMs around the world are in the U.S. Banks and credit unions operate 48 percent of those. They have a great stake in what is to come in the industry, and financial institutions will want to take advantage of advances in technology as well as pent-up consumer demand to expand operations and reach more people.
In a recent survey from ATM Marketplace, the trends that customers are looking forward to most have much to do with amenities and services. The most significant takeaway is that 85 percent of those surveyed saw a fee-free ATM as being either essential or very important. Banks should take advantage of this to either increase the number of machines in their networks or establish partnerships with certain banks to offer fee-free service off third-party kiosks.
The ideal features of an ATM vary. The most important feature recorded in the survey was bill payment at 61 percent. Paying bills is seen as important, if only because using ATMs presents a new channel from which to do this. A more interesting feature that customers would like to see ATMs do is to have withdrawals of different denominations. Many people often take issue with withdrawing money because they commonly dispense $20 bills. Having multiple denominations such as $5, $10, $50 and $100 would help alleviate the problem of customers having to constantly break $20 bills when all they need is a few dollars withdrawn from the ATM. Other popular choices include check cashing, personal preferences and instant deposit. All of these features are ways banks can better contribute to consumer demand, and they will make these institutions stronger in the long run.
April 7, 2015