Learning to adapt to the changes has been the saving grace for banks using ATMs.
As technology surges into 2023, people whom frequent ATMs are beginning to see a drastic change in the machine’s technology. This comes from the pressure of constantly evolving technology and innovation. ATMs were put into the market in the 1960s, and by the 1980s, it was stated to be a new level of technology. However, as the world changes with the growth of credit cards and mobile forms of payment, ATMs are becoming increasingly less used. In fact, as stated in The Boss Magazine’s article The Second Life of ATMs,
“More than 40% of Americans rarely even make purchases with cash, and people who deposit checks do so remotely on their smartphones.”
Without the need to dispense cash or deposit checks, how will ATMs survive?
Learning to adapt to the changes has been the saving grace for banks using ATMs. Obtaining higher retention rates with their customers has become easier to manage with their new personalization features for ATMs. New technology has allowed banks to know what a customer frequently purchases, tracking their frequent spending habits, which will allow banks to offer coupons based on said purchases.
According to the article, ATMs and Branches Still an Important Part of Today’s Consumer Banking Experience from wave2locator.com,
“The added payment choices being pushed into the marketplace are creating more payment choices without eliminating their predecessors.”
Banks have also invested in VTMs or ITMs, which are video or interactive teller machines. These have all the regular features of an ordinary ATM, except they use a video link that takes you to a human teller who can then walk you through difficult transactional processes.
ATMs have also been implemented with security features including facial recognition and other biometric features that will overall reduce fraud. If you’d like to know more about biometric and facial recognition technology, make sure to visit Parabit’s Access Control Mounts & Posts page to learn more about the custom-designed mounts available for Biometric and Access Control readers.
With the adjustment of technology also comes the adjustment of the physical aspect of ATMs. Some banks have taken the initiative to switch to tablet-style ATMs in branch lobbies, with quick cash deposits and functions. The main purpose? The project is a “reinvention of the ATM to integrate ATMs into the mobile-digital world and to set up a new wave of innovation and investment in our industry through this dynamic ecosystem,” ATMIA CEO Mike Lee said to The Financial Brand, stated in The Boss Magazine’s article The Second Life of ATMs.
The article, Are ATMs a Dying Technology? from atmmachines.com mentions,
“Digital forms of payment continue to grow, but the use of cash remains relatively stable, with close to 20% of all payments in the U.S. still made with physical fiat currency. The ATM is more than a single piece of hardware — it is an endpoint device that delivers a series of benefits to a consumer, such as convenience, brand awareness, access to service, and contactless function.”
Although technology has risen to a new level in the past decade, banks continue to keep ATMs a major player in the game. If you’d like to learn more about the products and services we offer for ATMs, visit the Parabit ATM & ITM Enhancement page.