There’s no doubt that online and mobile banking are the wave of the banking and payment future, but that doesn’t mean consumers will ditch ATMs and branch visits. In fact, as banks redefine themselves to meet the demands of the digital age, they’ll need to extend that to the ATM channel. These physical banking touchpoints keep financial institutions connected to their customers, and they are still very much relevant—as a bridge between the physical and digital.
According to a 2019 JD Power study of all the delivery channels, only ATMs have increased in customer satisfaction scores. And there are still over one million bank branches and 3.2 million ATMs globally, with more than 50 percent of all ATMs estimated to be capable of accepting deposits by 2024 according to RBR Global ATM Market and Forecasts.
Since people now have so many ways to pay, ease of use and convenience are expected no matter how they interact, and that goes for the ATM channel as well. ATMs often function as the main customer-facing element of a financial institution, particularly outside of traditional opening hours, so reliability and efficiency are key factors, too. That means modern ATM technology and simple ATM management are crucial for any financial institution looking to deliver that easy, intuitive customer experience while improving operational efficiency.
Imagine one of your customers, like a mother who’s had a long day at work when her daughter reminds her that she needs cash for something in the morning—which the mother doesn’t have. Your branch closed hours ago, but fortunately she can visit your bank’s ATM. With the right ATM technology and software, she not only can drive up and grab the cash, but she can also pull up her banking app on her mobile device and pre-stage the transaction so that it’s faster and easier when she gets there. If she can do that as quickly and conveniently, tomorrow might not be as long of a day for her and her daughter won’t miss out on what she needed.
In fact, modern ATMs are more and more becoming a “branch in a box,” providing a way to save your customers time by empowering them to handle 90 percent or more of routine banking transactions via self-service, also saving time and money for your financial institution.