Financial institutions can take advantage of this by providing services which are shaped around people, and the way they live. One of the most popular of these includes next generation ATMs or interactive Teller Machines (ITMs) which offer everything you expect from a branch.
This has the potential to address one of the biggest barriers standing in the way of financial inclusion: access. Digital technology has brought convenience and flexibility to the world of personal finance, but it also risks increasing the gap between the haves and have-nots. As banking goes digital, those with limited online access are at increasing risk of becoming excluded. They can find it much more difficult to access the kind of financial services most other people take for granted.
With ATMs and ITMs incorporating more services, financial institutions can extend their reach more easily and cost effectively into other areas. The Bank of Abyssinia, for example, has used ITMs enabled with features such as remote accounting opening loan applications and video conferencing to expand financial institution in Ethiopia. In the future, they will be able to receive cash sent through international money transfer agents.
Cash recycling ATMs located in the community enable cash to recirculate cheaply, quickly and securely within local markets facilitating financial inclusion and access to financial services for everyone, while expanding the reach of financial institutions.
Services can include anything from cash deposits, account opening, account services and even the ability to speak directly to a customer service advisor via video or audio link. They are, branches in a box, and enable financial institutions to provide a faster and more convenient way for customers to access all the services they might expect from a branch.
ITMs are also enabling financial institutions to take their services directly to customers and shape them around their daily routines offering greater convenience to the customer. For example, placing branded ITMs or micro branches in grocery stores gives people access to banking in their local community as part of their regular shop. From the old days in which people had to take time to go to the branch, we’re now in a world in which the branch comes to them.
Related: How cash use is changing across Europe