COVID-19 didn’t just change how people shop and socially interact—it also changed how people bank. Whether managing temporary branch closures or trying to socially distance or even just realizing how convenient it is, consumers are turning to self-service banking more than ever before.
So, it’s no surprise that nearly two-thirds of financial institutions expect to increase their ATM usage over the next few years. Close to 50 percent said they planned to improve their ATM functionality and technology because of that increasing demand. Indeed, NCR research confirms up to 95 percent of routine branch banking transactions can be carried out at the ATM or ITM—helping reduce the cost of overhead, cut waiting times and improve customer satisfaction and loyalty.
According to Retail Banking Research, there are more than 1 million branches and 3.1 million ATMs globally. More than 1.1 Million ATMs also can accept deposit transactions. That’s a lot of options. To differentiate your self-service experience, make sure your ATMs/ITMs offer greater transactions and ever more personalized interactions. It’s no longer enough for ATMs to dispense bills in various denominations. ATMs are also capable of providing cash recycling capabilities, deposits, transfers, bill payments, mobile pre-staging and even targeted marketing.