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NCR: Driving growth and modernization in the UK ATM market
When it comes to making payments, consumers now have the option to complete purchases with a tap of their contactless card or smartphone, but that hasn’t stopped people from wanting to use cash, with research showing 85% of all global retail payment payments being made in cash. Nor has it diminished the importance of the ATM, which celebrates its 50th anniversary this year, and is undergoing some of the most exciting innovations in the history of self-service banking.
NCR's recently launched SelfServ 80 Series ATM family, for example, is defined by features such as contactless access (by card or mobile), Interactive Teller and cash recycling. Along with this is the ability to pinch, swipe and zoom on the ATM screen just like they would on a tablet or smartphone. It is this type of forward-thinking innovation that has helped NCR cement its position at the forefront of the UK ATM market as it continues to identify features likely to become popular in the UK.
Leading an expanding market
Figures from Retail Banking Research have emphasized just how important a role NCR plays in the ATM market in the UK.
NCR has a larger market share than all other manufacturers combined, with more than 42,000 machines installed by financial institutions (FIs) and independent ATM deployers (IADs) across the UK*. More than 85 percent of FIs and IADs throughout the country are now using NCR ATMs.
One of the defining characteristics of NCR's self-service range is Intelligent Deposit, which gives financial institutions much greater flexibility to handle cash and check deposits, as well as payment transactions, at the ATM. This moves a large proportion of customer flow away from the branch counter, giving tellers more time to concentrate on valuable, revenue-generating activities such as delivering incredible customer service and engaging clients.
It's estimated that more than 10,000 ATMs - 12 percent of the UK's installed base - now feature some form of automated deposit. To give some context as to the growth in this type of ATM functionality – the numbers were just 2,800 in 2014 and 1,925 in 2013.
Looking at the UK as a whole, the total number of ATMs installed is now above 70,000 for the first time. Consumers make approximately 4,000 cash withdrawals on average from each ATM every month, while the total amount withdrawn is about £188 billion a year - or £518 million every day*.
*Source: Retail Banking Research Global ATM Market and Forecasts to 2021
Why ongoing innovation is so important
These figures emphasize the vital role cash and ATMs continue to play in the financial system and consumer finances. It's just as important for financial institutions to continue investing in their self-service network.
Some banks might question why they need to continue innovating and investing in their ATM estate, when it already functions so effectively. But adopting this mindset raises a very real risk of being left behind by competitors that are willing to invest in delivering next-generation experiences and maximum convenience for their customers.
Showing commitment to the self-service channel is also important from an omni-channel perspective. If your business has aspirations to deliver a coherent, seamless experience across channels, it's crucial that your ATM estate is driven by the same level of innovation and progressive thinking as online and mobile banking.
New self-service solutions and features such as the mobile-style touchscreen interface present in the NCR SelfServ 80 Series range could be key to breaking down barriers between physical and digital channels, leading to a truly unified customer experience.