Expect Modernization for the ATM Industry
ATM innovations have included mobile pre-staging for better convenience and contactless accessibility, as of recently. The ability of the ATM to offer “branch in a box” functionality will keep on increasing. Embracing modernization will be important for the financial industry, since consumers expect evolution of ATM channels to match the trends.
Various studies and reports have shown cash remains extremely popular among consumers despite many discussing the possibility of a cashless society. It is important for businesses to offer ATM options to consumers who still rely on physical cash. Use of Data and Analytics when looking at the statistics for the number of ATMs and the frequency of use, it’s clear how valuable ATMs can be for businesses.
In 2018, it’s expected that businesses will utilize data and analytics to gather ATM related information. According to the RBR Global ATM Market and Forecasts to 2022, many financial institutions are offering their customers the opportunity to make automated deposits at ATMs. This trend will likely continue increasing every year as many advantages come from deposit and recycling. The internet of things and wearable technology begins to play an important role in payments. Bitcoin ATMs have also been introduced to the market. These ATMs may bring new experiences for customers this year and in the future. Even with many new technologies being introduced, it’s clear ATMs will remain very popular and profitable.
