For the past couple of years, the only useful revolution in banking is the ATM. This seemingly modest concept of enabling clients self-service access to money 24/7 has been a success story across the globe. Today, there are millions of ATMs in the world. This year, it is expected to increase by another million. Today, you can find an ATM company almost everywhere.
ATMs have always been at the lead of modernization. Here are a couple of ways in which advancement is keeping ATMs relevant:
New Business Models
ATMs show a new business model. This is particularly true for the supermarket and convenience store industry. Shops can fill their ATMs with the money that they have earned. This means that they can save on trips to the bank, plus the expenses of banking, insuring, and transporting cash.
Bank-in-a-box and Mobile ATMs ideas can change the service model and the role of bank branches. They allow banks to maintain or extend a presence in remote or unstaffed locations at a practical cost.
New Ways to Engage Clients
ATMs are one of the best self-service platforms. It enables financial organizations to make direct contact with clients since they’re engaged with their financial status. Screens are enhancing every single time with interactive pinch and color, zoom and swipe features to encourage engagement.
Interactive ATMs and video banking in bank lobbies improve opening and service hours, improve sales conversion and client satisfaction at a lower expense.
Smart ATMs aren’t simply a cash machine. They offer a couple of services. This includes bills payment, Bitcoin disbursements, multi-currency disbursements, check and cash deposits, and the purchase of everything from cinema tickets to mobile airtime.
Also, today, it is possible to make money transfers or pre-staged withdrawals at ATMs. All you’ve got to do is log on to your mobile banking application and choose the amount you want to withdraw. You will then get a code that you can enter at particular ATMs. You can also send this code to your family member or friend.
Technology helps drive improved functionality of ATMs, security for ATM companies and clients, and ease of use.
For instance, card-less ATMs enable pre-staged withdrawals through cash by code, wearables, mobile, or contactless. The machines will look different since it does not have any card entry slot. However, they are possibly more secure since skimming is not possible.
Drive-up ATMs mean clients can deposit or withdraw money without getting out of their vehicle. This enhances security and convenience. This is particularly true for business who wants to bank takings at night.
On the other hand, biometric authentication improves both ease of use and security. This includes finger vein scanning and palm scanning.
If you are a business owner, having an ATM inside your establishment can be extremely beneficial. Aside from being able to cycle your money within the establishment, you are also helping your business to get a lot of potential loyal clients since they will visit your location more often if they want to withdraw money.