ATM operators are providing an option of mobile wallet along with banking app for a cash withdrawal. They also believe that a virtual debit card could make a difference in attracting customers.
An automated teller machine (ATM) provides electronic banking facilities in which customers can complete transactions without assistance of a branch representatives. ATMs provides convenience and allows easier access to bank accounts even when banks are closed. Technological advancements have enabled bank operators to provide more services for convenience of customers.
An automated teller machine (ATM) provides electronic banking facilities in which customers can complete transactions without assistance of a branch representatives. ATMs provides convenience and allows easier access to bank accounts even when banks are closed. Technological advancements have enabled bank operators to provide more services for convenience of customers.
Trends in ATM Industry:
• Reinvented Branch:
The branch transformation has experienced growth steadily from the past three years. It is the core of the future of retail banking. The development of advanced hardware enabled growth of self-service models, such as teller cash recyclers, cash-recycling ATMs, video teller machines, and the software that drives them as well as serves as link to tablet-equipped staff.
• Mobile Wallet
The deployment of solutions that integrate mobile banking and marketing with the self-service channel has gained a momentum over the last five years. ATM operators are providing an option of mobile wallet along with banking app for a cash withdrawal. They have realized that a virtual debit card could make a difference in attracting customers.
Insights from ATMIA US Conference 2016
The ATM Industry Association hosted the ATMIA US Conference 2016 in February. It was the largest ATM-focused event in the world. Increased number of preconference classes and workshops made it the most difficult to plan. David Tente, the executive director of the ATMIA US chapter mentioned that audience engagement is significant to organization to some degree and attendee number is increasing year by year. "That tells us that our attendees, exhibitors and sponsors are continuing to find value in what ATMIA offers," he stated. "A lot of other ATM and payments events over the years have shrunk, merged or disappeared completely. And as we grow attendance and exhibit space, it allows us to make the event better and better."
Topics discussed in the conference were ATM & mobile transactions, market-expanding technologies, cloud-based ATM management, the role of the ATM in Omni-channel banking, and growing menace of explosive attacks on ATMs. In addition, it also discussed crucial topics, such as threat of government intervention and unintended consequences.
Tente outlined legislative issues, which are at the heart of ATM profitability were covered by a panel of experts. Tente added, "Last year we only had one session addressing regulatory issues and compliance, which was our legislative panel discussion, and it was not well attended. This year that panel will be headlining the topic of recent calls from legislators to cap surcharge fees and force ATM operators to display bank out-of-network fees as part of the transaction flow — which even the banks wouldn’t be able to do.”
Analysts studying the ATM market have presented a thorough information about changing market trends in research reports. Recently, Allied Market Research has published a report titled, “World ATM Market - Opportunities and Forecasts, 2014 - 2020.” The report offers a detailed analysis of market segmentation, drivers & opportunities, value chain analysis, and competitive intelligence. Furthermore, the study provides SWOT analysis, estimations through 2015 to 2020 for each segment, and dominating segments in the industry.
