ATMs are self-service banking machines that allow customers to withdraw cash, deposit money, and check their account balances without the need to speak to a teller. They are an essential part of modern banking, and they can be found in banks, gas stations, supermarkets, and even some public transport hubs. While they are convenient for customers, they also offer a number of benefits for banks. They are typically available 24 hours a day, seven days a week. For example, they can help to reduce queues at branches and free up staff to provide other services. In addition, as more and more people conduct their banking online, ATMs provide an important way for customers to access physical cash. As a result, ATMs play a vital role in the modern banking system.
The rising demand for self-service solutions is driving many financial institutions to make big bets on ATMs over the next few years, though the cost and technology involved is daunting, according to ATM Marketplace’s latest “ATM and Self-Service Software Trends” report.
Even after 50 years in use, the ATM continues to evolve. Its influence and importance continues as banks and credit unions look to anchor their omnichannel banking efforts with expanded self-service capabilities. And today’s intelligent ATMs can handle many of the transactions that traditionally required teller assistance, making ATMs the foundation for self-service banking for many customers and members.
Overview by Ed O’Brien, Director, Banking Channels Advisory Service at Mercator Advisory Group
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