Many financial institutions are pondering where their ATMs fit in their long term strategic plans. Do they upgrade software and hardware as a part of an overall digital transformation? Do ATMs need to handle more transactional activities as branches take on more consultative roles? Should surcharge free options be in the mix? What about co-branding strategies? Or should FIs hand over their ATMs to a third-party to focus more on their mobile and online banking activities?
Last week Huntington Bancshares Incorporated announced that they made the decision to upgrade the software in their entire network of ATMs. Two things that they want to accomplish as reported in ATM Marketplace as a part of this upgrade:
- Introduce more cash denominations
- Have the ability to offer NFC authentication with a card or an app at the ATM
You may think of those two endeavors on completely different ends of the banking technology spectrum, but they are the enhancements that consumers tell us that they want from ATMs. Cash in more flexible denominations has been the most requested enhancement that Mercator Advisory Group has found consistently in its annual study regarding ATM use. The ability to “tap and go” at the ATM has become more popular since the pandemic.
Here’s more from the article about Huntington’s efforts:
Huntington has announced it’s upgrading the software of its entire ATM network and replacing 400 machines by year-end. The upgraded ATMs will run on state-of-the-art Hyosung MoniPlus2S software and will provide customers with greater security, speed and flexibility. It will also allow customers to choose bills in denominations of $1, $5, $20 or $50, according to a press release.
This ATM upgrade prepares the company for future enhancements that will include tap-and-go authentication through an ATM card or mobile app. And because the Hyosung software operates on ATMs from multiple manufacturers, Huntington customers will have a consistent experience regardless of location.
The Huntington upgrade will be Hyosung America’s largest U.S. installation of MoniPlus software across a multi-vendor suite of ATMs.
“Our customers continue to rely on the convenience of ATMs, and this comprehensive upgrade of our ATM fleet demonstrates our commitment to improving their experience,” Andy Harmening, Huntington’s director of consumer and business banking, said in the release. “Our customers have told us security, flexibility and ease of use are important to them and, true to our purpose of looking out for people, we have turned their feedback into action.”
Overview by Sarah Grotta, Director, Merchant Services at Mercator Advisory Group