Withmobile payment options increasingly available to consumers, the automatedteller machine might seem like an anachronism. Who needs cash when you can buystuff with your phone?
But the reliableA.T.M. is still going strong, and is even getting increased attention asfinancial institutions vie to attract customers with more efficient banking.The latest example: Wells Fargo announced Wednesday that Wells Fargo credit card holders who earnrewards for spending with their cards can now withdraw their accumulatedrewards directly as cash from the bank’s A.T.M.s.
The option is available now at all of Wells Fargo’s12,500 A.T.M.s, said Alicia Moore, head of A.T.M. banking for Wells Fargo. Sheadded that the bank believes it is the first to offer the option. The bankdecided to offer cash for rewards at its A.T.M.s in part because demand forcash at its machines had increased, starting during the economic downturn,perhaps because consumers were using cash spending as a budgeting tool duringtight times. “If customers want cash,” she said, “why not give them thisoption?”
With ATMs being animportant component of self-service banking, it’s logical that bankingcustomers are relying on this channel for an increasing number oftransactions. This is also a good timefor financial institutions to expand the solutions available via ATMs, as thesemachines are the “face” of the institution for many customers and members.
Overview by Ed O’Brien, Director, Banking Channels for Mercator Advisory Group