It has been 50 years since the first ATM installation. This infographic explores the history of ATMs and looks at what the future may hold, including cardless devices, Bitcoin, person-to-person and other new and exciting applications.
As banks look to reduce costs wherever they can, they are removing branch staff and replacing them with ATMs and ASDs/ASSTs (Assisted Self-Service Devices/Assisted Self-Service Terminals). But just as important as lowering costs is customer loyalty, which is driven by customer service.
Are banks getting the most from their ATMs? Many institutions fail to take full advantage of the existing ATM infrastructure, though ATMs will continue to be the primary interface between people and their banks. Ensuring that this “old-fashioned” channel provides better customer experience is vital and can be done through Smart ATMs.
The buzzwords in today’s banking industry are omnichannel, channel integration, cross-channel capabilities and a new branch model. Banks, big and small, are approaching a real revolution with the goals of improving customer experience and increasing efficiency.
Rapid growth in the electronic payment channels poses several challenges such as handling diverse types of reconciliations, fluctuating volumes and time-bound dispute resolution escalating resource requirement and costs.
The original self-service device, the ATM changed the public's relationship with money. And even though cashless transactions are on the rise, ATMs in the retail space are powerful tools for giving customers what they need to make their purchases.