It could be personalized customer journeys, informative and promotional messages or contextual marketing messagesBut for those dependent on cash, self-service will be their lifeline. The ability to customize modern ATMs to offer additional services from paying a bill to doing a live video call with a financial product specialist also allows cash access to be subsidized through generating extra revenues.The benefits of self-serviceEvery consumer has personal needs and enjoy particular benefits from their choice of channel when engaging with their bank.
It will be the differentiator for legacy banks and their vehicle to defend them from neobanks and fintechs trying to disrupt the market on the cheap.There is a need for greater imagination from some parts of the industry to use advances in self-service banking technology that can give a community a bank branch in a box or rejuvenate their bank branch as a focal point for financial services.
Self-service can be at the heart of mitigating this.Globally self-service will be complemented by assisted service and remote service to offer an alternative to digital-only banking. But there’s a risk in terms of lost customer loyalty and reputational damage.
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Rather than simply a source of cash, self-service technology can be at the heart of the redefinition of the retail banking experience provided 24-hours per day wherever there is demand.Around the world of course ATMs and devices based on the same hardware and software technologies will be deployed in volumes determined by local demand, and we will see a replacement program with a generation of cash-and-dash machines being replaced with recycling and deposit devices as well as “assisted service devices” to meet consumer demand cost effectively.Tearing out and tearing down is not the answerLegacy Banks are suffering a perfect storm massive reductions in customers’ utilizing traditional banking channels and new entrants seizing market share with innovative digital only solutions.Tearing down branches and tearing out ATMs often from communities that aren’t ready to see them go has been the blunt instrument employed to reduce costs and increase efficiencies. This has been powered by a combination of lack of movement and economic activity (due to enforced lockdowns) an increased use of alternate channels including mobile or, even encouraged by retailers, a possibly irrational fear of the risks of handling cash, although that theory is pretty much debunked now. In 2021, the world hopes to see a gradual return to a “new normal” and as this occurs, the ATM will be a lifeline to demographics who are not comfortable with digital banking, or who are reliant on cash – writes Mark Aldred.ATMs, far from simply serving utilitarian, transactional purposes can, in fact, become relationship-building tools for banks that opt to add capabilities such as two-way video, account opening, instant card issuing, check book printing and other multifunction technologies.In the future, the potential exists for the ATM to be a Teller Machine. Since the COVID-19 pandemic changed the world’s behaviour, ATM usage has seen a rapid decline in most geographies. 2021 is change is on the horizon: The future of the ATM 18/01/21
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