• K. Scott

ATM Next-Gen Project – Learn More About How It’s Reshaping The ATM Industry

One of the biggest things that we’ve learned in 2020 is the importance of ATMs and the role that they play in today’s society as the pandemic has shut down some local banks and sent more consumers to their ATM’s.

Thankfully, the ATM industry association was ready for the changes to the ATM industry because they started preparing for the future of ATM’s back in 2018 when they launched the next-gen project, an initiative that brought ATM companies together to define the future of the ATM industry.

How Is The Next-Gen Project Reshaping The ATM Industry?

As the role of ATM’s in society becomes more important, so does access to cash. The good news is that the ATM next-gen project has been developing standards for protecting access to cash while encouraging more consumers to utilize mobile and online banking channels for their banking needs.

Besides implementing standards that have changed the ATM industry since 2018, the ATM next-gen project has also been working closely with independent ATM deployers to help them upgrade their machines to the latest technologies.

In many cases, the ATM next-gen project has been requiring independent ATM deployers (IAD’S) to purchase new equipment for their ATM locations or risk losing those locations completely.

Backward integration has been a major concern for the ATM industry because as technology advances, many ATMs are still utilizing outdated hardware and software. The good news is that encouraging IAD’s to upgrade to the latest technology will help ATM’s to become more reliable and this will benefit the entire ATM industry as a whole.

Contactless ATM’s Play A Major Part Of The ATM Industry

Before Covid-19, cash was still primarily accessed through swiping or inserting a card into an ATM, but that’s changed this year as more people have been hesitant to touch ATMs and spread the virus.

The good news is that the safety of ATMs has improved this year while it’s become easier to access cash than ever before because more machines are enabling consumers to access cash via Apple Pay, PayPal, and all other major payment methods or “gateways to cash” that are available today.

As we head into the fall and get ready to close out another year, the goal of the ATM next-gen project is to continue to make ATM machines, and access to cash, even more, seamless than ever before.

The ATM Next-Gen Project, and Industry insiders, see ATM machines in the coming years offering more self-serve options like easy access to cryptocurrency, gift card purchases and it’s also possible that ATM machines of the future could also be the first point of contact for a consumer when they need home loans, auto loans, and other banking needs.

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