It’s Time To Evolve Today’s ATM Machines, Not Eliminate Them
Over the last 90 days, the banking world has gone through a major change as Coronavirus has reshaped the way that consumers do their banking.
Even though consumers have still been using ATMs to get cash during Coronavirus, more people have been moving to conduct their banking transactions digitally, and this has led some analysts to wonder if the popularity of the ATM is coming to an end?
The reality is that ATMs continue to be a reliable way for consumers to access cash, this is why automatic teller machines should be continuously evolving so that they can meet the demands of consumers in 2020 and beyond.
Cash Usage Hasn’t Changed
Yes, some countries are indeed moving to adopt digital currencies. However, in the United States, cash is still king, and many cities are even implementing legislation to encourage businesses to use paper currency.
For example: Despite being one of the top banking cities in the world, New York City recently passed legislation that requires businesses to accept cash payments from their customers. This move has prompted other cities to create similar laws with the hope of keeping cash in circulation and a viable payment method for those who want to use it.
Despite the wide variety of digital payment methods available in 2020, cash is still a preferred payment method not just among older adults; it’s also become a preferred payment method for 18-25-year old consumers who use cash to pay for about one-third of all their transactions.
With the increased popularity of cash, the reality is that more cities across the United States are going to need ATMs because there has to be an easy and convenient way for people to withdraw cash regardless of location, or time of day.
ATM Convenience Fees Remain An Issue
Even though most consumers remain open to using ATM’s, they are also doing everything that they can to avoid paying ATM “convenience” fees.
Recent data from the Mercator Advisor Group shows us that close to 80% of consumers confirmed that they would do everything they can to avoid paying ATM fees and 65% of consumers surveyed indicated that they take steps to find automatic teller machines that are surcharge-free.
With the average ATM surcharge ranging from $3.00 to $3.50, this makes sense because if someone is using an ATM up to five times a month, those surcharges will add up.
Thankfully, consumers can use the internet to pinpoint surcharge-free ATM locations worldwide, so that they can avoid having to pay ATM fees regardless if they are at home or traveling.
More ATM’s Offer High Tech Features
From being solar powered, to having artificial intelligence, ATMs in 2020 are going high tech. Still, one of the most exciting technological developments of all is that most of today’s ATM’s are also enabling consumers to conduct their transactions without a pin code.
With contactless technology, all a consumer has to do is conduct their ATM transaction via their smartphone then access the cash from the automatic teller machine without having actually to touch the ATM itself.
ATMs are continuing to evolve with the changing times, and it’s likely that as consumers continue to use cash, we can expect to see automatic teller machines in use for the years to come.