Rethinking The Use Of ATM’s During Coronavirus And Beyond
Before Coronavirus, ATMs were used primarily as a way for consumers to withdraw cash or make deposits with convenience.
During the Covid-19 Pandemic, it’s become clear that ATM’s were not living up to their full potential before the Pandemic because ATM use has increased as consumers have used them for most of their primary banking transactions.
Thanks to recent data from Diebold Nixdorf, we know that consumers in 2020 are moving beyond just using ATMs for quick cash as they did in the past. These days consumers from all generations are changing the ways that they conduct their transactions with banks and other financial services companies.
Banks Are Seeing ATM’s As More Than Just An Extra Service
Until March 2020, most banks looked at ATMs as an extra service that they offered their consumers, but that’s changed.
The Coronavirus Pandemic has shown that consumers don’t necessarily want to enter a bank or retail environment unless they truly have to because, they want to do their part to avoid human contact and stop the spread of viruses.
Banks and the financial services industry are viewing ATM’s as more than just an extra service, ATM’s are now seen as a safe, cost-effective way for consumers to handle the financial services that they need without having to physically interact with other people.
ATM’s Will Start Offering More Services
As the role of ATM’s has expanded in 2020, we will likely see ATM’s offering more services in 2020 and beyond.
Recent data has shown that when it comes to banks, consumers only want to go into a bank when they have a question that it takes a human to answer. This is prompting many banks to program their ATM’s with as many self-service answers as possible to make it easy for consumers to get the answers that they need from ATM’s without having to enter the branch office and physically talk with a bank employee.
In some cases, banks may begin to view their ATM’s as ‘mini-branches’ of the main bank once ATMs begin to be programmed with the ability to provide customers with more advanced services.
The same is true with non-bank ATM’s, operators who offer more services from their ATM’s can expect to see them become more valuable at the locations they are placed in the years to come.