Modernised ATM's

​The ATM (Automated Teller Machines) industry is no longer a standalone cash withdrawal service.
With the increased pressure to keep up with the digital revolutions ATM’s now offer a wide variety of services.

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• Video Chat: with the increasing closure of banking branches, ATM’s now offer the ability to have a video chat with an advisor. I don’t know about you but the last thing I want is to be standing in the rain, in public talking about my finances to a wall.

• Application for Mortgages: As branches close, it opens a gap in the market as to how and where people can apply for mortgages. Being the forward thinking industry ATM’s are. They have modernised their machines to offer society a place to go to open up their mortgage accounts. Again, I’m not sure who would be happy making such important decisions on the street coroner, or tucked away in the back of a shop. With passers byers rushing on past, or others gaining impatience as they want to quickly withdraw their cash.

• Modernised Display Screens: In order to advance with the technology trends ATM’s now have swipe screens and zoom options. Sounds amazing. If only you could actually see the screens. Even on a dull day people struggle to make out what the screen is displaying. I can’t say I have ever been at an ATM and wished I had a zoom option. Maybe the ATM industry should invest in screen displays like the kindle, before worrying about swiping and zooming.

• Paying Bills: A revolutionary design means you can now happily pay your bills via ATM’s. But who now a day’s has to leave the comfort of their home to pay their bills? I can’t say I have even seen or heard anyone going to a bank to pay a bill in this generation, so why would we do it at a public ATM?

• App Cash Withdrawals: Another feature introduced means you no longer need to use your bank card to withdraw money. You can use your phone and the banks app. This was introduced not only to keep up with the apple pay, and contactless revolution. But also as a prevention method from the increasingly popular card copying scams that have infected the ATM’s. But isn’t cash a dying payment method? It’s a long way off for sure. But cash in this society is expensive. Chip and pin, contactless cards, and mobile contactless are gaining in popularity day by day, as the financial world moves towards a cashless society.Despite these not so revolutionary changes as it stands there are 3.1 million cash points across the globe, which is predicted to increase to 4 million by 2020. With 280 cash points currently being installed each day. Why are cash points gaining in popularity?

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Two main reasons:

1. Financial Inclusion: ATM’s offer financial inclusion particularly in developing countries. Believe it or not, there is still a huge number of families and societies who don’t have household computers or the latest tablet in order to be able to access their finances. Here ATM’s are of huge importance.

2.Trust: Despite society developing and accepting advancements such as mobile payments. Cash comes with a reputation of being secure, trusted and it’s familiar. We have all used cash and are comfortable with how it works. Cash isn’t the unknown world of mobile banking and bitcoin that seems to make the headlines weekly.   

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