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The term smart ATM is not new, but as devices evolve, new capabilities become available. These devices are to enhance financial inclusion truly and provide the level of experience the customer expects.
FREMONT, CA: The ATM is an essential part of the banking automation all over the world, and as trends including the self-service and the need to deploy services more cost-effectively are gaining pace and ATMs will be more relevant than before. RBR reports that by 2022, there will be 3.7 million ATMs deployed around the world. So it becomes crucial for banks to make sure that they are refreshing their services to keep up with demand and take on more of the functions that were previously reserved in-branch.
Banks turning to electronic deposit to reduce the cost of in branch operation are significant among the transformations. The number of ATMs that facilitate customers to make real-time cash deposits is increasing. The share of ATMs offering this service has increased from 34% to 38% in one year as the report says. Automated deposits are widespread among banks that are changing their branches to enhance profitability. Smart ATMs enable banks to reduce cost by encouraging the customer to perform cash transactions at self-service terminals rather than over the counter. It also allows immediate account crediting outside traditional banking hours.
Banks that deploy automated deposit ATMs are increasingly installing recyclers too because the added efficiency of the instant deposit is reducing the frequency with which cash in transit firms are needed to refill ATMs. Currently, almost two-thirds of automated deposit ATMs are cash recyclers. Banks are to continue expanding their automated deposit terminals.
Abilities such as cash recycling and intelligent deposit have vital roles in making banks' ATM network more efficient and available to customers. The shift from the traditional keypad to a touchscreen interface is such a solution that allows banks to do more with their machines that would not be possible in the past. Banks can add more features to their devices, transforming the ATM from a transactional device to one that facilitates customers to manage aspects of their finances, meaning that it can dramatically change the customer experience. As more number of people rely solely on the ATM for their in-person banking needs, reliable solutions for this will become more critical than ever in the coming years.