What to Expect from Evolving ATMs?

Banking CIO Outlook | Friday, November 08, 2019

With the regular addition of advanced features, ATMs are busy getting a makeover that could prepare them for the future.

FREMONT, CA: Once upon a time, ATM was a major revolution in the banking sector. Today, with transformed financial services, the popularity of ATMs might have reduced. But with innovative features that deliver unmatched convenience to users, the ATMs could see a resurgence and continue to be relevant in the upcoming decades. Currently, several service providers are considering advancements in ATM technology. Aligning the functionalities and features of ATMs with the needs of the modern user is the idea behind the transformations.  Some of the features that will help give ATMs a modern edge are listed below. 

• Advanced Security Verifications

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The security scenario has seen some significant changes over the past decade. Sophisticated attacks have made legacy security checks irrelevant today. ATM card pins are not considered foolproof by most users now. To generate the trust of users, ATMs are now getting security makeovers. Fingerprint scans and iris scans are making their way into the ATM machines. Smartphone integrated features that allow verifications are also under consideration. 

• AI-Integrated Operations

AI has found wide-ranging applications in the financial sector. Adding AI-backed capabilities to ATMs can make them intelligent. From responding to user queries spontaneously to offering additional services, AI is the key. Also, banks are expected to benefit from the automated maintenance of ATMs, resulting in fewer breakdowns and consistent performance. Maintenance costs for banks also reduce with predictive and prescriptive abilities built into the ATMs.

• Support for Cryptocurrencies

The gradual rise in the popularity of cryptocurrencies has created a demand for ATMs that allow the transaction of digital money. ATMs can make cryptocurrencies easily accessible to the general public. By adding new features, ATMs can facilitate the mainstreaming of cryptocurrency transactions. Thus, diversification is key to enhance the utility of ATMs.

• Extensive Interoperability

The financial business ecosystem has grown extremely dynamic, with new services and service providers emerging regularly. ATMs need to keep pace with the developments and remain flexible. By making ATMs compatible with a large number of vendor components and offerings, service providers can make the machines more functional.

Financial self-service is going to be the norm soon, and with advanced capabilities, ATMs of the twenty-first century will lead the transformations.  

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