ATMs are the original digital banking innovation, and they’ve survived for decades by evolving with the times. Even in an increasingly cashless society, nearly a third of U.S. consumers visit an ATM at least once a week. But what consumers expect from their ATM experience is rapidly changing; they want hyper-personalization, more self-service options and an omni-channel experience. More importantly, they want to ensure their money and information remains safe.
As security challenges and an increasingly discerning public up the ante, what changes are ahead for ATMs?
Here are five big developments in the world of ATMs your credit union should be aware of:
1. Consumers Will Do Anything to Escape ATM fees
According to a recent Mercator survey, consumers are prioritizing surcharge-free ATMs more than ever. In fact 67% of those surveyed actively seek out a surcharge-free ATM. That’s a sharp rise for 57% in the previous year. This is good news for credit unions, especially those in CO-OP’s network of nearly 30,000 surcharge-free ATMs.
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