As ATM networks grow, experts believe they’re not as vital
According to a new survey, only 56% of FIs expected ATMs to increase in importance and do more for consumers.
Almost two-thirds of financial institutions expect their ATM networks to grow, but far fewer expect the ATM channel to become a more important part of their business, according to the 2018 ATM and self-service software trends survey from KAL ATM Software.
The survey of 470 financial institutions, ATM vendors, and ATM service providers and processors found that only 56% expected ATMs to increase in importance and do more; far more (72%) said the same thing in 2017. Nonetheless, 65% of the respondents this year said they planned to increase their ATM counts. About a quarter had no plans to change the number of ATMs, and 10% planned to decrease their ATM counts.
“There is every reason to believe that this useful and durable device will continue to break new ground as a banking channel for as long as consumers continue to seek convenience, utility and a personalized touch from banking services,” the survey report said.
Improving the member experience, improving ATM uptime and migrating in-branch transactions to self-service transactions were the three most critical changes financial institutions said they needed to make in their ATM operations.
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