ATM technology is advancing to accommodate changing consumer demands. Compared with other tech-centric industries, recent technological advances in banking have either remained stagnant or lagged significantly. However, new technological advancements may see digital progress quickly approaching for financial institutions, particularly when it comes to ATMs.
ATMs can now perform approximately 60 percent of all transactions typically facilitated at a bank teller’s window. However, banks have struggled with encouraging customers to rely on ATMs for self-service. In fact, many consumers still prefer bank branches over ATMs.
Why? Because ATM users care most about their experience. Ultimately, customers want to feel like they are getting good customer service.
Customer Service a Top Priority for ATM Technological Advancement
As a result, ATMs will begin to offer more robust packages focusing on customer interaction. Instead of requiring customers to visit a bank to open an account, take out a loan, or initiate a wire transfer, users may be able to visit a more convenient ATM, and most importantly, enjoy the experience.
Exciting New Trends in ATM Technology
As banks improve their antiquated infrastructure and experiment with ATM technologies, exciting new trends have emerged. Bank of America, for instance, has begun to incorporate the use of video tellers in some of their ATMs. This allows for a more human experience where customers are greeted by name and may be able to access an extended menu of services that traditionally require a bank visit. Citibank is testing an NFC-enabled ATM that confirms a user’s identity via iris scan. And Chase is operating cardless ATMs that identify users with an app on the user’s phone.
Customers Ever-Changing Needs Will Force Continued Adaptation and Advancement for Financial Institutions
As evidenced, banks are taking huge technological strides and truly want to provide a better overall experience at their ATMs.
However, while most financial institutions are making shifts in the right direction with technological advancements, customers will continue to expect even more services. The current advancements simply will not be enough; financial intuitions will need to continue to develop technology in order to accommodate their customers ever-increasing and changing needs.
In short, we will continue to see AI take over at ATMs, however, it will be to the consumer’s advantage as banks are being forced to compete to keep their customers satisfied.
The customer experience has proven to be one of the most important aspects in financial services, and if financial institutions wish to successfully maintain or grow their customer bases, they will need to invest in modern technologies so new services can be made available to consumers.