A new study from Europe refutes the widespread belief that ATMs are at the end of their era as a cash pick-up point and suggests new ways that banks can take full advantage of ATMs.
A report titled “Finding a Million Dollar ATM: Redefining and Revitalizing the ATM Channel,” published by nonprofit banking organization Efma and payment service provider Clear2Pay, says banks need to be “discerning enough” to develop strategies to activate the potential of ATMs.
“With emerging financial services innovations such as social media and mobile banking, ATMs tend to be a thing of the past,” says Efma CEO Patrick Desmares. "Banks need to either ignore this or use the enormous potential that ATMs offer to expand their influence and opportunities in the market."
The report says that now is the ideal time not only to improve and revitalize ATMs, but also to explore new ways to use them to attract new customers and increase revenue by equipping ATMs with new functionality. “This may be a chance to invent that very 'million dollar ATM', - the organizers of the study report.
A report titled “Finding a Million Dollar ATM: Redefining and Revitalizing the ATM Channel,” published by nonprofit banking organization Efma and payment service provider Clear2Pay, says banks need to be “discerning enough” to develop strategies to activate the potential of ATMs.
“With emerging financial services innovations such as social media and mobile banking, ATMs tend to be a thing of the past,” says Efma CEO Patrick Desmares. "Banks need to either ignore this or use the enormous potential that ATMs offer to expand their influence and opportunities in the market."
The report says that now is the ideal time not only to improve and revitalize ATMs, but also to explore new ways to use them to attract new customers and increase revenue by equipping ATMs with new functionality. “This may be a chance to invent that very 'million dollar ATM', - the organizers of the study report.
