The global ATM market continues to grow quickly.
While there are already over 3.1 million ATMs operating around the world, this number is set to surpass 4 million by 2020 according to a report, “Retail Banking Research: Global ATM Market and Forecasts.”
This same report says that these ATMs cash in 92 billion individual transactions totaling $14.1 trillion U.S. dollars per year – almost $45,000 U.S. dollars every second. And on average, manufacturers around the globe continue install 280 new ATMs each day.
According to the Federal Reserve and Financial Brand, this sustained growth in the ATM market indicates that many customers continue to select ATMs as their preferred self-service channel to interact with their banks.
Out-of-network ATM fees are dropping.
According to Business Insider, fees for consumers using ATM service providers not affiliated with their banks decreased by 20 cents since March. Most of this decrease in fees (13 cents) came from banks, which offer lower out-of-network ATM fees to customers as an incentive.
Millennials still like to use cash.
The same Business Insider article mentioned above also revealed that 44 percent of millennials would be unwilling to stop using cash. They’d be unwilling to say goodbye to cash, millennials said, even if e-payments could replace all cash payments.
Technological innovations will improve the ATMs of tomorrow.
ATM equipment is continually being upgraded and modernized with the latest technology to provide consumers with the most convenient and secure way to access their cash. Last year, retina scanning ATM equipment was tested in the United States. With this technology, your customers won’t need a debit card to withdraw money from their accounts; instead they can use an eyeball scan for identification. Eye-scanning ATMs are set to reduce fraudulent activity and increase identity protection.
With many customers now accessing their bank accounts from their smartphones, other potential ATM innovations include those that allow customers to withdraw cash using their smartphones instead of their credit cards. Smartphone apps utilizing GPS technology can also help direct customers to the nearest ATMs.