Providers have been updating the ATM channel with new features and services including innovations in deposit making such as envelope-free deposits. This activity has resulted in an increase in deposit activity at ATMs.
According to a recent survey by SYNERGISTICS Research entitled, Transforming ATMs, more than four in ten ATM users now regularly make deposits at ATMs compared with one-third who did so in 2007 and close to four in ten in 2010 (Exhibit 1). Overall, three-quarters of internet households use ATMs (Exhibit 2), indicating an average of 3.2 transactions per month.
“Cash dispensing will continue to be the primary function of ATMs as long as consumers continue to need cash. Recently, providers shifted their focus to the ATM deposit function and introduced deposit innovations such as envelope-free deposits,” comments Genie Driskill, COO of SYNERGISTICS.
“This has paid off with growth in consumer usage of ATMs for deposits. However, consumers’ increasing usage of remote deposit capture may pose a threat to the ATM’s recent gains in deposit activity. To hedge this possibility, providers will need to explore other types of activities and more advanced ATM functions as well as integrate the ATM with other channels such as mobile. Interactive teller machines and enhanced financial kiosks are clearly the next steps in the evolution of ATMs.”
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