There is a lot of discussions and activities around the revival of the good old ATM.
Some are trying to make these machines more user centric like
Some are trying to improve the overall user experience of the ATM like
However, the true question should be the following:
"Do we even need an ATM? Is there a better, easier, faster way to manage cash than via an ATM?"
The first bank to figure out the answer to this question has the potential to truly disrupt the banking industry from a cash management perspective.
One way that I think could be used is the small businesses that accept payments from a credit or debit card?
Can they not be used to function as a teller for the bank? The bank instead of charging a fee for the use of the card machine, can instead pay the business a nominal amount and convert them into cash dispenser.
All the technology that is needed to make this happen is already available. The only change is in the execution of the idea.
This is just one idea to enable this. There could be many more viable ideas.. The question is are we looking for them?
Do let me know your thoughts by posting your comments below or tweeting them to me at @rmukeshgupta.