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DIGITAL BANKING Tips - Tip 19: ATMs and Digital Banking

ATM (automatic teller machines) is one of the most amazing banking innovations, created with the idea of providing 24 hours banking service – account checking and mostly money withdrawals. Since the first introductions of ATMs in 1960s – changing customer behaviour and expectations triggered a huge transformation for ATMs. As of today, there are more than 3 million ATMs used in the world and Brazil (seems like not only soccer but also money withdrawal from ATM are the national sports there!) is the leader with more than 160.000 machines according to the World Bank Report.  ATMs’ significance for Digital Banking is obvious – as it is the only Self-Service banking channel that where physical cash transactions is possible. Can ATMs do more than that for Digital Banking? The answer is YES.

ATMs are placed in the bank branches (called ON SITE) or other popular locations (called OFF Site) like airport, shopping malls or other popular sites. Advanced (multi-function) and Simple (money withdrawal only) versions of ATM available – usually functionality comes with a cost (you get what you paid for thing!) but technology and competition between vendors made it possible to get a good machine at a reasonable price in recent years.

This is the short version of the post. 

Starting from Tip 2 to Tip 30 only short versions of my posts are available at Finextra. From Tip 31, full (long) versions of my posts can be read here.

 

 

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This post is from a series of posts in the group:

Innovation in Financial Services

A discussion of trends in innovation management within financial institutions, and the key processes, technology and cultural shifts driving innovation.


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