ATMs Catching Up to Branches as Places Consumers Want to Make Deposits

by Mercator Advisory Group 0

As banks add new features such as videoconferencing and check imaging to their automated teller machines and self-service kiosks, research from Synergistics confirms that this is an appropriate strategy that suits consumer preferences.

The research firm asked 1,000 internet-using households what they would like to do at an ATM that they can’t do today. The most common answer, chosen by 59% was, “cash checks.”

Consumers most typically deposit personal checks (65%), payroll checks (38%) and cash and coins (36%) at ATMs, the survey found. Eighty-one percent get receipts at the ATM; most are interested in receiving receipts on their mobile phones. Only 23% experience overdrafts due to ATM withdrawals, but they would like to know about overdrafts at the ATM.

The ATM channel is expanding and becoming more relevant and important with the increased use of intelligent deposit ATMs. And the ATM channel is poised for future growth as financial institutions look to reduce costs while improving customer service. These points are reviewed in detail in an upcoming Mercator Advisory Group report entitled “The Evolution of the ATM Banking Channel.”

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