The Power of Today’s ATMs

by Edward O'Brien 0

The ATM channel has truly become the hub for today’s self-service banking customers and members. The humble ATM has evolved beyond a basic cash-dispensing machine toward an interactive and full-featured self-service hub.

This renewed interest in ATMs is also spurred by a need to increase efficiencies after more than a half-decade of economic challenges as well as to replace fee income lost as a result of the Durbin Amendment regulations.

Some of the newer features considered or offered in North America mirror capabilities available in progressive markets around the world. These include funds transfers expanded beyond basic demand deposit accounts (DDA); bill payment (bill-pay); prepaid and transit cards; mini-statements; and mobile phone top-up. New capabilities such as increased convergence of ATM functionality with mobile banking, account-to-account (A2A) and person-to-person (P2P) transfers, and EMV contactless cards will spur new uses in the near future as well.

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