FUTURE OF ATMS
“ A CASHLESS WORLD SEEMS UNREALISTIC RIGHT NOW , AS SO MANY PARTS OF THE WORLD DO NOT HAVE THE ABILITY TO STAY UP TO DATE WITH TECHNOLOGY ”
MARTIN HARTLEY GROUP CCO EMAGINE CONSULTING
As such , legacy institutions are foregoing ATM innovation in favour of customerbacked digital banking growth . As Heraghty puts it : “ Banks are adjusting their strategies , partnering with innovative fintechs to reduce their physical presence while investing in digital banking , improving their customer ’ s experience .”
The decline of legacy banking infrastructures is not merely a European
constraint either , with Euromonitor International noting a fall in the total number of ATMs in the US from a high of 470,000 in 2019 to an estimated 456,000 in 2021 . This is further compounded by a rise in ATM servicing costs caused by reduced demand for cash globally , something which has prompted banks to reconsider their ATM footprints .
Where ATMs endure However , though contactless payments and digital banking continue to gain traction amid the rising stock of fintech companies , Martin Hartley , CCO of emagine Consulting Group and Bank of England decisionmaker , believes there are many people “ for whom ATMs still have their place ”. Though he admits that “ the demand for ATMs has
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