FUTURE OF ATMS
Hartley adds : “ While there is significant dependence on digital wallets in technically advanced countries , cash is still very much the only means of payment in countries that fall behind . 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 .”
Is there a place for ATMs ? While there is , arguably , still an important place for ATMs in financial services , Michaelides feels banking institutions should be innovating their in-person offerings , just as they are their digital banking services . He says : “ Traditional institutions must stay ahead of the curve by adapting their payments solutions . It is crucial that banks continue to enhance the services offered by ATMs in conjunction with fintech partners , levelling up their technical infrastructure and better serving their customers .”
For Hartley , innovations in the user experience will help ATMs stay relevant , even amid an industry focus on digital banking transformations and fintech partnerships . “ The implementation of advanced technology [ will help ATMs ] to stay ahead of the times . Think biometric authentication and facial recognition to access your funds ; the process will become more efficient and seamless in the future .”
User experience is valuable to customers , but biometric authentications at ATMs can also play a significant role in fraud prevention and anti-money laundering ( AML ), making cash transactions safer . This could instil greater confidence in the safety standards of cash as a means of payment , particularly after the Annual Fraud Report from UK Finance reported £ 1.2bn ( US $ 1.5bn ) was lost to fraud throughout 2022 in the UK alone .
82 July 2023