“ BANKS ARE ADJUSTING THEIR STRATEGIES , PARTNERING WITH INNOVATIVE FINTECHS TO REDUCE THEIR PHYSICAL PRESENCE ”
MARTIN HERAGHTY REGIONAL DIRECTOR , EUROPE , PAYMENTOLOGY
However , as claimed by Hartley , such reports may only push governments and regulatory figures to back a cashless world . “ I am sure the UK government would be in favour of a cashless world as digital payments are trackable , meaning fraud and tax evasion cases would be much easier to identify , potentially reducing the amount of banking crime . Physically carrying cash also comes with the risk of losing it too .”
ATMs in the future of banking For now , it ’ s clear ATM innovations are not being commissioned to market en masse , as legacy banks look to acquire and partner with fintechs revolutionising the digital banking space , and regulators back digital payments with an eye on greater fraud prevention .
It could well be , therefore , that ATMs become a relic of the past , much like the payphone , potentially disappearing altogether should innovations in financial infrastructure services fail to keep pace with the booming digital banking industry .
Today , though , ATMs remain a critical part of banking infrastructure – despite their dwindling numbers and the neglect they receive from legacy banks striving to keep up with digital financial services .
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