Like in every industry - innovation is the competitive differentiator. For years ATM (automated teller machines) in the banking industry have had a consistent function to play. Retrieve Cash - Execute Payments, or Make Deposits. Simple and easy to use. This has been the promise and it is true!
Today over 80% of North American customer retail banking transactions are conducted over ATMs or internet services. Nine out of Ten withdrawals are from a bank machine as well. Remember the sceptics saying these would never be adopted - how wrong again we were.
So despite over 30 years of living with current ATM basic functions - what is the next innovation killer application? Two USA banks that are always innovative are Wells Fargo and Citicorp. In San Francisco, Well Fargo customers are piloting new ATM functionality which allow them to make donations in participating charities, while also topping up their cell phone minutes via an ATM as well. Other banks are looking into technology that will allow customers to easily scan their cheques via an ATM - doing away with envelopes and also reducing check clearance manual processing.
Other functions expected to be added in time include cheque book reordering, credit card applications filled out on-line at the ATM, and other special service requests. Soon, we will be able to view stock quotes, purchase gift certificates or interact in new ways we have not even thought of.
The only question I have as a consumer who simply wants to rapidly get cash is how long will the ATM line ups be with all this new service functionality? Perhaps some of these services will be best serviced via on-line web solutions vs the ATM. What ever the final ATM value experience is — what must be top of mind is the the customer experience. Otherwise for a simple cash withdrawal I may be best to just get in the teller line (if they are still there). Once we have a true cashless society and I have electronic debit and smart wallets- I will no longer have to worry about this will I. Pray tell I won’t be 100 when we get there - what an incredible world the next generation will live in. Let’s hope the planet is still safe environmentally.