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The ATM industry's mobile-digital choice: Innovate or die

With consumers increasingly empowered by technology, there's no reversing the global evolution toward mobile banking.

November 19, 2013

Given the ever-increasing power of our mobile-digital world, there's no turning back, according to Mike Lee, CEO of the ATM Industry Association.

Speaking at the first ATM & Mobile Executive Summitin Washington, D.C., Lee said that consumers' ability to connect to the Internet with mobile devices means that companies operating in the payments space face an unequivocal and inevitable choice:

"Innovate or die. There is no middle way between the two."

Lee's remarks came during a debate at the summit, which was presented by ATM Marketplace, sister publication Mobile Payments Today, and the Electronic Funds Transfer Association.

Issuing a challenge to every organization that works in the payments industry to adapt, Lee cited three game changers driving the mobile-digital future:

1. customer-centricity. "It's a new era of consumer power," Lee said;
2. channel convergence — Lee cited the growing number of cardless transactions at ATMs and how important this dynamic will be in bringing the unbanked into the payments industry; and
3. competition between banks and non-bank providers of financial services — "This is huge," Lee said, "and that's why I say this competition is so ruthless, so global and so huge in scale, that it's innovate or die."

Watch the video of Lee's remarks:

Learn more about the ATM & Mobile Executive Summit.

photo: ivan walsh

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ATM Industry Association (ATMIA)

The ATM Industry Association, founded in 1997, is a global non-profit trade association with over 10,500 members in 65 countries. The membership base covers the full range of this worldwide industry comprising over 2.2 million installed ATMs.

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