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The future of ATMs, mobile, the branch and cash

July 7, 2013 by Dan Kramer — Senior Vice President, Marketing & Merchant Servic, SHAZAM

Mike Lee, CEO of the ATM Industry Association, recently shared his insights into the future of accessing funds. Lee addressed a number of questions regarding cash, ATMs, cards, and trends.

Although a number of mobile payment companies have predicted the "death of cash" or the "end of the wallet," Lee saw this as nothing more than wishful thinking by new entrants to the payments marketplace. He cited our 27-century relationship with cash as proof positive that it is here to stay.

This is due mostly to the user-friendliness of cash and the fact that it is impossible to replicate all the properties of cash, Lee said. He also pointed to the continued existence of differing social classes, and the unlikelihood of complete public trust in cash alternatives as making the total replacement of cash in society impossible.

The ATMIA CEO also predicted the eventual demise of the staffed branch in the very far future. He recognizes increased that automation — including self-service and video banking — along with the rise of customer-owned devices are precursors to eventual total automation, but said we have a way to go before staffed branches disappear completely.

Lee saw plastic, cash and mobile technologies continuing to coexist as they do now, and providing the potential for global synergy between mobile banking and ATMs.

Lastly, Lee looked at virtual currencies such as Bitcoin. He pointed out that digital is a copy of analog, and that humans and cash are analog.

In other words, they come first. He added that digital has been embraced for its convenience; but said society will never completely abandon high-touch and human-friendly analog technologies.

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