Richard Buckle Richard Buckle is the founder and CEO of Pyalla Technologies LLC. He has enjoyed a long association with the IT industry as a user, vendor, and more recently, as an industry commentator. www
We all talk about change, and we almost always combine that with talk about disruption and innovation. I am becoming more convinced that the future of the ATM lies in its ability to keep redefining itself to meet changing user expectations.
It is the need to deal with the unexpected that permeates the agenda of this year's ATMIA US conference: "Securing banking technology in the Internet of Things" … "Robots for testing ATMs" … And my favorite, "Disrupt fintechs with concierge services at the ATM."
"Check rejected for technical reasons," the screen said. What? I had endorsed it correctly and it all looked good, but rejected? Not even accepted and flagged as "pending!"
The paradox is that the more we shift to digital forms of payments — from debit and credit cards to P2P payments — the more we feel at ease with cash. Cash helps us control our budgets and simplify our transactions. If we have the cash, we make the purchase. And in our highly complex lives, it is this simplicity that resonates with us all.
It takes so many extra steps now to get cash from an ATM. The interrogation lasts for several screens as we are prompted for this and that. But at the height of summer in the American Southwest, spending extra time under the blazing sun isn't fostering good customer relations at the ATM.
Here's the message for banks: If you truly want to market new products and continue to effectively pursue cross-selling and upselling opportunities, put distance between what has served you in the past and move more quickly to tap the changing patterns of society.
Could unusual innovations such as the 'branch cafe' provide the answer to that perplexing question of how banks should evolve in order to attract and serve customers in our changing culture?
The ATMIA US conference was an opportunity to see both traditional and futuristic ATMs, to hear about NextGen ATM networks, and to learn about the plans of many FIs.
I cannot count the number of times I have been pressed to hand over a couple of banknotes in an emergency. And it is this sense of comfort, security and control that makes perhaps the strongest statement about the relevance of cash in the long term.
Payments solutions, networks and end points will have to continue to support a duopoly of plastic and cash, even as our understanding of what a payments end point looks like continues to change.
If, as one criminologist suspects, one-third of us are willing to fudge a little at the grocer's self-service checkout, maybe somebody needs to rethink a few of our processes.
Today, few financial transactions cannot be completed in full or in part on a smartphone or tablet; they've become such an integral endpoint that all channels exploit their capabilities.
Could the role of the humble ATM evolve to the point that it is able to talks good guys and bad guys, too, out of taking cash?
We all recognize the principle — or at least understand it, even if we don't believe it applies to us — that if it seems too good to be true, it very likely is.
On a recent road trip, ATM Marketplace blogger Richard Buckle recently discovered that not carrying cash can get very, very expensive.
I can see a transformation under way in which multiple devices morph into one entity and cash is dispensed along with burgers and all the trimmings. You'll be able to get cold cash and hot fries!
Walking through a mall this week, I caught sight of an ATM and immediately identified the financial institution by its color scheme — a predominantly blue color scheme that I recognized as being owned by Chase. Another, with lots of...
The only thing that develops traction is the thing that clearly offers an improvement over what we already have, and mobile wallets just don't have enough going for them right now.
Could I be comfortable having no wallet? Having no cash? Having to depend that every place I visit and every transaction I initiate will have the supporting technology up and running and secure?
For much of the world's population, cash still dominates, so having a real wallet seems most appropriate — even if access to cash withdrawal is via a mobile phone.