The ATM Industry Association has created a new U.S. Underbanked Forum whose goal is to foster the development and deployment of ATM solutions that respond to the needs of the un- and under-banked.
Dramatic growth in the smartphone and mobile money apps has improved consumer access to personal financial services, but additional services not tied to traditional bank accounts are still needed, an ATMIA news release said.
"A 2012 Forbes article referenced an FDIC survey indicating that 28.3 percent of U.S. households conduct the majority of their financial transactions outside of the traditional banking system," ATMIA US executive director David Tente said in the release. "Contrary to what you might expect, that represents an increase of 821,000 households compared to 2009 when they conducted their first survey. The need for ATM- based solutions targeting under-banked consumers is greater than ever."
The new forum will facilitate collaboration among the various ATMIA member constituencies in an innovative and non-competitive environment, the ATMIA said.
"The ATM is the perfect platform for linking traditional and non-traditional financial transactions, and financial institutions, independent operators, networks, and processors all share a very high level of interest in creating new solutions to serve this market," Tente said.
Growing interest in cardless transactions at the ATM also might help accelerate the development of payment options targeting the under-banked, who generally don't possess a debit or ATM card.
QR code, one-time PIN, and other token-based applications are already being piloted in a number of U.S. markets.
The ATMIA U.S. Underbanked Forum is scheduled to hold its first meeting on April 30, 2014. Additional information is available from Tente.