News

SA banks embrace auto-deposit ATMs

May 2, 2013

Banks in South Africa are increasingly buying into the auto-deposit ATM concept as a way to reduce teller demand and provide customers 24/7 deposit capability.

According to an article by Bizcommunity.com, First National Bank deployed South African's first ADT in 2008. The bank now operates 977 of the machines, having increased its ADT fleet by 42 percent just last year.

"The ADTs have been a huge success for us and we will continue roll them out according to our needs," FNB chief executive Michael Jordaan told Bizcommunity.

FNB might have been first in adoption, but ABSA is first in numbers, currently. The bank operates 1,000 ADTs, with plans to spend another R500 million ($55.79 million) this year on further upgrades.

Standard Bank currently operates about 600 ADTs and plans to install 500 more. Since deploying its first machine last January, the FI has taken in more than R3 billion ($334.76 million).

Capitec went a step further and opted for recycling ATMs. The bank plans to add another 100 of the machines soon, the bizcommunity report said. 

"The main advantage of these note recyclers is that people who deposit cash into their accounts can do the deposit at a lower cost than at a branch counter," Capitec told the publication.

Read more about trends and statistics.