STRATEGIC PARTNERS
A new study by Cummins Allison finds that 58 percent of financial institutions are approaching expansion or replacement of their ATM fleet with two goals firmly in mind.
October 7, 2014
A new study released byATM and currency solutions provider Cummins Allison finds that 58 percent of financial institutions plan to expand or replace theirATM fleetin the near future with the goal of providing better service and security.
Other key findings from the report, "The Changing Face of the ATM Market," include:
Many FIs reported that as they replace aging ATMs or expand existing fleets, they're exploring new technologies such as biometrics and remote teller assistance.
"The survey clearly shows that financial institutions are committed to deploying new technology and new features in their ATMs as they move toward more customer-centric banking," said Tom Conroy, senior director of the ATM business unit at Cummins Allison. "Financial institutions must consider both required and desired upgrades. Implementing Windows and EMV upgrades can be a costly process, and if an ATM is at the end of its 7-to-10-year life cycle, a new machine could be the right choice, especially when considering new technology."
Because their ATMs have become a primary touch point for customer service delivery, FIs also are demanding more from their ATM vendors, the study found.
"Customers have told us they need reliable ATMs provided by a partner they can work with to solve their particular needs," said Mark Tankle, senior director of the ATM business unit at Cummins Allison. "Community banks and credit unions, in particular, are looking for a local provider that is easily accessible and offers responsive service support. They want a more personalized approach in the ATM market."
The Cummins Allison survey polled more than 390 financial institutions with revenues ranging from less than $50 million to more than $30 billion. More than 90 percent of respondents own 100 or fewer ATMs.
View the survey results.
