The evolution of ATMs

According to the results of Transaction Network survey, for the most part of respondents (78%) the most important thing is access to cash at the ATM. According to the research, in 2021 to 76% of cases ATMs were used for depositing money and only 24% were used for withdrawing money.

However, along with the ability to deposit and withdraw cash, modern ATMs are equipped with a variety of useful features that help save time, avoid queues, communication with not always friendly bank employees and filling out various receipts. Multifunctional self-service devices allow making various operations without using other apparatus. Banks are gradually upgrading their fleet of devices – and from standard ATMs they are turning into smart machines with a set of innovative options.

Important: The money issued by the device must be taken away within 30 seconds, otherwise the ATM will take it back.

New functions of ATMs:

• NFC – this technology makes it possible to use the ATM without inserting a plastic card into the card reader, but by attaching the card or smartphone to the reader.
• QR-codes – this method assumes a contactless use of an ATM for payment of taxes and other operations (in this case the authorization and identification are made through a bank application).
• Reclining – technology which allows the cash money deposited by one client to be received by another client.
• Personal cabinet – most banks expand the functionality of their devices, making them closer to online banking and equipping them with features for creating deposits and savings accounts, viewing information about products, etc.
• New design – modern ATMs have a touch screen and increasingly resemble smartphones, not only in appearance, but also in the possibility of improving their functionality and installing additional applications.

To summarize, we note that in the future a significant expansion of ATM functionality is predicted. These mini-offices will be able to provide access to any banking and non-banking. Banks have different visions of improving their fleet of devices, and most of them are already adopting advanced technologies, which we will discuss in more detail in the following articles.