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THE ATM TURNS 50 - A GOLDEN ANNIVERSARY FOR A GAME-CHANGING TECHNOLOGY
Cummins Allison highlights the top customer experience innovations over the past 50 years
 
August 29, 2017, Mt. Prospect, IL- The ATM has come a long way since its 1967 debut when the first cash-dispensing machine went live at Barclays Bank in London. Since then, ATMs have grown in both technical sophistication and sheer volume - with nearly three million machines worldwide.
 
Cummins Allison , the leading innovator and provider of coin, currency and check processing technology, as well as ATMs, celebrates this milestone anniversary by sharing some thoughts on the top ATM technology innovations that have transformed how customers bank.
 
Four ATM Innovations that have Transformed the Customer Experience
ATMs are one of the most impactful financial innovations of the last few decades. Economist Paul Volcker agrees: "How many other innovations can you tell me of that have been as important to the individual as the automatic teller machine?"1
 
That sentiment still rings true for the ATM in 2017. Below, Cummins Allison outlines the top four ways this core self-service technology has evolved to transform the customer banking experience:  
  1. 24/7 Connection: ATM use has skyrocketed in the past two decades. Monthly transactions have risen 18.6% annually since the late 1970s, due largely to increasing availability - often accessible 24/7 for cash withdrawals and more - of ATM networks.2 The innovation of regional and national networks have been instrumental in increasing ATM usage and enabling smaller financial institutions to offer ATMs without significant capital outlay. In fact, the overwhelming majority of today's ATMs are connected to regional or national networks, allowing customers to access their accounts from virtually anywhere.
  2. Convenience: Banks can now extend the inside teller experience to ATMs for a more convenient and personalized experience. Automated Deposit Modules (ADMs) conveniently allow customers to quickly and securely conduct deposit business 24/7. Today's modern machines are also able to issue passbooks, prepaid cards, stamps and lottery tickets, grant loans, convert currency, send money to distant relatives, put customers in touch with a live-remote teller and so much more.
  3. Security: Protecting ATMs - and customers - against criminal activity has always been a priority for financial institutions. Just as thieves have modernized their methods by using skimming devices rather than physical robbery, the industry has stepped-up how it protects customers. Modern ATMs leverage anti-skim measures including: Electro-magnetic interference-active jamming, motorized card readers with jitter, advanced device detection features (metallic, infrared), innovative design features (gate, bezel) and a protective plate inside readers. In addition, the rollout and acceptance of EMV chip card technology at the ATM has dramatically, impacted customer banking security worldwide - Canada's ATM debit fraud has dropped 92%, and Europe's skimming incidents have fallen 45% in three years according to EMV Connection.
  4. Next-Gen Capabilities: According to new Fiserv research, consumers' love affair with mobile apps shows no sign of ending. On average, people have 24 apps installed on their phones, with 15% having four or more, and 66% using five or more apps daily. With smartphone capabilities so in demand, the next frontier is to leverage banking applications that enable safe, fast, and convenient cardless cash access - allowing cardholders to withdraw cash, even if they don't have their cards on them, by using a secure access code and PIN at participating ATMs.3
With the speed of technology innovation taking place within the financial services industry, there's no telling what the future holds for ATM evolution. But one thing is certain - organizations must keep pace with consumer demands when it comes to convenience and capabilities. What better way to celebrate #ATM50 than by updating your ATMs with the latest technology? Visit www.cumminsallison.ca/atm to learn more.