ATM features: 5 to include

ATMs have had a long and storied history. First launched in the 1960s, they have become a staple of banking. While the main ATM feature will remain providing cash withdrawals, we are now long past the point where customers will accept a device that only performs one task.

Leland Englebardt, president of E-Squared Systems Inc., said in a session at ATMIA that we are seeing the "death of the single function device." With the advent of smart phones, customers expect all digital devices to have more than one function, and for them to be flexible enough to meet their needs without having to go to a different device or platform.

If you want your ATM to be successful, it needs to have a variety of features. Here are five ATM features to transform your customer experience.

Deposits

One of the best ways to transform your ATM into a multifunctional device is to add deposit capabilities. Allow customers to deposit cash and checks (or a combination of both) in one transaction to truly boost the overall bank customer experience.

This is an especially useful ATM feature for small business owners who may not have the time to go in at branch hours to deposit checks or cash, and it is also helpful for customers who need after-hours access to deposits.

However, cash deposits can pose potential safety issues for customers who are putting cash into machines. We will discuss a potential solution to this safety issue further on in the article.

Tap/contactless

Tap and contactless/cardless ATM features gained a lot of headway during COVID-19 when customers were concerned about catching the virus through public-facing devices such as keypads or touchscreens. While those concerns have decreased, the demand for contactless ATMs has not.

This technology allows customers to get cash without having to pull out a card. In many cases, this is quicker than inserting a card, entering a PIN number, and waiting for the ATM to confirm the details.

In addition, these contactless ATMs are more secure, since they completely circumnavigate card skimmers, as NCR Atleos discusses in a blog.

In other words, by integrating this ATM feature, you are letting customers interact with the device on their own terms.

Balance management/bill payment

Another feature to consider for ATMs is balance management or bill payment. While most ATMs will allow customers to see their balance on the screen or a receipt, you can take it one step further and turn the ATM into a richer self-service banking tool.

With balance management, customers can move cash between accounts, so they make sure they have the funds necessary for upcoming bills.

Speaking of bills, with a bill payment option, customers can simply enter the details of their bill such as an account number so they can easily get their bills handled while on the go. Customers will appreciate the convenience of not having to log on to a separate account to get it done.

Multiple locations

Consider carefully where you place your ATMs. While drive-thru ATMs are convenient, they can also make customers nervous, as they are especially vulnerable to would-be thieves who may rob them while they are withdrawing or depositing cash. In addition, customers are less likely to perform complex tasks on drive-thru ATMs, as they are trying to get in and out quickly.

By deploying ATMs at retail locations, you can reduce these issues and give customers the safety and comfort they need to perform more advanced transactions. In fact, a study by Visa found that customers would prefer to use ATMs at retail stores with advanced features, such as cash deposits.

Cash recycling

Lastly, you should consider a valuable backend tool for ATMs: cash recycling. One of the primary issues with ATMs is cash management and how to handle restocking, security and more.

With cash recycling, rather than keeping the deposited cash in a separate cassette, the notes are counted, sorted and then loaded back into cassettes for dispensing. This saves a lot of time for ATM operators and cuts down on the number of times they need to reload the ATM with cash.

This also in turn boosts uptime for the ATM and reduces potential security issues that occur when a service worker is replenishing the ATM.

Of course, there are many other features we could discuss about ATMs, ranging from cryptocurrency integration to dynamic currency exchange. Do you have any others you would like to discuss with ATM Marketplace? If so, click here to contact us.