About the Author: Brew City Marketing

Published On: November 5, 20214.4 min read

The Benefits of Next-Gen ATMs

When the first ATM opened for business over 50 years ago, customers were wowed by the ease with which they could conduct routine transactions without the need for human interaction. Suddenly all of these things you needed to talk to a human to accomplish were doable whenever you wanted—deposits, withdrawals, transfers, and more. Over the next half century, we saw many innovations and improvements with the arrival of drive-through ATMs, 24/7 access, all the way to today where a new ATM comes online every five minutes.

Next-gen ATMs figure to be more powerful and secure than ever before, with the ability to handle cryptocurrencies like Bitcoin straight from the machine itself. As our financial horizons grow ever broader, we need flexible banking tech that keeps up with next-gen ATMs that can deal in cryptocurrencies, video banking, and more.

Video Banking

The 2020 pandemic has highlighted the need for more options that require less face-to-face interactions with the public. For banking, that means offering more services from your ATMs that give you a mix of self-service and assistance when needed. For the branch in question, the benefits include shorter wait times, and the ability for fewer staff to assist a larger number of customers at any given time.

“Customers will transact at next-gen ATMs using their mobile phones, reducing the time of the transaction while increasing its convenience, security, and intimacy, and so they won’t need their cards to make ATM cash withdrawals in future,” said Mike Lee, CEO of ATMIA, Chairperson of the Consortium for Next-Gen ATMs and President of the ATM Security Association.

Customers can largely help themselves, only bringing in a specialist when they’re needed for the interaction or to get help answering a specific question or managing a particularly complicated transaction.

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Leveraging Mobile Technology

With next-gen ATM technology, most actions can be queued using a mobile phone so the time spent at the actual machine is less than in a traditional interaction, reducing the time spent waiting in line and making everything more readily available. We already manage dozens of complex transactions per day on our mobile devices, so it only makes sense that a next-gen ATM should leverage the power customers already have to make everything flow more efficiently.

For customers, you’re removing barriers and making transactions easier. For some companies, that means moving to a future where cards are a thing of the past and you can get cash with just your mobile device. At the same time, you’re increasing security by reducing the impact of attacks like card skimmers.

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The Importance of Cryptocurrencies

While this area of the financial industry is still in its infancy, relatively speaking, cryptocurrencies are rapidly becoming an important part of any financial portfolio. These investments are often quite volatile but can see big gains over time that can translate into gains for investors if their exit timing is right.

Security is at a premium with crypto, however. As a wholly digital currency, you want to minimize the chances that someone is listening in on your interactions and your transactions are best-conducted buyer to buyer. Bitcoin ATMs are increasingly popular because you can minimize the steps it takes to turn your investment into cash without worrying that the currency will suddenly change the value while you’re taking steps to buy into or out of the market.

Keeping Up-to-Date with Your Equipment

At Equips, we want to make sure that you always have the most up-to-date banking equipment to support your customers in whatever transactions they want to accomplish. As cryptocurrencies play an ever-increasing role in people’s savings portfolios, next-gen ATMs will make it easier than ever to manage your Bitcoin transactions and more safely and securely.

When it comes to ATMs, a managed services provider can often be your best bet for making sure you have the most up-to-date machines that are capable of providing your customers with top-notch service and ease of interactions.

If you’re looking to up your game, decrease wait times for services at your branch locations, and improve productivity for your staff, you need to make sure you have the ability to provide the next-gen ATMs that smooth the way for all this and more. Equips can help you make sure that you have state-of-the-art technology that is ready to perform, along with the service contracts to make sure that everything is operating smoothly. If you’re looking to provide your customers with next-gen ATMs capable of providing your customers with the best service around, you need to partner with Equips.

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About Equips

Equips is revolutionizing how Banks and Credit Unions manage, maintain, and protect critical branch equipment. Leveraging a network of 500+ vendors, experts at Equips help Financial Institutions respond to equipment problems quickly in one place: Equips. Active management allows Financial Institutions of all sizes to improve operational efficiency, cut costs, and streamline equipment inventory and vendor management. Our groundbreaking solution provides clients across 45 states with better insight and transparency into their critical equipment and enables employees to do their best work. To learn more visit equips.com.