Automated teller machines (ATMs) are on the brink of change. Banks are scrambling to regain strength after the financial crisis and changing regulations.
According to Alan Walsh, Executive Vice President for Wincor Nixdorf's U.S. Banking Division, one of their tools will be the ATM.
"The various regulatory changes in 2010 have resulted in an increased number of banks looking to cut costs and become more profitable through channels such as the ATM"
Get ready. Banks are hoping you'll migrate to the ATM so they can automate activities traditionally done by hand. To aid in this effort, ATMs of the future will do more and more -- accept deposits without envelopes, read your checks for faster processing, and more.
These fancy ATMs may also take over some of the sales effort from branch employees. With sophisticated software, your bank can make customized pitches (based on your demographic, account balance, and so on) while you wait for your cash.
Some may rejoice at the convenience and personalized service these ATMs provide. If you can do more at an ATM, you don't have to rush to the branch during banking hours. However, there will certainly be hitches -- ATM deposit errors still happen and frustrate customers.
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