New technologies are being introduced to banking every day, but the fact remains that customers still like ATMS.
According to information from the U.S. Federal Reserve (2015), some 75 percent of Americans use ATMs for their day-to-day financial tasks. This was an increase since 2012 when 74 percent reported doing the same, and the upward trend continues in all aspects of ATM use. In a 2015 study carried out by Retail Banking Research in 2014, the US had more than 430,000 ATMs, spread across more than 100,000 branches of banks. The ATMs dispensed $691 billion to customers through 5.6 billion transactions.
The total sums withdrawn from ATMs increased by $25 billion between 2013 and 2014 – or 4 percent. Globally, there are about 3 million ATMs in use around the world, according to the San Antonio Business Journal. African, Asian and Middle Eastern countries have seen massive increases in the number of machines thanks to demand.
So, why the demand? We have our own theories. The ATM is an easy to use tool and allows you access to many banking services – cash withdrawal, seeing your balance, paying in money and even donations to charities these days. They can be used 24 hours a day, every day of the year.
We also believe that people like the physical aspect of money. It’s easier to spend more when you’re using a card to pay. Handing over lots of bills will make you stop and think – is my purchase really necessary? The ATM has a lot of life left in it yet.