What’s Next for ATMs in the Banking Industry?

Today, the latest ATM units use mobile pre-staging and facial recognition to dispense money and handle a wider range of functions. With the branch uses more likely to continue to be bound, and cashless transactions are not yet the norm in today’s society, modern Automated Teller Machines may prove more valuable. It has been a hard year for the Automated Teller Machine industry.

The main function of these devices has always been dispensing cash. But when paper money becomes a disease vector thanks to widely circulated and mistaken reports of government health organizations’ statements, it caused the industry angst, on top of the growing movement towards cashless and digital transactions.

The good news is, these devices were the first platform to popularize digital banking. According to the ATM Industry Association or ATMIA, these things are physical-digital devices. A significant initiative of the industry is to reinvent the ATM to the next level.

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It will take these things even deeper into the digital realm. It will also point to a brighter future for the ATM industry. A significant initiative of the industry – the “next generation” reinvention of the device – will take them even deeper into the digital world and point to a brighter future for ATM devices.

Fighting the “Paper money carries COVID-19” claims

The Automated Teller Machine Industry Association includes a lot of financial or banking institutions as members. They are working overtime to beat the anti-money rhetoric during the COVID-19 pandemic. The organization says that anti-cash campaigns use flagrant pseudo-science” to isolate cash as the most prominent transmitters of COVID-19.

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According to the association, the most significant source of the belief that paper money is the leading Coronavirus carrier is the World Health Organization statement. They are advising people to wash their hands after holding cash. It elevated into claims that dirty money may be spreading the virus (well, according to the newspaper). The World Health Organization was later moved to back-pedal on their comments.

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Virus experts have been dismissive of the idea that people are catching the virus from paper money, emphasizing that the best way to get the virus is through airborne water droplets. Strengthening the public’s concerns at the time of the World Health Organization comment were reports that Chinese banking institution officials were subjecting paper money to heat as preventive measures.

According to research, cash is pretty dirty, but in ways other than the COVID-19 virus. Not only that, mobile phones, touch screens, as well as buttons of Automated Teller Machines and similar devices, are recognized as virus carriers. This fact was also singled out in the earlier stages of the Coronavirus pandemic. While some of these concerns over surface contamination have started to diminish, ATM manufacturers have noticed.

Part of the modern digital banking plan of action

Although devices are still usually used for paper money withdrawals, in reality, these machines have significantly evolved over the years. They sit at the crossroad of physical and digital platforms and can be both functional as a branch and be in the branch.

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The technology is similar to smartphones – more application-based, as well as open-sourced – enabling developers to design programs to be used on Automated Teller Machines. Because of this, the more modern devices can track customer data, like mobile phones, at the same time conduct paper money-based transactions, like what tellers do with banking institutions.

A lot of these next-generation projects started in late 2018, and it has a couple of hundred participants, according to ATMIA. Next-generation is usually a way to move these devices into a more mobile environment. As consumers and banking institutions switch to mobile and online platforms, the project enables machines like Greenstar ATM to adapt to the changing environment.

The ability of the public to use contactless cards and mobile wallets to initiate or pre-stage ATM transactions (also known as cardless Automated Teller Machines) means that the experience is starting less seamless compared to when it was an entirely debit card-based.

It is like the early days of the Automated Teller Machine when customers had to find a device that accepted a particular network or debit card. Next-generation programs aim to make sure that the cardless device experience is hassle-free.

Another significant addition to its benefits is that because it is application-based, it will enable a wider range of banking services to be added to machines with ease, like gift card purchases, cryptocurrency, or currency conversion, without requiring upgrades on the operating system or software.