The majority of American consumers today use some form of self-service banking to handle their banking needs instead of relying solely on services offered through a physical bank branch. Self-service banking technology has become steadily more reliable, more sophisticated, and more user-friendly, resulting in more consumers trusting self-service options. The Mercator Advisory Group’s Insight Report on Self-Service, ATM, and Other Channel Banking conducted in 2015 discovered that mobile remote deposit is the fastest-growing way to deposit checks. More consumers prefer the convenience of using their smartphones to deposit checks, to stay updated on their account activity, or to handle payments.
With all the buzz around self-service banking, it’s easy to overlook the fact that self-service options have been around a lot longer than smartphones. Self-service banking includes any activity in which the consumer handles transactions without the assistance of bank staff, which includes ATMs, mobile banking (via smartphones), and online banking. A 2016 study on consumer use of financial services (ATMs, online banking, mobile banking, calls to bank reps, automated call systems) reported that consumers tend to utilize multiple banking services instead of relying on only one or two. Consumers will adopt new banking services, but will continue to use other services, like ATMs, simultaneously.
ATMs, with their unique ability to provide consumer access to cash outside of the bank branch, are key to self-service banking. Most people visit a bank branch at least once every 6 months, but in between these increasingly infrequent bank trips, consumers turn to ATMs to withdraw cash. The number of ATMs owned and operated independently outnumbers those ATMs run by FIs (financial institutions), meaning that non-bank ATMs are often a more convenient banking option than a bank branch or bank ATM.
Businesses can capitalize on this need by installing an ATM. ATMs provide a helpful boost to store sales and draw more people into the business. Customers who use an ATM also spend around 23 percent more money than a non-ATM user. Contact America’s ATM, a company that specializes in bringing excellent ATMs to small and medium-sized business, to receive a free ATM for your business. America’s ATM offers 3 different options for your business’s ATM needs: the Free ATM Placement Program, the Free ATM Partner Program, or the ATM Processing Program. See more about each of the different programs at: http://americanatm.com/programs/. Call America’s ATM at 877-475-1104, or fill out an online contact form http://americanatm.com/contact-us/ to get more information.