ATMs get a boost from the pandemic

The pandemic is forcing many to «shelter-in-place» resulting in less cash spent outside the home. But as the rest of the world gets back to business, new technology in the ATM industry is helping give a boost to the industry as customers seek ways to connect with their bank while remaining safe, according to a KSL report.

ATMs with biometrics allows customers to use face recognition to authenticate access without the user having to touch akeypad. Customers can also get the face-to-face contact they enjoyed previously at the branches through an interactive or video ATM.

«There have been video tellers at some of the smaller banks and credit unions,» Mary Wisniewski, a banking analyst with Bankrate.com, told KSL. «And you can interact with them at an ATM to do bigger tasks.»

By bigger tasks Wisniewski is referring to loan applications or opening accounts, events in which a customer normally would require face-to-face contact.

Wisniewski expects the public will be seeing more and more standalone interactive ATMs as people become more comfortable with the technology.

«Some banks have been slowly going this way to save money, but with demand for in-person banking at an all-time low in these COVID-19 days, financial institutions have put interactive teller machines on the fast track,» Wisniewski told the news outlet.

Source: ATM Marketplace