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TECHNOLOGY DIFFERENCE IN THE ATM INDUSTRY AS COMPARED TO DECADES AGO?

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The difference of technology is prominent in many industries as it has been a huge difference in the ATM industry as well. Thus, the technology difference is a huge difference and is expected to be more innovative. Also, more technologically advanced in upcoming years. The motive is to minimise the time factor. Hence, also make a transaction safer for a consumer. Finally, to gain the biggest advantage in terms of the technical aspects.

ALSO READ: CUSTOMER EXPERIENCE & WAYS TO IMPROVE THE EXPERIENCE IN ATM INDUSTRY

THE ATMs OF THE 20th CENTURY- ‘A COMPARISON IN TERMS OF THE EARLY DAYS’:  

It was in the early years of the new millennium, i.e. 2000’s that the ATM industry got another big boost. There was a growing ability for the consumers to make deposits (cash and Check) anytime they wanted, just like their access to cash. It was an added advantage in terms of the consumer’s flexibility elements. Hence, as FIs, i.e. Financial Institutions were able to move more transactions from the teller to the ATM.

Today in terms of the technological advantage and the advancements people can make more transactions than 22-25 years from today. These includes from very simple cash withdrawals and bank enquiries, to opening an account and applying for a credit card. These are some added advantages that are available in most digitally and technologically advanced countries than the rest of the world. The global uniformity is still lacking as some of the developing economies are still lagging behind. Alternatively, a bit in the past in terms of ATM services. Hence, as the Economic Times have reported there are some ATM’s that can even be utilised more technologically. Especially, to pay the utility bills, pay income taxes apart from the added advantage of applying for personal loans.

ATM’s CAN ACT LIKE SMARTPHONES, JUST LIKE THE CONSUMER WANTS:

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The smartphone devices have changed considerably the face of consumer electronics and have been revolutionary to set the society on a path to digital domination. This is mostly true for most technologically advanced nations. Hence, irrespective of their digital literacy levels.

These smartphone innovations being made common ones with the ATM ranges from touchscreens, finger pinch & zoom. Furthermore, to mobile authentication to Pre-staging FI transactions on a mobile device. Therefore, the banking customers now enjoy a similar experience at the ATM that they have on their handheld devices.

Therefore, eventually people now can have a seamless transaction experiences. Thus, an experience, that ranges from banking at the phone to banking at the ATM.

HOW BIG IS THE TECHNOLOGY DIFFERENCE?    

The difference is big and substantial as part of the change while the banking needs are shared with the ATM. These added options means that the consumer doesn’t have to pop in the bank every time. Especially, for the sake of their bills, account opening & other options. All these transactions can be easily dealt with while the customer can use the ATM, i.e. Automated Teller Machine.

ALSO READ: CASH FREE SOCIETY & WHAT ARE THE PROS & CONS OF A CASH FREE SOCIETY?

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The human-machine interactions are made far more robust. Furthermore, far more convenient and more authentic in terms of the consumer advantage. Finally, more secure and transparent for the customer whose preference is to stay alert and active regards to the security and safety aspects. All in all, as compared to the past the usability has improved. Hence, as well as customer satisfaction is far more guaranteed. There are more innovations expected ahead which means as far as security is concerned bio-metric authentication is something consumers are expected to see more. This is via facial recognition, as well as finger prints recognition. Finally, there can be more improvements in software expected for the sake of encountering cyber threats.

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MBE Digital Media Team
MBE Digital Media Teamhttps://blog.mbeforyou.com
MB Enterprises is an independent, Canada based business solutions and services providing group that is envisioned to lead the industry through trend-setting innovation and ground-breaking ideas.

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