Technology & ProductsAstute banks can make money from ATMs, says new report

Astute banks can make money from ATMs, says new report

A new study by Efma and Clear2Pay rejects the common assumption that ATMs are purely cost centres and suggests new ways that banks can capitalise on the opportunities they offer.

A new study by Efma and Clear2Pay rejects the common assumption that ATMs are purely cost centres and suggests new ways that banks can capitalise on the opportunities they offer.

In a paper entitled “In search of the €1 million ATM: Revisiting and reinvigorating the ATM channel,” retail banking non-profit Efma and payments modernisation company say that the ATM is “far from dead” as a money-making channel and that banks need to be “astute enough” to develop strategies that revitalise the potential of ATMs. The paper draws on presentations and discussions conducted during a series of think tank webinars.

With all of the excitement surrounding recent developments in the financial services industry, such as the use of social media and mobile banking, the ATM has tended to become the forgotten channel,” said Patrick Desmarès, Efma’s CEO. “Banks have either ignored it or overlooked the huge potential it offers for extending their reach and increasing the capabilities.”

The whitepaper provides evidence that this is an ideal time, not just to make the changes that might be required to ATMs, but to explore new ways of using them to increase revenues to attract new customers through exciting new features, and customer centric services. Ultimately, it might be possible to attain the magical goal of the so-called ’€1million ATM’, as referred to in the report.” added Nicolas Métivier, EMEA General Manager at Clear2Pay.

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