Automatic Teller Machines (ATMs) have been in existence since the late 1960s, and after more than 50 years of use, they are still more important than ever, especially among Millennials, who want ATMs to do more than just dispense cash.
In this article, we will discuss next-gen ATMs and what role they will play in consumers’ lives.
What Are Next-Gen ATMs?
Next-generation ATMs are the next step in the evolution of the ATM because they do more than just dispense cash, these automatic teller machines also have seamless coordination with mobile devices as well.
This new feature means that consumers don’t have to physically touch the ATM to enter their password, they will be able to get cash from the ATM using a mobile app on their phone.
Besides cash, Next-Gen ATMs are also a hub for purchasing Bitcoin and in some parts of the world, consumers can also purchase gold from select ATMs as well.
Yes, ATMs are now more versatile for consumers than ever before, but they are also highly integrated with cloud-based infrastructure which makes them easy for any operator to manage from their internet-connected devices worldwide.
Key Differences from Previous Generations of ATMs
Although it may still look the same as ATMs from years past, next-gen ATMs incorporate state-of-the-art technology behind the ATM screen including:
- Advanced operational efficiency
- Fraud protection
- Enhanced security
- Personalized functionality
- Streamlined UX/UI design
- Remote maintenance
- Mobile integrations
Today’s ATMs make it possible for operators to incorporate more ATMs into their business model while having confidence that they will be able to service the needs of those machines while offering a valuable resource to the community where those machines are placed.
As more banks continue to close in the 2020s, and cash remains an in-demand form of currency, the need for ATMs isn’t going away anytime soon and this means that we will continue to see ATM technology adapt to the needs of consumers worldwide.