MAY 6, 2019
Smart ATM Deposit's Growing Popularity
By Hilary Collins, Specialist, Publications and Research, Financial Managers Society
You don’t tend to hear much about ATMs in the headlines on fintech – where flashier innovations such as blockchain and AI prevail – but ATMs that offer real-time cash deposits continue to increase both in numbers and popularity. A new report from London-based RBR hails the global embrace of smart ATM deposits and analyzes what we can expect in the next few years.
Smart deposits at ATMs have grown 10% since 2017, with 1.2 million ATMs offering automated note deposit worldwide. 38% of all ATMs offer this service, and roughly two-thirds of these ATMs also use cash recycling to reduce cash transportation costs.
Depositing cash at an ATM is popular for institutions looking to cut costs via branch transformation – not only can the ATM deposit cash into their account as fast as any teller, the ATMs are available 24-7. That’s something even the best teller can’t match.