As one door begins to shut on the physical bank branch model, another is opening for ATM innovation. From the ashes of physical bank branches rises improved ATMs. Out with the branch, in with the ATM.
You get the idea.
Once considered little more than cash receptacles or balance checkers, ATMs are changing. You can interact with tellers via some ATMs. Others can issue you physical cards. And for many, ATMs are now the most-used piece of banking technology that doesn’t come from a phone or a desktop.
PYMNTS.com spoke with Ben Psillas, EVP, network and financial services at Cardtronics, to learn how the ATM ecosystem is changing, and how all of its players stand to gain from the shift towards remote banking.
“Some of the trends we’re seeing in the retail banking space is sort of the rise of self-service and the demise of the branch network,” Psillas said. “Not to say that the branch network is dead in any way, but we are seeing financial institutions who are focused on the future bank customer. “
And that future customer is not interested in using ATMs the way mom and dad have for the past few decades. Instead, younger bank customers want to be able to use ATMs as an extension of their online and mobile banking experiences: not simply as a receptacle from which to deposit or pick up cash.
“They don’t write checks, if they even know what a check is,” Psillas said of the younger demographic. “And so they’re targeting their accounts and their financial structure for the future around the online, mobile and ATM channels.”
Psillas said that major financial power players such as Bank of America, Wells Fargo, PNC and others have all taken steps towards remote online platforms and away from the physical branch model. While that’s a pretty well known fact, what’s interesting are the potential ramifications such a transition could have on how ATMs are used by consumers, financial institutions and ATM operators alike.
“I believe the evolving ATM is going to be called the kiosk,” Psillas said. “We obviously hear that word used a lot. But this is going to provide a completely different transaction set, meaning more products and services. It may potentially provide bill-pay, cash load, check load, money transfer: you know, it’s going to provide a platform of things that people can do,” he explained.
“I ultimately see the ATM, instead of being a sort of utility as it is today for cash, it’s going to be more a destination of the future.”
To hear more Psillas on the changing ATM industry, listen to the full podcast below.
*If you have trouble with the audio player above, click here.
Ben Psillas
Executive Vice President – Network & Financial Services
As Executive Vice President, Network and Financial Services, Ben Psillas is responsible for managing Allpoint as well as Cardtronics’ ATM branding business, financial institution managed services business and other payments-related products and services which leverage Cardtronics’ valuable network of prime retail ATM locations.
Mr. Psillas, the founder and President of Allpoint, joined Cardtronics as part of the Company’s acquisition of that business in 2005.
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