Payments Journal recently released one of its Truth In Data reports that highlighted the top five services used at ATMs. No surprise – getting cash was the most used service, but trailing closely behind was depositing cash and checks.
The report notes that as banks are still adjusting to the post-pandemic world they are discovering ATMs are a solution that is packed with potential for helping customers with a variety of banking needs on their own time and terms. Including younger customers.
It turns out that younger customers consider easy access to ATMs essential when choosing a bank. According to Why Banks Should Include ATMS in the 2023 Budget, Generation Z thinks an important function of a banking app is to help them easily locate surcharge-free ATMs. In fact, the article states: “The majority of consumers under the age of 40 consider ATM network access a primary consideration when searching for a primary financial institution.” As if that’s not enough for banks to hear, the same article reports that nearly half of Gen Zers prefer to use cash and a third of them view cash as an effective budgeting tool.
Data like this is shaping how financial institutions move forward. Many FIs are quickly realizing that “remote banking” means way more to customers than just an app or website. ATMs and ITMs are part of that remote banking picture. “While mobile banking is growing and money should be allocated to improving that channel, institutions should carefully consider the younger generations’ demand for physical presence, ATMs, and cash,” the article states.
Rochester saw the trend for ATM growth starting early on in the pandemic as banks realized that more customers were turning to ATMs and ITMs as a precautionary measure. Even now, post pandemic, Rochester continues to see its customers adding ATMs and ITMs to their footprints.
Rochester has used this time of growth to help customers reduce risk and liability and create operational efficiencies by introducing its Cash Vault Services. Today, Rochester’s Cash Vault Services processes more than 6,000 ATMs and over 1,200 deposit pulls for more than 250 of its customers.
