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Advanced ATM Functionality: Beyond Movie Tickets and Postage Stamps

Published by: TowerGroup

Published: Oct. 28, 2002 - 16 Pages


Table of Contents


Highlights

  • Total transaction volume at bank and retail automated teller machines climbs higher and higher every year, yet the pace of growth has been slower than the proliferation of ATMs globally, resulting in a drop in the number of transactions per ATM.
  • Banks have attempted to maintain revenues at the ATM by selling everything from movie tickets and postage stamps to cashing checks and topping up prepaid cellular phones. Customer response, however, has been lower than expected for most of these products and services. Nonetheless, these "advanced functionalities" today create over $1 billion dollars of revenue worldwide. Obviously, someone is buying.
  • The cost to offer advanced functionality is substantial, and given the relatively small incremental revenues per machine and the renewed focus on return on investment, not many banks can afford to experiment with advanced functionality. The cost issue will become moot soon, however, as the card associations and government begin introducing changes to regulations that will force institutions to upgrade all of their machines to comply. The bad news is that the costs to upgrade are substantial. The good news is that the upgrade event represents an opportunity to replace the machine outright with one that can take the bank into the future at marginal additional cost.
  • TowerGroup believes that two functionalities, deposit processing and customized customer contact, represent basic and effective ways to leverage the latest technologies and improve the customer relationship.




    Abstract

    The automated teller machine has been around for over 30 years, quietly and dependably providing cash to bank customers. The total volume of ATM transactions has grown every year, but alternative payment options, especially debit-based card transactions at the point of sale, have eroded ATM volumes.

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