How Emerging Technologies are Adding Advanced Features to ATMs

How Emerging Technologies are Adding Advanced Features to ATMs

By CFO Tech Outlook | Tuesday, November 19, 2019

Atm TechnologyImproved ATM technology helps ATM machines meet the demands of customers for a seamless transition from physical and digital networks.  

FERMONT, CA: Once upon a time, ATM had been a major banking industry revolution. Today, the use of ATMs may have declined with transformed financial services. But, with innovative features that provide consumers with unprecedented comfort, the ATMs could see a revival and remain relevant for decades to come. Many service providers are currently considering developments in ATM technology. The concept behind the upgrades is to match the functionalities and features of ATMs with the needs of modern users. Here are some features that will help provide ATMs with a modern edge.

• Streamlined Security Authentications

Finance Technology

 

Over the past decade, the security scenario has seen some significant changes. Advanced attacks have made obsolete security checks redundant today. ATMs are currently undergoing security makeovers to generate customer trust. Fingerprint and iris scans are making their way into the ATMs. Integrated mobile features that allow verifications are also being considered.

• Automated Maintenance with AI

In the financial sector, AI finds wide-ranging applications. Adding capabilities backed by AI to ATMs will make them smart. AI is the answer, from reacting spontaneously to providing additional services to user queries. Banks are also expected to benefit from automated ATM maintenance, leading to fewer breakdowns and consistent performance. For predictive and prescriptive capabilities built into the ATMs, the maintenance costs for banks often decrease.

• Emerging of Cryptocurrencies

The gradual rise in cryptocurrencies' popularity has created a demand for ATMs that allow digital money to be transacted. ATMs will promote the accessibility of cryptocurrencies to the general public. By adding new features, ATMs will make cryptocurrency payments accessible to the mainstream. Diversification is, therefore, essential to maximizing the effectiveness of ATMs.

Financial self-service will soon be the rule, and twenty-first-century ATMs will lead the transitions with advanced capabilities.

See Also: Top Payment And Card Solution Companies In Europe

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