Mar 24, 2021
How the Pandemic Has Affected ATMs
For many, having access to cash has remained prevalent during the COVID-19 pandemic lockdown. Given this, the ATM is playing an even more critical role in ensuring that consumers have access to cash and wider banking services while branches have reduced hours or closures, or customers want to avoid face-to-face or in-branch interactions completely. (NCR).
We are also seeing higher adoption of more low-value contactless payments, as well as increased digital banking and e-commerce transactions. However, the ATM is still an important self-service channel for those looking for options.
Let’s take a closer look at some of the trends that have stemmed from the COVID-19 pandemic.
More people are getting comfortable with mobile banking. Deloitte Digital surveyed 2,000 Americans as part of their HX in Uncertainty report to find out how COVID-19 affected the payment preferences of consumers. The study shows that over a quarter of individuals indicate they plan to use digital payment tools more often and nearly half say they're more comfortable than ever with mobile banking. (ATM Marketplace).
More people still prefer to have some cash on hand. People are spending less cash, but the total value of banknotes in circulation has increased as people appear to choose to hold more cash. These trends have persisted for a number of years, but have been magnified by the pandemic.
FIs are making it easier to access cash. Social distancing has caused financial institutions to curtail their hours or temporarily close branches. Some financial institutions are making it easier for customers to access cash by increasing daily withdrawal limits or waiving charges for cash withdrawals at the ATM.
Cash recycling is a must. Financial Institutions that have sophisticated cash management tools, like cash recycling ATMs, can use these resources to track, analyze and take action based on the current situation. Cash recycling specifically plays a big role in cash availability for ATMs around the globe.
Now more than ever it’s vital for ATMs to be up and running. At OptConnect, our goal is to make sure that ATM deployers have the reliable connectivity they need for their ATMs to have maximum uptime and minimal downtime. We offer a managed connectivity solution for ATMs that is unparalleled.
With 24/7 customer support, a backend robust dashboard, and much more, OptConnect is prepared to help you get the best connectivity for your business.
To learn more, please visit https://www.optconnect.com/solutions/atm-bitcoin.