Since it’s introduction in the 1960s, the automated teller machine, or ATM, has gone through many updates.  Its foundation is providing added convenience to financial institution customers.  Allowing customers access to their accounts and money when the back is closed is the largest convenience, but ATMs offer so much more.  That being said, an NJ ATM company admits there are still some limitations in the technology as well. 

Positive Aspects of the ATM

First and foremost, the biggest pro of ATMs is convenience.  Giving banks customers access to their accounts after banking hours is positive for both the account holders and the financial institution.  When it was first introduced, ATMs were fairly limited in what they offered.  There were limits on amounts and limits on what transactions were offered.  However, over time, many advancements have been made.  ATMs now offer 24/7 access to not only cash but also to balance inquiries and alternate banking transactions like deposits. Not only do ATMs offer convenience at the bank, but also off-site locations.  You can find ATMs almost anywhere nowadays.  Due to this, not only are ATMs convenient for financial institutions and customers but for the businesses that house them as well.

Having a fleet of ATMs is a financially strategic move for any financial institution.  The cost per transaction is greatly reduced with the use of the ATM.  They also increase the bank’s availability outside of their brick and mortar building.  Having ATMs spread around the community is advantageous for multiple reasons.  It is good brand advertising for the banking institution letting people know that the bank is convenient and accessible.  They allow for a greater number of transactions for the bank for clients and opens up a stream of revenue from non-clients as well.

On top of being a positive component for the bank outside of its walls, ATMs lead to positive improvements inside the building as well.  With the increased use of ATMs for banking transactions, lobby lines decrease.  This usually means customer satisfaction will rise due to the decreased wait times and increased availability of tellers.

NJ ATM Company Tells Us About Negative Elements

While there are many positive facets of the ATM, there are some negative aspects as well.  Security can be one.  As technology gets better and better, hackers get better and better right along with it.  It seems that as soon as a new security improvement is made, thieves figure out how to get around it. In addition to financial security, personal security can be an issue too.  The convenience of the ATM is also a security downfall.  Many people use ATMs at night which can make some people feel vulnerable to crime.  If you are a bank, you want to ensure you only do business with a trusted NJ ATM company like RMC ATM Solutions.

Apart from security, the use of an ATM still lacks the personal interaction that some people prefer.  If there is a problem with the machine or with your account, there is no one there to answer questions or fix issues.  Likewise, there are still some transactions that require a teller.  In these instances, an ATM is of no use no matter how convenient.

In addition to not being able to speak with anyone, some ATM usage is associated with fees also.  Most financial institutions waive fees for their customers and only charge non-customers. This is not always the case, however. 

Lastly, even though you have access to your accounts, you still may not be able to retrieve what you truly need.  Most ATMs only dispense cash in increments of twenty so if you need small bills, you won’t be able to get them at the ATM.  Similarly, you may be able to obtain basic account information, but that may be the limit.  If you have any questions or problems with your accounts, the ATM can’t help.

NJ ATM Company Says do Your Research

No matter if you are a customer or a bank, you need to do your own research and decide on your own if the pros outweigh the cons when it comes to ATMs.  While they can be convenient, they can be risky also.  Access to your accounts is helpful, but other banking transactions are not available on ATMs.  Just like most things in life, there is a balance of pros and cons when it comes to ATMs and it’s up to you to draw your own conclusions.