Smart ATMs

According to JLL Research, the number of bank branches in the US alone has declined from 97,000 in 2007 to 89,300 in 2017 and it predicts a further decline of 20% by 2027. At the same time, the growth of ATM installations worldwide has slowed down from a CAGR of 9.9% (2010 to 2015) to a CAGR of 4% (2015 to 2020).

As branch usage declines, Smart ATMs will help transform the branches or setup proxy branches offering smarter and appealing customer experiences. Virtusa brings to you unique assets that can help kick-start your journey towards a smarter bank.

Banks have started focusing on modernizing their traditional branches and setting up proxy branches. They are also considering traditional ATMs as an alternative channel for sales and a marketing channel that can help them derive new revenue streams and offer tailored services to their customers.

Smart ATMs would not just dispense cash, but also provide customers with possibilities that include:

• Buying tickets for events and flights
• Checking KYC and opening a new bank account
• Recharging travel and gift cards
• Sending money to friends
• Utility bill payments

Digital technologies present an opportunity for banks to rapidly innovate and deliver a customer experience that differentiates them from the rest. Browser-based ATMs, one such innovation, help banks transform the ATM experience, giving customers the much-needed DIY (Do-it-Yourself) option.