By now your Credit Union probably has some sort of an ATM strategy in place, whether it’s outsourcing, customizing your ATM to your member’s needs, or looking into Magic Line ATM Intercept Processing. With the ever-increasing use of mobile apps and online banking, it may seem that the need of ATMs is declining, but they are still a very necessary part of your Credit Union.
1. CASH
If your credit union is looking at costly ATM contracts coming to term and evaluating your options, consider this: are your members still using cash? Most likely your answer is yes. According to Alicia Toups Blanda from CU Insight, the most common examples of cash being prevalent is during emergencies, handy reasons like tipping jars and vending machines, and small cash-only businesses such as boutiques. So while there is still a need for people to have the physical form of cash on them, ATM’s will stay in use nation and worldwide.
2. MOBILE
As mobile grows increasingly popular the ability to access an ATM with a smartphone grows increasingly appealing. For instance, the idea of creating a completely card-less transaction at the ATM is a goal Richard Crone, CEO of payments specialist Crone Consulting has been working with. As said by Crone to Suzzanne Cluckey at ATM Marketplace, “You would use a QR code-based approach is you simply walk up to the machine, you press mobile cash access, you scan your code, it spits out the cash and you're done.” This should ultimately make transactions at the ATM easier, and much more secure.
3. TECHNOLOGY
Have you thought about the EMV switch all ATM’s have to make by October, 2016? It’s just one more reason to look into your ATM strategy for the upcoming years. As time passes, regulations and security are continuously developed. ATMs will have to be monitored more closely, possibly becoming an even bigger headache for your Credit Union staff to deal with. Even though the hardware for ATMs has become cheaper, the newest technologic advances in software are only going to climb in price. Cultivating an ATM strategy that works for your credit union needs and budget is becoming more important than ever.
As long as ATMs are still a part of your Credit Union, there is a need for an ATM strategy. Most Credit Unions have begun to outsource for many beneficial reasons such as lowering costs. Outsourcing with Magic Line ATM Intercept Processing, creates an ATM strategy that will increase functionality, decrease costs, and improve service. As a credit union service organization, we’re here to help you cultivate an ATM strategy that’s right for your credit union, so just ask us!
