At times you love them, others you hate them, but no matter what ATMs are a part of life. They bring convenience and frustration to our lives. Some have fees, some will only give you twenty dollar bills, but they are everywhere. There is a new generation of ATM coming out that is making the experience much more convenient for many people.
When you want cash you do not always want a full twenty dollars. Some ATMs will give you ten dollar bills, but you have to know where to find them. What if you do not want to take out that much? What if you just want a couple of dollars for a vending machine?
PNC and Chase have both released ATMs that have the ability to give out change to the dollar. So if you only want two dollars for a vending machine, you can get just two dollars. Chase alone has put somewhere between 350 and 400 in the last year and a half.
If you think that is great, there is more. These new machines are typically located inside branches or at drive-thrus and they have the ability to dispense coins. Many are excited about this. The goal is to make banking more efficient for the customers without having to add to their staff.
This does address an issue that many have today. Not everyone works hours that makes it easy for them to make it to their bank. These new ATMs make it so they can still access the exact amount of their money that they need, whenever they need it. Another aspect that makes it a win with customers is that like a teller, they do not have to pay to get the money out.
This is going to be immensely popular among those who have lower bank accounts. Not everyone who needs $25 can afford to take out $40 to get it. The same for those who do not want to take out a full $20.
If you look at this from the perspective of the customer it is a win. They get more services from their bank, for free. They also get more convenience for free.
If you look at it from the bank’s perspective it is also a win. By providing these machines to their customers for free they are improving their relationship with their customers. This is also a perk of banking with that particular bank that could draw new customers to their institution.
A new generation of ATM has started popping up. The more people use it the more people will want them everywhere. I believe it is only a matter of time before we see this type of ATM everywhere. Most banks will begin their own version once they see how popular these become. The old ATM is on its way out.
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