Revolutionizing ATMs for the next generation

Initially designed just to dispense cash, ATMs have now become sophisticated hubs offering a range of services that cater to the diverse needs of consumers. This shift is not only enhancing convenience but also driving the banking sector towards a more technologically advanced future.

Talk with us

Are automated teller machines still serving customers?

With digital payment apps & digital currency becoming the top of the transaction food chain, cash is slowly going away. Almost half of Americans have said that they don't carry or pay for goods with cash. So, where does this leave ATMs (automated teller machines) that are mainly built for dispensing cash?

  • ATM's are decreasing year over year 
  • Still limited to cash transactions 
  • Banks are shedding their investment in ATM fleets
Explore TROY solutions
Old ATM

ATMs, ITMs, and beyond 

While ATMs are still cash focused, banks have invested more into ITMs, or Interactive Teller Machines. ITMs focus more on giving customers an in branch experience with tellers assisting with transactions remotely. 

Equipped with advanced technology, these ITMs offer services such as bill payments, account transfers, and even financial advice, thereby redefining banking convenience for consumers. 

However, as banks try to automate more services, ITMs are already on their way out. 

Read more about ATMs. vs ITMs
Man using ATM with smart watch
Person inserting card into ATM

Accelerated Growth

$28 Billion Market

The ATM industry is experiencing a notable expansion with an impressive 7% compound annual growth rate, and currently stands at an impressive $28 billion market. 

The next-generation ATM market is projected to surge even further, with an anticipated 8% CAGR, reaching $4.5 billion by 2028. This accelerated growth underscores the strategic importance of ATMs in the evolving digital landscape of banking.

Row of people using ATM's

Massive Engagement

The colossal engagement with ATMs is evident from the staggering 10 billion transactions recorded annually in the U.S. alone.

This metric highlights the widespread consumer reliance on ATMs and their integral role in the banking infrastructure. 

 

 

Technology-Driven

The banking experience today is increasingly technology-driven, with smart ATMs emerging as a central element. These advanced machines provide unique, seamless interactions that go beyond traditional banking activities.

The integration of cutting-edge features such as biometric authentication and predictive maintenance exemplifies the technological advancements redefining the sector.

Row of ATMs
Futuristic bank building

Digital Shift

The COVID-19 pandemic has significantly accelerated the digital migration in banking. This shift has expanded the scope and efficiency of self-service capabilities, with consumers increasingly opting for digital solutions over traditional banking methods.

The rapid adoption of smart ATMs is part of this broad digital transition, offering enhanced, contactless banking services.

Ready to get started?

Explore TROY solutions or create an account to shop our online store. You can also contact us
to design a custom package for your business.

Contact our experts