More than half of the world’s ATMs will offer automated deposits by
2024, according to new projections from banking research and consulting
firm RBR. The London, England-based firm also predicted that the United
States will see tens of thousands more automated deposit terminals
(ADTs) arrive in the next five years.
“In a busy world where time is of the essence, both business and
retail customers no longer expect to have to queue for the teller to
make everyday deposits,” RBR said. “Banks report that deposit ATMs are
an efficient tool for keeping their customers satisfied, while also
enabling them to migrate transactions from the teller and achieve cost savings.”
Automated deposit transactions have risen quickly in the last few years, according to the research.
“Excluding China, where a meteoric surge in mobile payments has
stifled cash usage, automated deposits grew by 10% in the other core
markets covered in the report, contrasting with a fall in cash
withdrawals in many of the same markets. Customers increasingly
appreciate the benefits offered by automated deposit such as reduced
queuing, instant account crediting and out-of-hours availability,” it
noted.
RBR said it expected the number of terminals
in the markets in the study to hit 1.6 million by 2024, which is a 14%
increase. Much of that growth will come from deposit ATMs, which will
make up 52% of the ATM population by 2024, it said. In the United
States, RBR estimated that 40,000 ADTs will spring up in the next five
years.
ADTs do more than just accept deposits. RBR predicted that two-thirds of them will also be able to recycle cash by 2024.
“Although the technology has been available for decades, the number
of deposit ATMs installed worldwide continues to demonstrate healthy
growth,” RBR researcher Sam Blackwell said. “Banks are now expected to
pivot further towards recycling as the ratio of withdrawals to deposits
narrows and CIT costs grow, presenting increased opportunities for cost
savings.”
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