Hand taking out cash from machine (British Pounds)

ATM giant aspires to offer banking services at cash machines

Image credit: Gvision - Dreamstime

Bank customers will be able to go to a cash machine and apply for a loan or have a video chat with a mortgage adviser within the next five years: a bold vision set out by the world’s largest makers of ATMs.

Matt Phillips, the UK boss of Diebold Nixdorf, said the firm is already in talks with banks about launching self-serve ATMs that will be able to carry out an abundance of basic banking services.

He said Britons will see such ATMs hit the high streets “absolutely” within five years, coinciding with the trend of banks increasingly axing their branch networks amid a push towards online banking.

The announcement by Diebold Nixdorf comes amid concerns over access to cash across the UK as the removal of fee-free ATMs and branches are said to be creating “cash deserts” in many small communities.

According to Phillips, the ATM of the future is set to help bridge the gap left by the closure of many full-service bank branches: from ID checks for loan applications to customer service video chats.

He added that while losing a bank branch is an “emotive topic” for many communities, self-serve ATMs will help give vital access to cash and complement banking services, rather than replace them.

“We do see the evolution of the ATM bridging that... customer experience,” he said.

Diebold Nixdorf – which holds a 25 per cent share of the UK ATM market – said that banks are set to concentrate face-to-face customer service efforts on their customers’ major transactions and financial decisions.

“Banks want to become more meaningful to customers,” Phillips said, “to be there for the big moments in their life.”

But Phillips stressed the vision is not to accelerate the decline of branches, with self-service acting as a “core part of the branches that we know and love”.

Security will be vital, however, and Diebold Nixdorf said these types of services would likely need to be offered from ATMs in small bank branches or similar locations rather than from “hole in the wall” machines.

Currently, Diebold Nixdorf has more than two million ATMs and retail cash registers installed worldwide, with some 75 million people using its technology every day. It also has a presence in more than 100 countries and around 23,000 employees worldwide.

Back in 2016, cash machines in at least 14 countries including the UK and the Netherlands were remotely hacked by an organised gang to spit out cash for rapid collection by the attackers.

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