How Innovation Is Re-Inventing The ATM Machine

When was the last time you paid for something with cash? For many of us, the relentless march of debit cards, store cards, payment apps and contactless payments means that using cash to pay for goods or services is diminishing.

For the long-standing cash machine, that could spell trouble. However, apply some innovative thinking and digital know-how and the ATM could be reinvented with a new future.

The answer could well be what some experts are calling a ‘bank in a box’, a machine serving all a bank customers’ needs which, unlike a branch, is never shut.

The ‘bank in a box’ uses a tablet-style, 19-inch screen with similar functions that many people are used to such as touch, swipe, and pinch and zoom. Customers will also be able to do video-linking with central bank staff for any specific queries.

The ATM was originally invented in 1967, and is a regular feature of the modern high street. However, it is under threat as the economy increasingly moves towards cashless transactions. ‘Bank in a box’ is one way in which the industry is looking for solutions rather than problems. The idea reveals how innovation and the application of digital technology can provide a successful reinvention of the humble cash dispensers.

At ALPHERA, we have seen the power of innovation and how it can transform businesses and provide new ways to engage with your customers. We’re working on our own platforms to help provide the type of financial experience consumers are looking for – and this new approach for the ATM is a great example of thinking ‘outside but inside the box’!